"We know that the right place for right now is somewhere in social media."

Really? This seems to imply that every startup should be about social. People thought that Google would never succeed because search was cornered by Yahoo and AltaVista. I would think that VC-funded startups that are aiming for huge successes should take the opposite advice: look for holes in industries that aren't widely considered to be the "hottest thing" and create a market. Don't try to cash in on a gold rush in which there are thousands of players doing the same thing.

"Don’t start a soft drink company competing against Coca-Cola."

I'm pretty sure we have a Coca-Cola in the social space. It's called Facebook.