Yesterday, I had a chance to catch up with Bill Burnham, general partner at Softbank Capital Partners. Sitting at Bucks in Woodside, it was good catching up with Bill, who has always been one of the more colorful VC types I have come across in my years as a journalist. That is ironic, given that Bill (who looks like Timothy Hutton), invests in decidedly geeky companies like contextual search or grid computing. It has been a few years since we had talked – I had moved away to New York and the whole nine yards. Anyway as I managed to consume tons of coffee and a massive (and I really mean Massive) Apple Pie, I asked him about what’s the state of the valley? A former Wall Street analyst, Bill riffed on the dumbness of this whole Social Networking thing. “People have we not learned from past four years,” he yelped, drawing sharp looks from those around us. I am sure, four out five parties at Bucks must have been drawing up a plan to launch a Social Networking company. (We were the fifth party in the house!) No profits, no clear line of sight to profits and sustainable revenues, he thought that this whole Social Networking thing was a big of flim-flam. I could not agree.
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