What would any self-respecting venture capitalist or start-up CEO do without Skype? That's the question that New York VC Ed Sims asks as he discusses the advantages of being able to Skype with the CEOs of his portfolio companies:

"I have been using Skype for the last 6 months and can honestly say that it not only saves a ton of money but more importantly allows me to end the phone-tag game with my porfolio company CEOs and easily communicate with them. Sure VOIP is great from a cost-saving perspective, but having presence is even more important in my mind. I know when someone is available to speak and when they are not-no more wasted time with voicemails or I'll call you back later..."