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This is such an amazing discussion between two legends, who are both watching the same events unfold, but with widely varying perceptions of them.

What I find particularly fascinating is how much more real this feels, and how much more I think I learned from it, than I would from conversations held over blogs (as it had been for quite a while). Real-world communication is still much higher-bandwidth than the virtual world, apparently.

I agree, it's great to hear two experienced and varying perspectives.

I found the argument on location, and varying perspectives on where growth will be in the future around the web.

I enjoyed Fred Wilson's perspective on the developing markets in the New York City. Maybe there are some great advantages to New York that might be missed in Silicon Valley. Great ideas come from knowing external markets whether business, social, personal, global, etc., and NYC is a good place to be in the middle of a lot of external markets.

John Doerr is clearly a visionary, but it seems he's trying to play catch-up with the likes of Fred Wilson's USV, Sequoia, Benchmark, Accel, etc. as Kleiner has taken a backseat when it comes to recent hot deals. His enthusiasm is almost a marketing tactic to get entrepreneurs excited about the iFund and sFund (further marketing attempts to generate interest, vs. having their main fund focus on social and touch-screen technologies regardless of having specific funds that should do that).

John Doerr is clearly a legend, and if anyone can race back to the top in this current "bubble", it's him.