Listen and Learn from a genuinely wise man. Note the commentary about Excite and Google (this situation plays out over and over again in our industry).
Vinod Khosla: Web 2.0 2005: "Web 2.0 enriches online user experience by facilitating collaboration, participation, and communication. This is exciting investors once more and new Web 2.0 startups are finding it easy to get funding from venture capitalists. Although Vinod Khosla is a venture capitalist himself, he warns startups to learn the lessons of the failures of Web 1.0 companies and to use the money they raise judiciously and to remain creative rather than become comfortable with a business plan. [Web 2.0 audio from IT Conversations]
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(Via IT Conversations.)