Moritz said he's learned as an investor to listen carefully to entrepreneurs and only look at the facts, casting aside prejudice and opinion. "That stuff will preclude you in making a new investment in a new area that hasn't hit the radar screen yet or is preposterous to other people," he said.

Doerr added that Kleiner is trying to watch its language by eliminating the word "deal" from meetings with entrepreneurs. "If you're an entrepreneur, do you want to walk into someone's venture capital shop and be known as a "deal?" he said. Moritz followed by saying it's demeaning to use the word "project" to describe an entrepreneurs' business that they may have dreamed about for years and labored hard over.