Today's leading real-world retailer, Wal-Mart, uses software to power its logistics and distribution capabilities, which it has used to crush its competition.

In the next 10 years, I expect at least five billion people worldwide to own smartphones, giving every individual with such a phone instant access to the full power of the Internet, every moment of every day.

Technology is like water it wants to find its level. So if you hook up your computer to a billion other computers, it just makes sense that a tremendous share of the resources you want to use - not only text or media but processing power too - will be located remotely.

Any new technology tends to go through a 25-year adoption cycle.

Today's stock market actually hates technology, as shown by all-time low price/earnings ratios for major public technology companies.

An awful lot of successful technology companies ended up being in a slightly different market than they started out in.

Technology is like water it wants to find its level. So if you hook up your computer to a billion other computers, it just makes sense that a tremendous share of the resources you want to use - not only text or media but processing power too - will be located remotely.

You are cruising along, and then technology changes. You have to adapt.

There is an enormous market demand for information. It just has to be fulfilled in a way that fits with the technology of our times.

I love what the Valley does. I love company building. I love startups. I love technology companies. I love new technology. I love this process of invention. Being able to participate in that as a founder and a product creator, or as an investor or a board member, I just find that hugely satisfying.