I‘m speaking later today at the VentureOutlook 2007 Conference in San Francisco. The conference’s mission is to “examine the key trends, technologies and business models attracting VC interest today, and the sectors and deals that will provide industry leading returns in the coming year.” So far the speakers and discussions have been lively and worthwhile. I’m an awful live blogger, but here are some impressions and quotes so far.

We have a crisis in the U.S. If you travel around the world and see R&D and technology developments, you’ll know there is a major math and science shortfall the US will suffer under.

     Shane Robinson - EVP, CSO, CTO - Hewlett-Packard

We have developed internal sub-companies to oversee development of new products. They have their own executives, board of directors, benchmarks that have to be hit, etc., etc. We are replicating the fast-growth, fail-fast development model of the start-up, and it has been very successful.

     Padmasree Warrior - EVP, CTO - Motorola

Public company boards seeking to be completely independent and in compliance will severely limit the actual guidance and support a board can offer. “Compliance Boards” vs. “Guidance Boards” are checklist boards that make sure everything is as it should be. Sounds good on paper, but the downside is that when there is a real problem, the board will not be able to offer strategical guidance, they will only be able to suggest what the lawyers and consultants say they can suggest. (paraphraed)

     Thomas Perkins - Founder - Kleiners, Perkins Caufield & Byers, and recent Hewlett-Packard Board Member

We prefer contracting to the simplest terms possible due to the laws of unintended consequences.

Our hedge fund seeks to invest in late-stage private companies with an expectation that they will IPO and we buy shares and become the largest shareholder.

     David Singer - Principal - Maverick Capital. (A “Jones model” Hedge Fund).

The average age of a start-up before it has a liquidity event is 6 years. In 2000 it was 2 years.

In a comparison of 25 home run hitting start-ups, not one took more than $10M from any single investor.

The more money you take the more you narrow your exit possibilities.

Companies that are not getting huge, but are not losing money should just keep their heads down and keep at it.

Be aggressive with your potential investors. Challenge them to adopt your understandings. Be thoughtful about shopping more broadly for a potential investor.

     Matthew Cowan - Managing Partner - Bridgescale Partners

*The average age is over 40.
*The gender-diversity is near identical to tech-specific gatherings.
*I have not seen more ties worn since the last time I walked through Grand Central Station
*I don’t see any of the VCs that are active in the better web companies these days
*Blackberries and pen and paper are the tools of choice.
*Everyone knows the Dow is down 400 points at closing.