Douglas Leone

If you choose a market that already exists, say, networking equipment, you have to compete with an established company like Cisco. Even if your product is marginally better, Cisco can fudge it and outsell you.

My venture investing career has three phases, all roughly 6-8 years long. The first, at Euclid, was software to Internet. The second, at Flatiron, was Internet to bubble. And the third, at USV, has been web 2 to mobile. I have always used a new firm to denote a new investment phase for me. Throw away the old. Start with the new.

Between 1939 and 1945 you produced weapons and war equipment valued at thirteen billion dollars, 70 per cent of which you shipped to your allies. The same process is going on today in Canada's much larger and growing industry.

Smart authors, faced with storms, chose to create umbrellas. That's why a diverse group of authors banded together to create The Fiction Writer's Co-op, which will work to find innovative ways to promote each other's work and cheer each other on in a very competitive field.