Ron Perlman

Almost all of your life is lived by the seat of your pants, one unexpected event crashing into another, with no pattern or reason, and then you finally reach a point, around my age, where you spend more time than ever looking back. Why did this happen? Look where that led? You see the shape of things.

It is only when you watch the dense mass of thousands of ants, crowded together around the Hill, blackening the ground, that you begin to see the whole beast, and now you observe it thinking, planning, calculating. It is an intelligence, a kind of live computer, with crawling bits for its wits.

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.