Getting denied another round of NSF funding in the early days of Mosaic turned out to be a huge catalyst to start a company around the fledgling web browser, says Marc Andreessen. That company was Netscape. Andreessen was still at the University of Illinois at the time, and he wanted the NSF money to help build what amounted to a customer support team. That wasn’t the NSF’s business. Since Andreessen’s Mosaic days, calibrating the interplay between academia, government, and the private sector has gotten, if not easier, less exotic -- with schools like UC Berkeley and Stanford setting the standard for providing students and faculty with a clear path forward. From picking the right classes, to picking the right institution from which to turn research into a company, Andreessen and Chris Dixon discuss the role academia plays in the startup world in this segment of the a16z Podcast. This discussion was part of the firm’s 2015 Academic Roundtable.

Mention Patrick Byrne, the founder and CEO of Overstock.com, and you’ll elicit a strong opinion. In 2004, one hedge fund manager labeled Byrne the most hated man on Wall Street -- a label he wears proudly. Byrne started Overstock.com in 1999, and the online retailer has been through a lot of change in the intervening years. At the outset, Byrne didn’t want Overstock to be a technology company trying to get retail right, he wanted to be a retail company that was amplified by technology. Looking back, he says, he had the emphasis wrong -- it should have been on technology. Byrne has been focused on the technology side of things ever since, pushing Overstock further into the cloud, as well as becoming the first major online merchant to accept Bitcoin. Byrne joins this segment of the a16z Podcast to discuss the state of online retail, value investing in tech, and why he believes Bitcoin and the crypto revolution is bigger than the Internet. The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments and certain publicly traded cryptocurrencies/ digital assets for which the issuer has not provided permission for a16z to disclose publicly) is available at https://a16z.com/investments/. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.