joining me today on "studio 1.0," venture capitalist and partner at draper fisher jurvetson, steve jurvetsonsteve, thank you for being here. it is great to have you. steve: thank you. emily: i want to start in 1996. steve: oh, dear. emily: when you made an early investment in hotmail. you bet on e-mail before e-mail was anything. what did you see? steve: it is usually a combination of two things. an entrepreneur that gets me excited. in this case, it was sabeer bhatia and his partner, jack smith. and an idea unlike anything i have seen before, which is, wow, e-mail wherever you go not tied to a corporate system or an e-mail server. it was like a lightbulb went off. we invested in what became the first example of viral marketing on the internet. emily: of course, microsoft went on to buy hotmail. dfj made millions of dollars. i want to talk about how you became a guy who can make these kinds of predictions and big bets. tell me about where you come from. what kind of kid were you? steve: i don't know if i ever grew up. that is the first thing that comes to mind. i was born in arizona to eston

kleiner perkins and jason who are wits, draper fisher and khosla ventures run by vinod khosla. joined this morning by far rad manju and laura sidel of npr. >> you know a lot about a lot of things and you had a background in sun micro estimates, but as you invest are there things that you don't know but you suspect would be good investments and how do you learn about the thing that you know nothing about? >> do you know what's misunderstood in my view about venture capital is it isn't about investing at all, it's about backing big ideas to go pursue new things and most of the returns in venture capital come from new ideas that you don't imagine before. >> how do you understand the company with the new idea that has nothing to do with your background, it's in biotech or something in which you are not familiar? >> i think you have to have a growth kind of mindset where you don't make a lot of assumptions about what you know. what i know is how little i know and i start with that assumption and i imagine the possible. i let great entrepreneurs take their ideas and try and make some

joining me today on "studio 1.0," venture capitalist and partner at draper fisher jurvetson, steve jurvetsonhank you for being here. it is great to have you. steve: thank you. emily: i want to start in 1996.