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I sometimes wonder how any start-ups manage to survive.
"You don't see any start-ups building iPhones," he said.
Three of the leading social-commerce firms, Groupon, Gilt Groupe (a luxury-goods seller in which Matrix has invested) and Zynga (a social-gaming firm), are increasing their revenues faster than any start-ups in history, says Mr Beim.
In a recent article on internet start-ups ("Another bubble?", December 18th), we misquoted Nick Beim, a venture capitalist: in fact Mr Beim said Groupon, Gilt Groupe and Zynga were increasing their revenues faster than any start-ups in history, not their "revenues and profits".
Given the tough economic times and the drain on earnings new magazines can be -- a monthly magazine can cost upwards of $50 million before it starts making any money -- Ms. Moore is unlikely to greenlight any start-ups in the near future.
Foundation Capital, which hires former entrepreneurs, not bankers, as investing partners, early on set a firm rule for green tech: it would not invest in any start-ups that needed hundreds of millions of dollars in capital, government subsidies or high oil prices.
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Robert "I-get-excited-by-nearly-any-start-up" Scoble was so bored he was playing Hangman via Twitter with Paul Carr.
"It's like any start-up company," he said.
"Like any start-up, Piano has a high cash burn rate right now.
Unfortunately, as any start-up will tell you, these are the exception, not the rule.
Failure is still a no-no here, creating a challenge for any start-up.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com