On CLEC wireless services: We’ve looked at setting up MVNO relationships with some of our companies. The economics of an MVNO are challenging in general; that’s why you haven’t seen aggressive rollouts of them. You have seen it start to work with, for example, Cbeyond, managing Blackberries for small businesses. I see that [succeeding], I see mobile email and mobile voice being applications that CLECs start to get into. And they’ll partner with carriers [to do it]. You won’t see them buying spectrum to build out their own networks.

On the carrier business model’s long-term evolution: I see scenarios where the revenue model of local access providers changes, but I think there are as many opportunities as threats with respect to that change. When you get to the point where QoS is necessary, you’ll see carriers start to tier out their pricing. Maybe they’ll form relationships with the content guys, where they’ll provide QoS. It will be more of a tiered bandwidth offering. If you want to download very large apps, you’ll pay X; if not, you’ll pay Y.

On hot areas of VC investment: With respect to CLECs, we see a real opportunity for guys to get further entrenched in the customer’s infrastructure. As these broadband networks are built out, people are consuming more bandwidth. More devices within the enterprise environment are becoming IP-enabled. The result of that is these networks, even in SMBs, are becoming much more complex. Organizations of this size just don’t have the dedicated IT resources to manage this. We see a real opportunity for--the term’s been around forever—managed service providers to manage not only traditional infrastructure but take on more and more device management, potentially even network management. Who knows? Longer term, as more voice and data become applications on an IP network, potentially managing voice and data communications as well. The convergence of voice, data and IT services--a communications provider that can tap into those three services—that’s the area we’re looking for investment in right now.