Eventually the [VC] generation that Fred Wilson leads will fall behind, as did the one led by John Doerr at Kleiner-Perkins. What they will be replaced with is one that is not only aware of the usability of products, but also has a sense for the flow of open technologies to fuel the ecosystem. These VCs will make side investments in technologies that are not intended to produce an IPO or acquisition, rather are intended to produce a new layer of technology that a whole generation of startups can feed off. At the same time, some percentage of each fund will be plowed into programs designed to generate the next layer after that.
- Dave Winer