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The reason I keep bringing up venture capital is that I think we are seeing
the third stage of internet ventures and this has an impact on the internet
environment.

The first stage saw internet experimenters. They tended to run out of
capital very early and were forced to abandon projects.

The second stage saw the big companies like Microsoft come online. They had
the resources, but they expected to see some signs of cash flow because,
like the experimenters, they were spending their own money. If cash flow
wasn't there, they were willing to cut back on certain projects.

The third stage involves venture capital money. The people running internet
companies are spending someone else's money. Their criterion for success is
different from those spending their own money. And because there have been
very big payoffs for companies that either go public or are bought out,
there is an incentive to keep pumping more money into these projects until
they do sell--either to investors or other companies.

So I think the decision-making process has changed. First it was
experimentation and hope; then it was business development; and now it is
speculation. I don't expect things to change as long as venture capitalists
and investment bankers and those who get first crack at new issues continue
to make money. And I think these folks are willing to be very, very
aggressive at grabbing readers. While profitability may be years away,
wealth creation is just around the corner.


Suzanne

_____________________________________
Suzanne Lainson
SportsTrust
Marketing: Integrated/Sports and Event/Online
P.O. Box 2071     Boulder, CO 80306
303 473-9884
slainson@sportstrust.com
_____________________________________
For a free subscription to SPORTS NEWS YOU CAN USE, send me an email.
For a free subscription to THE CREATIVE ATHLETE, send me an email.
http://www.sportstrust.com/sportstrust



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