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Persistence is money
Posted by Adriana Cronin-Lukas
Thursday, September 23, 2004 @ 12:44 PM
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Joe Kraus, one of the founders of Excite , has started a blog called Bnoopy, an entrepreneurship blog on September 14. Already there are two riveting posts about persistence in starting up and getting ahead with business you believe in.

The first is a story about Excite and its concept-searching technology and about meeting Vinod Khosla who funded Excite. After many a presentation to VC firms, the Excite team were still looking for funding:

By then, our deal had developed a certain "smell" -- smart guys with interesting technology but an uncertain business plan. The demo to Vinod started off like they all did, but about 10 minutes into the meeting things got very different. He interrupted

"Can the technology scale? can you search a large database?"

Big Pause. It's not the money question. No one has ever asked us this before. Ummm.

"We don't know, we can't afford a hard drive big enough to test."

Then, an amazing thing happened. Ten minutes into this meeting, his first introduction to the company and us, he pulls out his his cell phone, dials his assistant and buys us a $10,000, 10Gb hard drive.

How refreshing. Although the heady days of dot.com and technology spending were nigh, this does not make this approach less effective. In fact, in the long run, it probably saves a lot more money.

But the phrase to take away from the blog post is "unencumbered by reality"...

The second post is taking persistence to a whole new level, relaying the story of Netscape putting the destinations of the NetSearch and NetDirectory buttons up for bid.

Fact 1: There were at least three bidders for the two buttons: us, Infoseek and MCI (they had a yet-to-be-launched web search and directory product that, I think, was going to be called Genuine).

Fact 2: We had a little less than $1,000,000 in the bank.

Fact 3: We were screwed.

To find out what happened, here's the rest of the story.

via Venture Blog




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