Watch Five Metrics for Venture Success Online

This is a key takeaway. It may sound simple, but this is the heart of what we try and do. Every time we start a new company where we see a new technology that may have an application, we look at these five key factors. And the words on this page are very purposefully chosen. The most important thing is leadership. I know that during the course of this program, you’ve heard a lot about leadership. The last class was with John Melo from Amyris, one of our startup green technology companies. And he is an example of a real A+ type leader who is passionate about the company that he's leading. We look at markets very carefully. And the criteria on the slide are things that are must-haves for a Kleiner-backed company. There are many markets that aren't as large, aren't as transformational, and they're important, but we don't back them because we will invest in fewer companies, but every time we invest, we're putting a lot of time and energy into those investments. We can handle, as an individual partner, a capacity of anywhere between 9 to 11, maybe 12. Twelve companies is really a lot, and you're working 24/7. It's not what a lot of us want to be doing. So we really look for companies that are serving large markets. We're willing to take a lot of technical technology risks. A lot of people are surprised when they hear that. They would think that venture capital will be low technology risk and build markets, but we think about it in the other way. We want to look at big markets. We may be creating markets, but they have to be markets that are ripe and ready for creation. And we'll take a lot of technical risks, and we do all the time. Reasonable financings. We're going to talk about the structure of financing for a startup company. And one of the things that we found is that a lot of people who come in, entrepreneurs with a business plan, it's a badge of honor for them to have a high valuation. Their company is worth $100 million, and that feels like that's ...