Mind the curve – Legendary investor Tim Draper talks about the return of VC and the second wave of consumer Internet.

Tim Draper used to find deals by walking around Silicon Valley real estate developments and just browsing signs on the buildings. “Anything that said software, I’d knock on their door, go in, and see if they needed any money. Most of them did,” he said.

The venture capital world has matured by a few decades since then, and his firm, Draper Fisher Jurvetson, has grown up with its industry.

“It used to be that a couple of million people knew the venture capital game – now about two billion know it,” said Mr. Draper.

In a keynote address at the Red Herring 100 conference in Monterey, California, Wednesday, Mr. Draper spoke about the key areas of technology investment and the state of a VC industry finally recovering from the most recent high-tech boom-bust cycle.

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