-
Strategies for a discontinuous future.





Consulting & advisory, research notes, in the press, about bubblegen,
next wednesdays.





Wednesday, October 15, 2003
 


Stelios says:

"My biggest mistake to date, and I hope of all time, was the early version of my chain of internet caf�s, called easyInternetCafe. This started life as easyEverything in 1999 and was a real child of the dot.com bubble. Internet businesses could do no wrong and I was buoyed up by vendor financing ("pay tomorrow") and bankers, who at that time could float unprofitable companies on the stock markets, provided they just had online customers.

I was new to retailing and happily went off round the world, buying up the most expensive city-centre real estate in which we put not only internet access, but webcams, internet telephony, sophisticated software and other bells and whistles, all of which were meant to earn more money. In reality, we had created financial black holes that were largely unwanted by consumers, but into which we poured money".

I used to think Stelios was dumb, and now I'm sure of it. Note to Stelios: Hindsight is 20:20, but ventures are fundamentally unpredictable. Who could have guessed SMS would be a major driver of the mobile business? If that didn't work, I'm sure someone would say exactly the same thing about SMS - it was a 'financial black hole' that people didn't want.

The quote's from this article about mistakes.

-- umair // 5:23 PM //


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