American History 1988
Chapter 345 - 334: The Incomprehensible Internet

Chapter 345: Chapter 334: The Incomprehensible Internet

"Netscape offering the Explorer browser for free to internet users represents the role we played in promoting internet innovation and its explosive spread,"

Clark talked fluently during the interview, as the Netscape phenomenon was becoming a trend.

Here in Mountain View, several groups of journalists had already arrived, and as the spokesperson, Clark needed to actively entertain these interviewers.

"We expect Netscape’s easy-to-use Explorer to make the development of the internet more powerful,

thus triggering another major leap forward for the internet. We feel a sense of mission about this.

There’s no doubt that the Explorer browser is suitable for all user groups.

On this basis, we can also offer a professional browser with secure, reliable, and advanced features.

This will lay the foundation for Netscape’s online business, and we have the world’s most professional development team."

Now was a crucial phase for Netscape to start financing, so Clark fervently boasted about the powerful functions of the Explorer browser.

Of course, this was not false promotion, as Explorer 2.0 was actually the best browser experience on the internet at that time.

Compared to Mosaic and the 1.0 version, the latest Explorer had significantly improved in optimization.

Furthermore, because of the integration of the Java environment, its functions were more powerful, many even beyond people’s imagination.

For example, Java animations smoother than Gif animations, plugins that support personal users in designing web pages.

Even under certain conditions, it also supported the playback of web page videos and audios.

For internet users who were still accustomed to character pages a year or two ago, this was simply incredible.

What’s rare is that such a powerful browser could be applied across all desktop platforms.

And even if your modem only supported a network speed of 14.4kb/s, Explorer 2.0 could still run smoothly.

Combining these advantages, the Explorer browser spread at an incredibly fast speed worldwide.

"Netscape’s new browser is the information superhighway," said Tim, a senior engineer from England.

"It provides top-notch internet navigation, smart information usage, faster access speeds, and really great integrated graphics."

"Netscape is the first company to let ordinary users also enjoy the fun of interacting with the internet," agreed Heidrich, the principal of Wharton School of Business.

"It’s fast, simple, and elegant. Especially as a navigation directory, Yahoo page, it’s the best teacher for many who are first exposed to the internet."

As Explorer 2.0 gradually spread, such praises came from all directions.

Of course, there were criticisms as well, such as those from users who were accustomed to free browsers.

They were very dissatisfied with Netscape’s move to charge for a more comprehensive professional version of the browser.

But Clark just smiled at these noises and ignored them.

Because Mosaic also started charging, right in the second week after the launch of Explorer 2.0.

Seeing Netscape’s successful commercial craze, SpyGlass Company, inspired by the demand, followed suit.

Speaking of market share, Mosaic also had two to three million users.

This was entirely supportive of their move towards commercialization, so they mimicked the strategy.

SpyGlass Company also announced a policy of free for ordinary users, while commercial users needed a license.

Whether their commercialization was successful or not, Silicon Valley here was undoubtedly the center of the internet wave.

More and more commercial websites were being established, among which Yahoo was certainly outstanding.

...

"Three million US Dollars, Dean, Yahoo still isn’t profitable!" Valentine argued forcefully.

"With a daily click rate of four million, these issues aren’t a problem," Dean repeatedly emphasized the data.

"David and Jerry are already in touch with advertisers. Yahoo will soon welcome its first revenue.

Think about how popular it is now, six million US Dollars is definitely a bargain."

Valentine rubbed his face in frustration, his voice carrying a trace of helplessness, "But this is still too crazy!"

The current internet trends not only confused Durell but also left Valentine at a loss.

Since when did startups dare to raise their valuation to tens of millions of US Dollars just based on users and click rates?

These numbers were pretty, but they hadn’t generated a single penny of profit for the company.

In Valentine’s view, startups without profits were almost criminal.

However, the current popularity of Yahoo also made Valentine feel an unusual surge.

Perhaps the internet indeed could not be deduced by traditional business models, just as the newspapers said.

This was a technological revolution, and a revolution was always about overturning the beginning.

After exchanging glances with Moritz again, Valentine finally made up his mind.

"This is the most groundless and unreasonable investment in my career!"

"You’ll be grateful for today’s decision, Valentine~" Dean said with a smile as he stood up and patted his shoulder.

David and Yang Zhiyuan exchanged a glance and both saw the surprise in each other’s eyes.

Perhaps he was the only one who could make Sequoia Capital hold their noses and accept such an investment.

Sure enough, leaving business negotiations to Dean was the right decision.

He manually increased Yahoo’s valuation from five million US Dollars to its current thirty million US Dollars.

If it had been David, he probably would have surrendered early in the conversation.

Yang Zhiyuan was too inexperienced, having no related experience.

So it was most appropriate for Dean to deal with Sequoia Capital.

By now, everyone had reached a consensus on certain conditions, and Redpoint Ventures had entered the game.

Moritz finally felt a weight lift from his chest, and although he was a negotiation adversary, he agreed with Dean’s perspective.

Yahoo would definitely be another surge in the Internet sector, the kind that could bring a grand slam to Sequoia Capital.

"We will have the documents ready in two business days, but Yahoo now needs an experienced CEO,"

Although Valentine agreed to the $30 million valuation, he had some reservations about Yahoo’s current management team.

Dean glanced at David and Yang Zhiyuan, who both expressed willingness to accept the conditions.

This was a kind of concession, with the venture capital putting forward real money, so they must ensure it was spent on company operations.

Furthermore, as founders, these young people generally lacked management experience.

An experienced CEO could quickly put Yahoo on the right track.

"I’ll leave the choice of candidate to you, Valentine." Since Redpoint had taken the initiative in this matter, Dean was happy to relax.

"I feel you are more like a venture capitalist than me now," Valentine still expressed some dissatisfaction.

If it weren’t for Dean, Yahoo would almost have been in the bag for Redpoint Capital.

"Valentine, trust me. In less than six months, you’ll be very glad about today’s investment,"

The Internet was developing rapidly, not just to Dean, but even ordinary people felt it.

"Besides, I haven’t been doing nothing, just take a look at Explorer 2.0’s homepage.

Yahoo’s name is also on Bit Company’s server list."

"Right, speaking of browsers, has the Netscape financing been settled?

If Durell can’t handle the job, I can take over,"

Valentine didn’t hesitate to poach openly in front of outsiders.

"Durell would come after you if he knew," Dean said with a smile and a wave of his hand, "Let’s focus on our Yahoo first."

"Michael will follow up on Yahoo’s development; he’s good at this."

If not for Dean’s presence, perhaps Valentine would not have come forward this time.

Since Moritz had discovered it first, according to the internal rules of venture capital, Yahoo’s follow-up should be handled by him.

"OK, I have no objections." Dean knew Moritz; they had met several times over the years.

Coming from the media industry, he might bring a different change to Yahoo.

The negotiations were complete, and Dean did not stay long.

There were many things to take care of at Netscape as well, such as the financing issues just mentioned.

Almost a month had passed since the launch of Explorer 2.0, and Netscape had yet to tally the orders during this period.

Durell had already become impatient and requested to renegotiate the financing issues.

Action speaks louder than words, and everything around him was telling him that Netscape was leading a revolution.

Dean hadn’t expected that the launch of the new browser would be the first thing to make Redpoint restless.

As the browser spread, Yahoo became a focal point of attention.

The former was just a tool, but the latter was providing rich content for Internet users.

So there was the scene just now, with Redpoint Capital financing $6 million for a 20% stake in Yahoo.

However, because a 15% talent option pool had been set up jointly, Redpoint now held 17% of Yahoo after dilution.

After the new round of dilution, David, Yang Zhiyuan, and Dean each retained a 22.6% stake.

This would not be Yahoo’s last round of financing, as its business model destined it to be a cash-burning venture.

Of course, the most important thing now was to set it on the right track, and Moritz had many ideas in mind.

To build momentum for Yahoo, he wanted to establish Yang Zhiyuan as a spokesperson for Silicon Valley.

It was a bit like recreating Jobs, although after talking, Yang Zhiyuan refused this comparison, but Moritz hadn’t given up.

If they wanted to stand out among thousands of startups, they needed a charismatic founder persona.

Jobs’s initial management of his image was very successful, and Moritz thought Yang Zhiyuan was a good choice.

The number of Asian immigrants in Silicon Valley was gradually increasing, and they were already leaving their own mark.

If Yang Zhiyuan was pushed forward now, as a proponent of new entrepreneurial methods, it might have an unexpected effect.

...

By mid-October, everywhere in Silicon Valley was brewing with business opportunities.

The tide raised by Netscape was motivating more people, all engineers from some IT industry company.

They had started engaging with computers long ago and were also among the first to access the Internet.

The Internet, which seemed so mysterious to ordinary people, held no secrets for them.

The popularity of the Explorer browser was showing them opportunities.

With their skills, they could easily build their websites on the network.

The wave was gradually growing and attracting more and more people into it.

Of course, what was now gripping the venture capitalists in Silicon Valley the most was still the financing for Netscape.

Not just KeyPoint Ventures, Mayfield and Enyi Investment were also trying to find ways to join in this deal.

When Glenn Miller heard the news, he desperately needed to rid himself of the label "short-sighted investor."

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