Guy Kawasaki is a key figure on the US venture capital and start-up scene. His vehicle is Garage Technology Ventures, nee Garage.com, which he describes as an investment bank for start-ups based in Palo Alto. The former chief evangelist for the Mac at Apple, Guy has seen ideas and companies come and go, and is also known for his boot-camps for start-ups and many books.

What three words sum-up the start-up scene two years ago?
PowerPoint, eyeballs, IPOs.

How about now?
Team, technology and traction. These are the words that describe what it takes to start and fund a technology company in today's environment. Investors are looking for an experienced team with grey hair and PhDs, real hard-core technology, and paying customers.

Setting up a company today, say why you'd choose the UK as its base - if indeed you'd choose the UK.
I probably wouldn't choose the UK to base a tech start-up today unless it was something to do with cellphones. Maybe I'm biased since I live here but I would stay in Silicon Valley. There is a large community of professional venture investors, entrepreneurs, scientists, and potential customers of technology products and services. We have a history and a well-developed infrastructure to support start-ups. And now office space is less expensive, there are great people available and there is less noise in the start-up space.

What deal (any deal) will you admit to having been most jealous of?
Yahoo! I was asked to interview for the CEO position but I declined because I didn't want to commute every day and because I couldn't envision how Jerry Yang's favourite websites could turn into such a huge business. What did I know?

What was the craziest, most height-of-dot-com-bubble business plan you came across?
We saw several outrageous plans including one to buy a Middle-East country and make a park out of it.

Who do you consider the successful dot-coms, if it isn't too early to say?
I'd say Yahoo!, eBay and Amazon. Go back several years. Would you have ever thought they would have become the companies they are today? More importantly, do you think they would be funded today? Probably not, and that's one problem with swinging from irrational exuberance to irrational depression.