The majority of the discussion is on surviving the downturn(recession).

General thoughts:

• Be scrappy
• do more with less
• Save money, cut cost
• be data-driven
• the bar for VC series A is very high
• VCs will still bet on very viral products.  But you need to keep the burn rate down

Good points by Andrew Chen:

• Vcs tell you what’s hot, but they already invest tons of money into this space.
• Don’t build your business around corporate partnership – you can’t predict
• Execution always beats ideas.  Great team + mediocre ideas > mediocre team + great ideas
• No need to worry about cutting edges
• 6-9 months bootstrapping(then raise angel, then raise VC if you can or you need it)

It was a great discussion.

mo