marcel reichart on stage, announcing an historic session.
david kirkpatrick is moderating this panel
this will be the facebook moment as jim breyer (JB) and yuri milner (YM) are both investors in facebook and randi zuckerberg will sing after this panel
besides mark zuckerberg, these two are the biggest investors in facebook
now on stage: jim breyer
JB just won "VC of the year"
Q: How the VC landscape will change?
JB: We will see less VC companies in the coming years
JB: VC fundraising will drop dramaticly in the coming years and that's a good things
JB: For entrepreneurs it will mean that there will be less me2 projects, which will increase quality
JB: really good entrepreneurs will find their money anyway. it might not be in VC, but maybe in Angel
The fewer companies that are being sold in a specific sector, the better it is for Entrepreneurs who actually want to built something good
Facebook as a platform will increase innovation and built more sectors
JB: My view / our view is that we will see a total new set of companies that are using the social graph
JB: Wal Mart will be spending tens of millions of dollars on social commerce in the coming years
Q: How will Wal Mart use social commerce in their stores? With mobile devices?
JB: Mobile will play a role, but we are not yet there with a final product
JB: you don't want a wal mart associate to tell you what tv to buy, you want your social graph or the people you are already trusting to tell you what tv to buy if you are standing in the store
MK is pressing JB to tell how Wal Mart will actually give their customers the ability to access those information
Virtualization and Cloud Computing are very important.
JB: VMWare is one of the most innovative companies in the world
JB: The days of the VC generalist are long gone.
JB: If we can not help them (entrepreneurs) from day 1 to built a company to operate globally, than we are not helping them at all.
JB: i want only 25% of our investements going to the US
JB: if a business is taking a global view from day 1, we won't do the deal
JB: we wanted to invest in flickr but yahoo bought them for six times the price we wanted to invest in
JB: mark zuckerberg was an exceptional entrepreneur from the start
JB: i don't worry about monetizing facebook, i worry about user experience
YM is joining them on stage now
YM: i started 10 years ago and started as a company, trying to get VC
YM: i slowly realized the next step is to become an investor
YM: made the switch 5 years ago
YM: we are still a company and do not have a fund structure, which gives us more flexibility
YM: we started to invest in social networks in 2007
YM: facebooks focus at the time of the investment was scaling the company globally. that was a new thing at the time.
YM: facebook has a lot of monetizing opportunities altough it's not tapping into them now
YM: monetizing apps is very interesting to us
YM: facebook makes money from their own payment systems which apps use to sell stuff
YM: we are prepared to see it through as investors
Florian Krakau
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jk
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