Charles Moldow, who recently joined Foundation Capital as a venture partner, knows what it takes to develop successful start-ups, having been on the founding teams of both Tellme Networks and @Home. Now, as a venture capitalist, he's looking for the next big thing in telecom. Moldow spoke with Access Edge about the opportunity created by convergence and handicapping the race among telcos, cable operators and wireless providers.

On his current focus: My primary areas that I'm looking at are IP and voice-over-IP applications. I think I have more consumer DNA than most VCs. Voice is commoditizing and you have a lot of new entrants. There's a long laundry list of features that no one gives a hoot about. If you look longer term, the price of local and long-distance is eroding to zero. You have to ask the question, 'Is there something that will be sticky?'

On handicapping the VoIP race: You could look at Web portals, cable, telcos, wireless, Vonage, etc. The one who is really well positioned to create a premium voice experience is cable. The phone guys don't have the infrastructure, and they want to protect their revenue base. We think the cable guys and wireless guys have the richest sandbox to play in.

On cable and wireless advantages: In the case of cable, they've got a lot rich assets outside of voice. The wireless guys have the advantage of mobility. The cool thing about mobile phone is that it provides status. In the next generation of dial tone, why not pick up the phone and have the phone tell you status? Why not have it say, you missed two calls. The cell phone guys have a really rich opportunity. They have the location advantage; cable and wireless have both voice and data with a screen.