Post by sec on Oct 26, 2017 1:24:09 GMT -6
Crypto ‘experts’ have brushed off Electroneum, but it’s ok. All these companies were rejected by investors and 'experts' too.
Google
When entrepreneurs Larry Page and Sergey Brin first got started on their new search engine project, the duo decided it was proving too difficult to try and develop the site whilst working towards their degrees at Stanford University. They decided they would try and sell Google in order to focus on their education, and so they approached George Bell, the CEO of online service Excite. Their asking price? A measly $1m. That initial offer was rejected by Bell, and so haggling ensued. Eventually, negotiations led to an offer of $750,000. This time, it was cofounders Page and Brin that rejected Bell. They asked for a sizeable investment rather than a buyout, and Bell walked away. Five months later, two companies agreed to invest $25 million in Google. The rest, as they say, is history.
Hotmail
Hotmail was founded in 1996 by California Institute of Technology students Jack Smith and Sabeer Bhatia. After a brief stint working as a programmer for Apple, Bhatia developed the revolutionary idea of establishing an email service available via a web browser. The only problem? Funding. The idea was completely untested, and made a lot of investors nervous. Consequently, Bhatia and Smith were turned down by just about every venture capitalist firm they approached. In fact, Hotmail was rejected no less than twenty times before investment firm Draper Fisher Jurvetson finally agreed to bankroll the $300,000 project. By 1998, Hotmail had taken the web by storm, and raised eyebrows at leading engineering firm Microsoft. Microsoft took on Hotmail for a cool $400m, and it was eventually rebranded under the company’s umbrella of coveted Office products. Today, most users know Hotmail as Outlook.com. Around 400m people use the email platform on a daily basis, and it’s the second most valuable email provider on the planet.
Uber
John Greathouse of Rincon Venture Partners goes one better than simply passing on Uber’s seed round. Despite having been repeatedly offered the chance to listen to a pitch from Travis Kalanick, Uber’s founder and CEO, he passed on not only did the $250k seed round, but on Uber’s A Round as well. Today Uber has an implied valuation of around $66B.
Apple
Steve Jobs and Steve Wozniak used borrowed parts from Atari to create their first Apple home computer. Although they offered the design of their computer to Atari founder Nolan Bushnell, he was focused instead on arcade machines and the developing home console market. In 1976 Jobs approached Bushnell again – “Steve asked me if I would put $50,000 in and he would give me a third of the company. I was so smart, I said no. It’s kind of fun to think about that, when I’m not crying.” Today Apple has a market cap of $545.22B
Tesla
In 2006 Bryon Deeter, partner in Bessemer’s Menlo Park office passed on Tesla. He drove the Tesla Roadster, and even put a deposit down on the car but didn’t go for the investment. “It’s a win-win. I get a great car and some other VC pays for it!” he told his partners. Today Tesla’s market cap is $31.08B.
Airbnb
In 2008, the year Airbnb was founded, the company was looking to raise $150,000 at a $1.5 million valuation. The company approached seven prominent venture capital firms hat in hand, only to get a round of rejections, Airbnb co-founder and CEO Brian Chesky recounts in a Medium post. Five of the seven investors passed on funding Airbnb while two simply never bothered to reply. Today Airbnb is worth $30 billion.
Once a major gaming/gambling company decides to invest/partner with Electroneum, all these so-called crypto 'experts' and skeptics will be proven wrong, just like the investors who missed out investing $150k in Airbnb which is worth $3 billion today.
When entrepreneurs Larry Page and Sergey Brin first got started on their new search engine project, the duo decided it was proving too difficult to try and develop the site whilst working towards their degrees at Stanford University. They decided they would try and sell Google in order to focus on their education, and so they approached George Bell, the CEO of online service Excite. Their asking price? A measly $1m. That initial offer was rejected by Bell, and so haggling ensued. Eventually, negotiations led to an offer of $750,000. This time, it was cofounders Page and Brin that rejected Bell. They asked for a sizeable investment rather than a buyout, and Bell walked away. Five months later, two companies agreed to invest $25 million in Google. The rest, as they say, is history.
Hotmail
Hotmail was founded in 1996 by California Institute of Technology students Jack Smith and Sabeer Bhatia. After a brief stint working as a programmer for Apple, Bhatia developed the revolutionary idea of establishing an email service available via a web browser. The only problem? Funding. The idea was completely untested, and made a lot of investors nervous. Consequently, Bhatia and Smith were turned down by just about every venture capitalist firm they approached. In fact, Hotmail was rejected no less than twenty times before investment firm Draper Fisher Jurvetson finally agreed to bankroll the $300,000 project. By 1998, Hotmail had taken the web by storm, and raised eyebrows at leading engineering firm Microsoft. Microsoft took on Hotmail for a cool $400m, and it was eventually rebranded under the company’s umbrella of coveted Office products. Today, most users know Hotmail as Outlook.com. Around 400m people use the email platform on a daily basis, and it’s the second most valuable email provider on the planet.
Uber
John Greathouse of Rincon Venture Partners goes one better than simply passing on Uber’s seed round. Despite having been repeatedly offered the chance to listen to a pitch from Travis Kalanick, Uber’s founder and CEO, he passed on not only did the $250k seed round, but on Uber’s A Round as well. Today Uber has an implied valuation of around $66B.
Apple
Steve Jobs and Steve Wozniak used borrowed parts from Atari to create their first Apple home computer. Although they offered the design of their computer to Atari founder Nolan Bushnell, he was focused instead on arcade machines and the developing home console market. In 1976 Jobs approached Bushnell again – “Steve asked me if I would put $50,000 in and he would give me a third of the company. I was so smart, I said no. It’s kind of fun to think about that, when I’m not crying.” Today Apple has a market cap of $545.22B
Tesla
In 2006 Bryon Deeter, partner in Bessemer’s Menlo Park office passed on Tesla. He drove the Tesla Roadster, and even put a deposit down on the car but didn’t go for the investment. “It’s a win-win. I get a great car and some other VC pays for it!” he told his partners. Today Tesla’s market cap is $31.08B.
Airbnb
In 2008, the year Airbnb was founded, the company was looking to raise $150,000 at a $1.5 million valuation. The company approached seven prominent venture capital firms hat in hand, only to get a round of rejections, Airbnb co-founder and CEO Brian Chesky recounts in a Medium post. Five of the seven investors passed on funding Airbnb while two simply never bothered to reply. Today Airbnb is worth $30 billion.
Once a major gaming/gambling company decides to invest/partner with Electroneum, all these so-called crypto 'experts' and skeptics will be proven wrong, just like the investors who missed out investing $150k in Airbnb which is worth $3 billion today.
