"First of all, in terms of investment in Internet-related developments, venture capitalists - once burned - are now very cautious and are investing in areas that actually make business sense"
About this Quote
The key move is the phrase “actually make business sense.” Cerf isn’t anti-innovation; he’s anti-delusion. Coming from an inventor associated with the Internet’s foundational architecture, the statement lands as a corrective to the Silicon Valley habit of treating technological possibility as proof of market inevitability. He’s implicitly arguing that the Internet’s value was never the party trick of being online; it was the infrastructure for services with durable demand. “Business sense” is his shorthand for unit economics, real customers, and survivable time horizons - not page views dressed up as destiny.
Context matters: Cerf speaks from the aftermath of a bubble when venture capital shifted from exuberant funding of “Internet companies” as a category to more sober bets on specific models (payments, marketplaces, enterprise software) that could monetize the network rather than merely celebrate it. The subtext is a warning to technologists, too: if you want capital, stop selling the romance of the medium and start articulating the mechanics of the business.
Quote Details
| Topic | Internet |
|---|---|
| Source | Help us find the source |
| Cite |
Citation Formats
APA Style (7th ed.)
Cerf, Vinton. (2026, January 18). First of all, in terms of investment in Internet-related developments, venture capitalists - once burned - are now very cautious and are investing in areas that actually make business sense. FixQuotes. https://fixquotes.com/quotes/first-of-all-in-terms-of-investment-in-9693/
Chicago Style
Cerf, Vinton. "First of all, in terms of investment in Internet-related developments, venture capitalists - once burned - are now very cautious and are investing in areas that actually make business sense." FixQuotes. January 18, 2026. https://fixquotes.com/quotes/first-of-all-in-terms-of-investment-in-9693/.
MLA Style (9th ed.)
"First of all, in terms of investment in Internet-related developments, venture capitalists - once burned - are now very cautious and are investing in areas that actually make business sense." FixQuotes, 18 Jan. 2026, https://fixquotes.com/quotes/first-of-all-in-terms-of-investment-in-9693/. Accessed 9 Feb. 2026.




