Steve Jurvetson: Innovation in a Disruptive Environment

Steve Jurvetson is one of the smartest and most influential investors in Silicon Valley, but he speaks so fast that you have to listen carefully to capture his wisdom. I did just that so you don't have to at last week's Global Technology Symposium at Stanford University.

Here are 10 gold nuggets of wisdom on "Innovation in a Disruptive Environment" by Jurvetson - the highly acclaimed, fast-talking managing director of leading global venture capital firm Draper Fisher Jurvetson:

• For innovative cultures to thrive there must be a willingness to fail and an understanding that it's okay to be wrong most of the time. In other words, not an environment of fear.
• Great companies are formed in down markets, including Adobe, Broadcom, Chevron, Digital Equipment, HP, Microsoft, Rambus, Skype, Texas Instruments, Westinghouse.
• Today, many entrepreneurs and companies look at the China and India markets first, not the U.S.
• These days, businesses should tilt toward risk-taking behavior.
• Most great, disruptive businesses were considered dumb ideas by most VCs; expect a lot of rejection and certainly not unanimous acceptance.
• According to Ray Kurzweil, "The next 20 years of technological change will be equivalent to the past 100 years." That means shorter forecast horizons and perpetual "future shock."
• What DFJ looks for in investment opportunities: Passionate entrepreneurs with unique ideas that can change the world.
• Startup success depends on disruption: financial turmoil, new channels, or disruptive technology.
• Entrepreneurs are becoming more globally distributed all the time.
• Technology adoption rates are skyrocketing: hot new services like Hotmail, Skype (DFJ invested in both) and ICQ all achieved 8 - 14 million users in their first 12 - 18 months.