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We have co-opted seed funds. You know, Y Combinator, that was completely our money. We have secret handshakes with a whole bunch of people. Very dangerous, because word gets out that so-and-so’s money is Sequoia’s money, that would not be a good thing.
This is complete warfare. You have to have the Green Berets in the back line, you have to take the frontal approach, you have to do seeds, you have to do investments. You have to be willing to risk things, otherwise somebody else will put you out of business.
[Instagram] sold completely prematurely. A billion dollars sounded great to the founders. Imagine what Instagram could be. It could be the next Facebook on the mobile phone.”