Roger McNamee was in fine form yesterday speaking on the venture capital panel at AlwaysOn's Stanford Summit. He clashed with Jefferies vice chairman Paul Deninger over the state of the IPO market, talked a little about Elevation Partners portfolio companies Forbes and Palm and explained why he's so excited about the innovation occurring in Silicon Valley. He said that many Silicon Valley startups are working on the third wave of the web.

The first wave was aggregation. The second was index search. And the third --that's going on now-- is what McNamee calls two degrees of separation, which is the ability to find things on the basis of trusted references based who you know and who they know.

McNamee said, "I'm absolutely certain it will be huge."

For more on the AlwaysOn conference, see:
Tom Foremski
Sean Ammirati

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