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I see Don moving on with a smaller startup and helping them build up. I think there is a satisfying feeling of building something up, and at Microsoft he did what he could for small businesses, but ultimately couldnt make a large impact on specific businesses.
We'll see what he does though...
I actually think there's a decent chance at a First Round Capital or similar organization working with Don to add value to portfolio companies and source new deals. With the connections he has and the insight into building big ideas, Don would make a great seed/a round VC -- not sure if he'd be interested in being an investor, but it would be a good fit.
There is also the Venture Capital path. There are several VC firms that could be interesting.
Lots to consider. I'll let you know when I have narrowed down the choices.
Don