Wish he had touched on the rate at which consumer-oriented startups are failing. My perception is that the success rate is going down, and we only have huge success stories (Pinterest, Kickstarter) and failures. I'm counting acquihires as failures because we just don't know. But my perception might be wrong. We do know that only a tiny minority of apps are making any money in the App Store, and the move from the web to phones must mean there are fewer successful web startups as well.