Some interesting points here including the desire to find "web meets world" businesses where a broad set of people use web-based applications as part of their daily lives versus an early adopter crew for sport or curiosity.  Not an earth shattering point but one to pay attention to coming from a group that has funded a lot of clever "web 2.0" applications in recent years.

http://blip.tv/play/AciTa4ecGQ