[fredwilson]

I agree and we are betting on that with the investments we've made in the past four or five years since we stopped making broad horizontal investments

But I feel that even more dramatic upside is available in the less developed world

[brerlapn]

This is even more true for social benefit companies. When I attended Netsquared in 2008 it was immediately apparent that the products with the most promise for developing countries were mobile products--for many in developing countries mobile is the internet. One of the exhibitors had built an SMS service that farmers could text for commodity prices to determine when they would go to market and prevent being undercut by middlemen. I'm sure that sort of ingenuity will only be amplified with even low-end smartphone access.

[sandGorgon]

> But I feel that even more dramatic upside is available in the less developed world

That realization is something that has been hard to see in Valley investors. For example markets like India and mobile fintech were uninteresting to most investors on demo days.