A group of venture capitalists and private equity investors discussed the challenges and rewards of early and late stage investing in web companies today. Fundamentally, the game hasn't changed: You can't win if you can't pick winners.

Panelists: Adam Clammer, head of technology group, Kohlberg Kravis Roberts; Bill Maris, Managing Partner, Google Ventures; Henry Ellenbogen, Portfolio manager, T.Rowe Price; Jerry Murdock, Special Limited Partner, Insight Venture Partners; Mike Maples, Managing Partner, Floodgate; Dana Settle, Partner, Greycroft Partners