Saul Klein and VC Jargon
Thursday, November 1st, 2007 running time 20:28
Seedcamp cofounder Saul Klein chats with Om about European markets, Niklas Zennstrom's exit from Skype and Seedcamp. Then Om and Joyce explain VC lingo in layman's terms
Is Web 2.0 taking off in Europe?
Om sits down with Saul Klein of Index Ventures and Seedcamp.com, to talk about networking essentials for early European start-ups and the cultural differences between US and UK start-ups.
Then Om presses Klein for insight on eBay's recent admission that they overpaid when they dropped $2.6 billion on Skype.
Klein, the former VP of marketing at Skype, has some interesting things to say about Niklas Zennstrom's exit from the VoIP company. (Zennstrom cofounded Joost after he left Skype.)
On the Hitlines:
Today, Om and Joyce define popular VC jargon in layman's terms:
A convertible note is a debt (loan) that can be converted into stock at:
1) a particular date
2) at the occurrence of a particular event
3) at the option of the holder or the issuer
Preferred stock, generally speaking, is a class of stock that ranks above common stock with preferential rights in areas such as voting, dividends and payment in case of liquidation.
Pre-money valuation describes the value of the company before the investment.
Post-money valuation is the value of the company after the investment.
Highlights
Joe Torre
(
0:42, 1:05, 0:42, 1:05
)
GigaOm
(
0:24, 0:24
)
Bulgaria Romania
(
12:26, 12:26
)
PayPal
(
17:40, 17:44, 17:40, 17:44
)
Joe Torre
(
0:42, 1:05, 0:42, 1:05
)
GigaOm
(
0:24, 0:24
)
Bulgaria Romania
(
12:26, 12:26
)
PayPal
(
17:40, 17:44, 17:40, 17:44
)
Automatically Generated Transcript(may not be 100% accurate) ( more )
" The get go home show you sponsored by jangled. Pavement for the GigaOM show he's -- a home. And today we gonna do something different."
" We are apparently easily addressed okay don't know we try to keep it a high. Don't go there what's -- that on --"
" So over the Yankees that's it I'm done they've they've they've pretty much you know. Give Joe Torre's. And TiVo and I was very on policy and I'm sorry I can't be there. I think I'm -- just exclusively care for the Atlantic now. Yankees fans are always yankees fans you have great that dude that was just uncalled for. -- I'm sorry. I mean you know you have all these CEOs beekeeper on who don't appreciate I am -- you don't get fired and white Joe Torre. Mean one of the nicest people on the planet and nicest guy and Iron Man -- man I'm just they're depressed. -- athletics next season going to be open -- game will be Sony's Vegas have reacted the Bart. -- do the little public transport team so that is undergoing final young troops now so what else are we doing different except you know this episode I'm running to -- you know little -- I can't -- to iron my brain's not working -- from larger story. And have a conference coming up right --"
" I was really great conference and well actually both be there and then yeah you got to come I join us we'll show you what the -- about and."
" You be emailed streaming -- lives I'm sending you keep me."
" right but what are we doing different so we did a few interviews with a lot of -- season people were really active in the finance side of of Silicon Valley and we got a lot of viewer feedback people saying we don't know the ports -- use."
" Okay so so ahead this. It is I was going to work I'm not -- question she seems human too -- think she's who get as many educated you know back. And huge amounts for them right and hopefully this addresses some of our viewer questions and emails right -- get every our -- boarded a convertible note."
" So when you raise money there's basically two ways of doing it one incident to raise a -- around or equity right. So convertible note is the way that a lot of startups go to -- early seat fundraising process within our right to do about shares what it is is the loan to the company that will eventually converts. Into equity at a particular. Time or events or at the discretion of either the investor -- the company an entity formed any various. Number of ways."
" the event would be in in in and demand are phrasing. -- on the financing that somebody buying the company are something of that magnet here right now tell me. -- band Mick sure our company Kate convertible note."
" I was sick convertible notes -- are good for companies are still developing the product was they believe that there is. Significant value that will be built into the company in a short period of time. And they need the money to get to that period of time. What you do is you know you push it off as far as you can the actual equity raising. At least villages have been a valuation fueling -- sell the company on strangely and interestingly convertible notes are falling out of theaters verbal notes are more company bearable than investor favorable. Because from the perspective of -- investor they're giving you a convertible note. And also the company become the next amazing. You know start up. And their first round is done at 850 million dollar valuation their half million dollars through that turned into nothing."
" right now you are -- mountain entrepreneur driven environment so if you have a good idea and you believe it's good monster. You know go do what you think is I don't know what you buy it. Which we see you in a sign of threats and they'll come lining up if you end point idea. The next morning and explained for forward."
" Talk to equity financing on music revolves around preferred stock there's two types of stock that a company you normally have common stock and another class of stock preferred stock. Preferred stock is called preferred because it will have additional rights -- his voting rights. That the comments I won't have. War preferential. Access to dividends when dividends are paid it goes the preferred stock first it divisions are repaid the bigger thing in. Silicon valley's liquidation right after sold. -- if you're if you go IPO. Analyst openings where does that -- first and it's for the first stockholders we usually get the money first before the common stockholders."
" Craig now apparently in their Brevard -- and evaluation what that means and why. You know what you mean there's some pardon to kinda have a good treatment evangelist."
" So you can a lot of interest let them on the news just by the day when we're talking about what is the most common. You know what the typical pre money valuation was my -- first here's -- thank you asked that question. Supreme on evaluation essentially the value the company before an investment. -- money is exactly the opposite the value of the company after the investment so really simple example would be. It's a start up has a pre money valuation of four million dollars and they decide to go out raise a million dollars then. There post -- will be five million dollars and if you do the ownership calculations backwards you'll see that at a five million dollar post -- with one million coming from the investor investor will own 20%. And the founders everybody else where there before that transaction will own 80%. So you tell me later -- about the impact of that companies have to startups that that's a great question. When you take investment at a particular. Pre money valuation you see those species are trying to get at least five to ten X return usually ten X return on your on your investments of their investing -- you. And you and a ten million pre. Then you won't get to sell their company you'll have their approval to sell your company for anything less than a hundred million dollars right. CC a lot of companies deliberately going for smaller valuation because they want to take the first. 45 million dollar sixty million dollar offer they get whereas if you go out and raise money at a hundred million dollars. Valuation. You can't sell your company or you -- likely will not get the visa approval to sell company matching points for you know 500 billion dollar exit."
" Think Joyce you're welcome I see the Ivy League education being put to good use there a ballplayer appears they'll keep exit interview absolutely yeah great thank you can we come back we eat corn can you talk march part of aren't from north here by this time in the European perspective -- applying them and -- people who funded. Sky laughter from the rebels -- by the company. Stick around we'll -- back so."
" AM momentum had talking to soft Klein who is former US side and currently running it's he can pitches. Like culminated type -- for European maps aren't going to get it right."
" Yep. It's basically have. Inspired by your -- culminates which I guess was inspired by idea Atlanta and united news notion is that we go greats. Talents in Europe. Who now go to -- very active and vibrant venture community. Some great stuff stops you've had. Very very successful exists collide plus that except track and he's turning courage you know for those in Europe to think they can take risks we designed C camps to be at least a three year. Program. We just had the first week."
" Let's -- camp in September of this year we had. 268. Applications from fourteen countries. The vote when he teams to London for a week we had."
" Great man tools. Some time now who had Nicklaus and -- well somewhat from from Germany telling Neil had to use the founder."
" next sentence then we had."
" rules Yang who's on the oracle. Cisco time you know intensive."
" And bringing the European ecosystem together and getting people excited about signing companies."
" In Europe so far so good -- these days and we had some interest in companies as well."
" So. Let me get this right because you've attained. That's Skype and -- Type -- happen you think he entrepreneurs are more willing to take chances."
" I think so I mean you know culturally. Europe has a very risk of us environment compact that you class. But I think you know we've had a offensive fundamental. Change you know us five years on a couple of fronts Juan. In the web is no longer. And US English speaking Internet. I think Skype. One of the first beneficiaries. Of understanding that the web is now global multi lingual. The second is that it's you know there are now a number of successful. On tornadoes news you know around -- meant school."
" Invest in."
" You know the next stages of entrepreneurship and there's some of those that preconditions and having you know a viable starts -- the prior week. Motivation behind C campus to leave. For us on young -- is not just access to capsule but probably more importantly."
" Access -- connections."
" And you know one of our goals for the -- camp we -- If you like give people the ability in a week to build the kind of Rolodex it would take them for ideas to build --"
" Yes who making small seed investments of 50000 euros in the five or six winning companies."
" But the purpose was as much to -- and expose people. A great network they could support them -- to do follow on funding so. Although we have raised money into C --"
" And you know we've had investment. In to -- camp for Rome you know."
" Most of Europe's top BC's. And a number of Europe's top entrepreneur knows that the fund is really sort of a secondary piece seeing what is really about capitalizing and and energizing. Some of the Europe European entrepreneurship especially the -- level."
" I made do you see any early stage activities the most. In Europe like finishing their work we can tortured or country."
" So London you know is very very active but I think it's active as much as anything as this sort of commercial hop. In."
" The teams don't always."
" Come from London and they don't always work out of London but they pretty much -- come through London. No they have to have a commercial presence in London. But you know the UK in London is certainly has the highest density. And then you know Israel obviously has -- huge number of stocks very very active."
" In -- VC community that we're seeing more and more companies."
" Now for home in Scandinavia are still very strong region Germany's very strong. Loaded it companies that -- companies coming out of from us now on I'd say those -- some of the three. Because there -- UK Germany. From slaps Scandinavia. And then you know you have Israel but. Also was stunning to see really interest in companies coming out of places in Europe that we never would have expected to force. And one of the witness patsy camp is the Slovenian company."
" not I didn't even."
" Noted that their -- tech companies in Slovenia we had."
" There's six applications from Slovenian companies. Receive care we had twelve applications from Ukraine and."
" Ten from Poland you know an applications. Via Bulgaria. Romania. And this pretty much innovation going on every -- that the biggest."
" Pockets that definitely in the UK and Japanese --"
" Phoenix and in -- just an observation teams like. You know they talk of our Internet being the global market -- it doesn't seem like that it just means it's generated regional in nature."
" That I think this notion. I agree with fuel load in an -- some companies in some applications that can break out globally. I think. You know they tend to be communications act. You know like like this site for its own pool. -- even and I see cute. -- and carrying back a few years now. Even when you're talking about house. You know social networking applications. I think. And then when you get to media and e-commerce these are still very very local businesses that schools. -- can be global. Let's -- united communities are very local it could exile who actually the company. In that space is accompanying it in the index -- fanatical -- smoke which most people in the US have never. We have how to be but now -- actually has -- of reached Sunday. And and more registered users but because it's in you know. The Netherlands and Portugal. Romania -- Turkey and Russia. Itself of everyone's radar screen and these guys have done more than just sort of translate this since a lot another language. They've really sort of understood that the culture of each of those countries is different in the way you have to. Grow and build a community in those countries is married to --"
" Right where are the other. Raise the me you know can start ups and different from the US so in the streets."
" I think one of the things you're forced to do as a European -- stuff which you know force that is a US. Is to think."
" Beyond your own country."
" In the US market is solely much."
" In and of itself half of all online -- sprint has in the US even if I only 20% field line. Uses a ridiculous it's very tempting if you are US business. To think US and to think English."
" And you know who is the big enough. Market that if you can do well that you're in good shape the cultural mentality of European entrepreneur or is like."
" I need to think. Multi cultural need to think multi lingual you know I often need to think multi currency. So I think -- mindset acts."
" You know her sex upon us -- European -- from those from US entrepreneur knows. Can we talk barbs right so what's going on there you know Nicklaus just left and what do you think of that."
" Let you know if I think."
" every every company goes through and actually solution. You know Nicklaus and -- have done an amazing. Jobless by. Skype is. Keeps on growing you know revenues. Using numbers. I think it's become. You know when you and I first spoke about Skype which must mean will be 1824 months ago. No it was something that was interesting an --"
" The mass market now it's mainstream they've done an amazing -- you know if they start to greater Cincinnati beta."
" But eBay kind of -- appeared record that they were gonna and I talked close to one point four billion dollars for ages. Kind of a tactic an admission that things can go as planned rather from a revenue perspective that goes perspective. I mean. It's do you think that botched it up from everywhere then am I being pretty blunt I think that it and where you."
" I think he may go to look at these things. The long time and I think. United the way eBay spoke about this -- when it was a quiet. As you know one of the most valuable. Properties brands and properties. On the way in one of the fastest growing. Important. Sect is on the way. Still stands and Skype because it really deliver goods you know intensive. I think at that time either quite -- like he was. It was a good bets that Skype was going to dominate the Internet communications task we can beat the brand that's different Mac communications. It wasn't given. I'd say he is relates. That is the fact I still believe united Skype is very very Leone in terms of its its journey intensive. Being able to -- monetize. And also you know really treaties have. Dominates and reshape its category and I think you know one of the things that was a -- of a little bit lost in the medics who is how relevance and how close a match that was between Skype and PayPal. And -- focus on Skype and eBay but Skype and PayPal now you know had a great fits. Before that they own that benefits. The tail site I I still think if you look at. EBay you're looking at three of the most valuable assets on the way of and you know it -- about place to be."
" Biggest have to make it work. Thank you so we're taking the time talking to us thank you thanks."
" Welcome back. And that was great interview looks like Skype has really kind of made its mark on the hunt for -- in -- yeah."
" And lot of people under commend them and things it can be done. To be interesting to see what the next big thing that comes -- care -- is watching hot and that's absolutely now some viewer feedback. Hey this is -- writing in saying he's considered interviewing small yet highly profitable startups -- only wanted to keep people like Marcus playing point James Bond. But we ought to be -- James -- Our have to caller Marcus -- in time."
" I think guys like edit re absolutely role models to do that thanks Jason. Right and for that yeah yeah that's a great suggestion. And another email from Patrick Patrick writes in to say I would like to see some episodes on the gaming industry. On your show like new startups as well established companies were working on new and innovative technologies so I think we do have in our Q is a virtual worlds. Episode and what that was separate gaming episodes because those are very different topics right."
" Maybe Hillary becomes taken -- he can get back Maryland we'll from from -- to come and you're sparkle."
" But do please keep reading this and with more feedback and more suggestions tactic of that revision3.com. With your suggestions and comments we love getting it."
" Yes and he's you know leave comments and forums right. We'll be back next week -- or interviews --"
" then see you next week."
" You go home show. The get go home show is sponsored by jangled."
" The get go home show you sponsored by jangled. Pavement for the GigaOM show he's -- a home. And today we gonna do something different."
" We are apparently easily addressed okay don't know we try to keep it a high. Don't go there what's -- that on --"
" So over the Yankees that's it I'm done they've they've they've pretty much you know. Give Joe Torre's. And TiVo and I was very on policy and I'm sorry I can't be there. I think I'm -- just exclusively care for the Atlantic now. Yankees fans are always yankees fans you have great that dude that was just uncalled for. -- I'm sorry. I mean you know you have all these CEOs beekeeper on who don't appreciate I am -- you don't get fired and white Joe Torre. Mean one of the nicest people on the planet and nicest guy and Iron Man -- man I'm just they're depressed. -- athletics next season going to be open -- game will be Sony's Vegas have reacted the Bart. -- do the little public transport team so that is undergoing final young troops now so what else are we doing different except you know this episode I'm running to -- you know little -- I can't -- to iron my brain's not working -- from larger story. And have a conference coming up right --"
" I was really great conference and well actually both be there and then yeah you got to come I join us we'll show you what the -- about and."
" You be emailed streaming -- lives I'm sending you keep me."
" right but what are we doing different so we did a few interviews with a lot of -- season people were really active in the finance side of of Silicon Valley and we got a lot of viewer feedback people saying we don't know the ports -- use."
" Okay so so ahead this. It is I was going to work I'm not -- question she seems human too -- think she's who get as many educated you know back. And huge amounts for them right and hopefully this addresses some of our viewer questions and emails right -- get every our -- boarded a convertible note."
" So when you raise money there's basically two ways of doing it one incident to raise a -- around or equity right. So convertible note is the way that a lot of startups go to -- early seat fundraising process within our right to do about shares what it is is the loan to the company that will eventually converts. Into equity at a particular. Time or events or at the discretion of either the investor -- the company an entity formed any various. Number of ways."
" the event would be in in in and demand are phrasing. -- on the financing that somebody buying the company are something of that magnet here right now tell me. -- band Mick sure our company Kate convertible note."
" I was sick convertible notes -- are good for companies are still developing the product was they believe that there is. Significant value that will be built into the company in a short period of time. And they need the money to get to that period of time. What you do is you know you push it off as far as you can the actual equity raising. At least villages have been a valuation fueling -- sell the company on strangely and interestingly convertible notes are falling out of theaters verbal notes are more company bearable than investor favorable. Because from the perspective of -- investor they're giving you a convertible note. And also the company become the next amazing. You know start up. And their first round is done at 850 million dollar valuation their half million dollars through that turned into nothing."
" right now you are -- mountain entrepreneur driven environment so if you have a good idea and you believe it's good monster. You know go do what you think is I don't know what you buy it. Which we see you in a sign of threats and they'll come lining up if you end point idea. The next morning and explained for forward."
" Talk to equity financing on music revolves around preferred stock there's two types of stock that a company you normally have common stock and another class of stock preferred stock. Preferred stock is called preferred because it will have additional rights -- his voting rights. That the comments I won't have. War preferential. Access to dividends when dividends are paid it goes the preferred stock first it divisions are repaid the bigger thing in. Silicon valley's liquidation right after sold. -- if you're if you go IPO. Analyst openings where does that -- first and it's for the first stockholders we usually get the money first before the common stockholders."
" Craig now apparently in their Brevard -- and evaluation what that means and why. You know what you mean there's some pardon to kinda have a good treatment evangelist."
" So you can a lot of interest let them on the news just by the day when we're talking about what is the most common. You know what the typical pre money valuation was my -- first here's -- thank you asked that question. Supreme on evaluation essentially the value the company before an investment. -- money is exactly the opposite the value of the company after the investment so really simple example would be. It's a start up has a pre money valuation of four million dollars and they decide to go out raise a million dollars then. There post -- will be five million dollars and if you do the ownership calculations backwards you'll see that at a five million dollar post -- with one million coming from the investor investor will own 20%. And the founders everybody else where there before that transaction will own 80%. So you tell me later -- about the impact of that companies have to startups that that's a great question. When you take investment at a particular. Pre money valuation you see those species are trying to get at least five to ten X return usually ten X return on your on your investments of their investing -- you. And you and a ten million pre. Then you won't get to sell their company you'll have their approval to sell your company for anything less than a hundred million dollars right. CC a lot of companies deliberately going for smaller valuation because they want to take the first. 45 million dollar sixty million dollar offer they get whereas if you go out and raise money at a hundred million dollars. Valuation. You can't sell your company or you -- likely will not get the visa approval to sell company matching points for you know 500 billion dollar exit."
" Think Joyce you're welcome I see the Ivy League education being put to good use there a ballplayer appears they'll keep exit interview absolutely yeah great thank you can we come back we eat corn can you talk march part of aren't from north here by this time in the European perspective -- applying them and -- people who funded. Sky laughter from the rebels -- by the company. Stick around we'll -- back so."
" AM momentum had talking to soft Klein who is former US side and currently running it's he can pitches. Like culminated type -- for European maps aren't going to get it right."
" Yep. It's basically have. Inspired by your -- culminates which I guess was inspired by idea Atlanta and united news notion is that we go greats. Talents in Europe. Who now go to -- very active and vibrant venture community. Some great stuff stops you've had. Very very successful exists collide plus that except track and he's turning courage you know for those in Europe to think they can take risks we designed C camps to be at least a three year. Program. We just had the first week."
" Let's -- camp in September of this year we had. 268. Applications from fourteen countries. The vote when he teams to London for a week we had."
" Great man tools. Some time now who had Nicklaus and -- well somewhat from from Germany telling Neil had to use the founder."
" next sentence then we had."
" rules Yang who's on the oracle. Cisco time you know intensive."
" And bringing the European ecosystem together and getting people excited about signing companies."
" In Europe so far so good -- these days and we had some interest in companies as well."
" So. Let me get this right because you've attained. That's Skype and -- Type -- happen you think he entrepreneurs are more willing to take chances."
" I think so I mean you know culturally. Europe has a very risk of us environment compact that you class. But I think you know we've had a offensive fundamental. Change you know us five years on a couple of fronts Juan. In the web is no longer. And US English speaking Internet. I think Skype. One of the first beneficiaries. Of understanding that the web is now global multi lingual. The second is that it's you know there are now a number of successful. On tornadoes news you know around -- meant school."
" Invest in."
" You know the next stages of entrepreneurship and there's some of those that preconditions and having you know a viable starts -- the prior week. Motivation behind C campus to leave. For us on young -- is not just access to capsule but probably more importantly."
" Access -- connections."
" And you know one of our goals for the -- camp we -- If you like give people the ability in a week to build the kind of Rolodex it would take them for ideas to build --"
" Yes who making small seed investments of 50000 euros in the five or six winning companies."
" But the purpose was as much to -- and expose people. A great network they could support them -- to do follow on funding so. Although we have raised money into C --"
" And you know we've had investment. In to -- camp for Rome you know."
" Most of Europe's top BC's. And a number of Europe's top entrepreneur knows that the fund is really sort of a secondary piece seeing what is really about capitalizing and and energizing. Some of the Europe European entrepreneurship especially the -- level."
" I made do you see any early stage activities the most. In Europe like finishing their work we can tortured or country."
" So London you know is very very active but I think it's active as much as anything as this sort of commercial hop. In."
" The teams don't always."
" Come from London and they don't always work out of London but they pretty much -- come through London. No they have to have a commercial presence in London. But you know the UK in London is certainly has the highest density. And then you know Israel obviously has -- huge number of stocks very very active."
" In -- VC community that we're seeing more and more companies."
" Now for home in Scandinavia are still very strong region Germany's very strong. Loaded it companies that -- companies coming out of from us now on I'd say those -- some of the three. Because there -- UK Germany. From slaps Scandinavia. And then you know you have Israel but. Also was stunning to see really interest in companies coming out of places in Europe that we never would have expected to force. And one of the witness patsy camp is the Slovenian company."
" not I didn't even."
" Noted that their -- tech companies in Slovenia we had."
" There's six applications from Slovenian companies. Receive care we had twelve applications from Ukraine and."
" Ten from Poland you know an applications. Via Bulgaria. Romania. And this pretty much innovation going on every -- that the biggest."
" Pockets that definitely in the UK and Japanese --"
" Phoenix and in -- just an observation teams like. You know they talk of our Internet being the global market -- it doesn't seem like that it just means it's generated regional in nature."
" That I think this notion. I agree with fuel load in an -- some companies in some applications that can break out globally. I think. You know they tend to be communications act. You know like like this site for its own pool. -- even and I see cute. -- and carrying back a few years now. Even when you're talking about house. You know social networking applications. I think. And then when you get to media and e-commerce these are still very very local businesses that schools. -- can be global. Let's -- united communities are very local it could exile who actually the company. In that space is accompanying it in the index -- fanatical -- smoke which most people in the US have never. We have how to be but now -- actually has -- of reached Sunday. And and more registered users but because it's in you know. The Netherlands and Portugal. Romania -- Turkey and Russia. Itself of everyone's radar screen and these guys have done more than just sort of translate this since a lot another language. They've really sort of understood that the culture of each of those countries is different in the way you have to. Grow and build a community in those countries is married to --"
" Right where are the other. Raise the me you know can start ups and different from the US so in the streets."
" I think one of the things you're forced to do as a European -- stuff which you know force that is a US. Is to think."
" Beyond your own country."
" In the US market is solely much."
" In and of itself half of all online -- sprint has in the US even if I only 20% field line. Uses a ridiculous it's very tempting if you are US business. To think US and to think English."
" And you know who is the big enough. Market that if you can do well that you're in good shape the cultural mentality of European entrepreneur or is like."
" I need to think. Multi cultural need to think multi lingual you know I often need to think multi currency. So I think -- mindset acts."
" You know her sex upon us -- European -- from those from US entrepreneur knows. Can we talk barbs right so what's going on there you know Nicklaus just left and what do you think of that."
" Let you know if I think."
" every every company goes through and actually solution. You know Nicklaus and -- have done an amazing. Jobless by. Skype is. Keeps on growing you know revenues. Using numbers. I think it's become. You know when you and I first spoke about Skype which must mean will be 1824 months ago. No it was something that was interesting an --"
" The mass market now it's mainstream they've done an amazing -- you know if they start to greater Cincinnati beta."
" But eBay kind of -- appeared record that they were gonna and I talked close to one point four billion dollars for ages. Kind of a tactic an admission that things can go as planned rather from a revenue perspective that goes perspective. I mean. It's do you think that botched it up from everywhere then am I being pretty blunt I think that it and where you."
" I think he may go to look at these things. The long time and I think. United the way eBay spoke about this -- when it was a quiet. As you know one of the most valuable. Properties brands and properties. On the way in one of the fastest growing. Important. Sect is on the way. Still stands and Skype because it really deliver goods you know intensive. I think at that time either quite -- like he was. It was a good bets that Skype was going to dominate the Internet communications task we can beat the brand that's different Mac communications. It wasn't given. I'd say he is relates. That is the fact I still believe united Skype is very very Leone in terms of its its journey intensive. Being able to -- monetize. And also you know really treaties have. Dominates and reshape its category and I think you know one of the things that was a -- of a little bit lost in the medics who is how relevance and how close a match that was between Skype and PayPal. And -- focus on Skype and eBay but Skype and PayPal now you know had a great fits. Before that they own that benefits. The tail site I I still think if you look at. EBay you're looking at three of the most valuable assets on the way of and you know it -- about place to be."
" Biggest have to make it work. Thank you so we're taking the time talking to us thank you thanks."
" Welcome back. And that was great interview looks like Skype has really kind of made its mark on the hunt for -- in -- yeah."
" And lot of people under commend them and things it can be done. To be interesting to see what the next big thing that comes -- care -- is watching hot and that's absolutely now some viewer feedback. Hey this is -- writing in saying he's considered interviewing small yet highly profitable startups -- only wanted to keep people like Marcus playing point James Bond. But we ought to be -- James -- Our have to caller Marcus -- in time."
" I think guys like edit re absolutely role models to do that thanks Jason. Right and for that yeah yeah that's a great suggestion. And another email from Patrick Patrick writes in to say I would like to see some episodes on the gaming industry. On your show like new startups as well established companies were working on new and innovative technologies so I think we do have in our Q is a virtual worlds. Episode and what that was separate gaming episodes because those are very different topics right."
" Maybe Hillary becomes taken -- he can get back Maryland we'll from from -- to come and you're sparkle."
" But do please keep reading this and with more feedback and more suggestions tactic of that revision3.com. With your suggestions and comments we love getting it."
" Yes and he's you know leave comments and forums right. We'll be back next week -- or interviews --"
" then see you next week."
" You go home show. The get go home show is sponsored by jangled."








