For the first time in years, a panel discussion on venture capital in Silicon Valley almost made it through the entire proceeding without discussing investment opportunities in China and India. The record breaking panel's performance was only broken when an audience member asked the panelists about opportunities to create other Baidus or Alibabas in Asia.

Prior to that, each venture capital panelist at the Always On conference this morning laid out some of their areas where they think they can find the next home run deals:

1) Vinod Khosla, Khosla Ventures- Energy, energy and more energy. And a little bit of new semiconductor technology.
2) Theresia Ranzetta, Accel Partners - Vertical search. Online entertainment destinations ripe for brand ads.
3) Geoff Yang, Redpoint Ventures - Digital media services targeted at youth. The melding of TV and the Internet.

Needless to say, all the panelists agreed there was ample opportunity for another home run deal. They noted that considering Skype, MySpace, Facebook, and YouTube hadn't been created four years ago, successful startups can rise quickly.

For more on the Always On conference, see:
Always On live webcast
San Francisco Chronicle

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