You take something like RingCentral. It doesn't need any more money or financing: it is relatively mature, recurring revenue business - not really worried - but you know, we could sell it tomorrow. We have not been in a rush to sell it. We don't care about exits as much. We care about building fundamental value.

Energy, health care and education are just three examples of areas in which information and information management are critically important. How are we using our energy? What appliances in homes or business are consuming the most energy? When do they consume it? Can the load be shifted? How efficient are these devices?

First of all, in terms of investment in Internet-related developments, venture capitalists - once burned - are now very cautious and are investing in areas that actually make business sense.

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