YouTube Acquisition an Entrepreneurial Success!
We could all see it coming. YouTube had to be bought by someone at sometime. Sources say that Google intends to not interfere with the underground vibe of YouTube, but that it will only have an advertisement running down the side of the YouTube website.
The most exciting part of all, is that this is an adrenaline rush for entrepreneurs all around the world! The two co-founders of YouTube, Chad Hurley, 29, and Steve Chen, 27, started the company in the basement of Hurley's home in Menlo Park, California and 18 months later, harvested their brainchild into $1.65 Billion! It gives me goosebumps just thinking about it.
The trend of quick start-ups and quick buy-outs, that resembles the dot-com boom era, seems to be picking up speed and has many analysts worried that this is yet another bubble to be burst. MySpace was purchased for $580 million in July to News Corp. and it looks like the teen site MyYearbook.com (founded by 3 siblings - 2 of which are still in high school) is next in the acquisition role-call.
These are not the only recent buy-outs that have been started by fairly young people and parlayed into mega bucks. This BusinessWeek article describes other similar (and recent) occurances.
I am totally awe-struck by this. This is literally every entrepreneurs dream - to hit it big. It's a mixed blessing for the rest of us because on one hand, it is of great encouragement to never give up, but on the other hand, it is frustrating because you feel left behind. I think that the only way to deal with this cognitive dissonance is to be content with your own ideas, believe in them, and make rational decisions. Don't let anyone tell you it can't be done, stick to your guns, and give it everything you've got. And THINK BIG.
I feel a business article coming on... I can't not write about this in The Journal! It's TOO exciting AND it applies directly to all of us students who are starting our own companies, as mostly all of these enterprises were founded by students!
Okay, enough talking about other success stories. I have my own enterprise to take care of!
Keep Bizzy!
The most exciting part of all, is that this is an adrenaline rush for entrepreneurs all around the world! The two co-founders of YouTube, Chad Hurley, 29, and Steve Chen, 27, started the company in the basement of Hurley's home in Menlo Park, California and 18 months later, harvested their brainchild into $1.65 Billion! It gives me goosebumps just thinking about it.
The trend of quick start-ups and quick buy-outs, that resembles the dot-com boom era, seems to be picking up speed and has many analysts worried that this is yet another bubble to be burst. MySpace was purchased for $580 million in July to News Corp. and it looks like the teen site MyYearbook.com (founded by 3 siblings - 2 of which are still in high school) is next in the acquisition role-call.
These are not the only recent buy-outs that have been started by fairly young people and parlayed into mega bucks. This BusinessWeek article describes other similar (and recent) occurances.
I am totally awe-struck by this. This is literally every entrepreneurs dream - to hit it big. It's a mixed blessing for the rest of us because on one hand, it is of great encouragement to never give up, but on the other hand, it is frustrating because you feel left behind. I think that the only way to deal with this cognitive dissonance is to be content with your own ideas, believe in them, and make rational decisions. Don't let anyone tell you it can't be done, stick to your guns, and give it everything you've got. And THINK BIG.
I feel a business article coming on... I can't not write about this in The Journal! It's TOO exciting AND it applies directly to all of us students who are starting our own companies, as mostly all of these enterprises were founded by students!
Okay, enough talking about other success stories. I have my own enterprise to take care of!
Keep Bizzy!
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. Most men succeed because they are determined to"
George Allen
posted by MissBiz | 5:37 PM
4 Comments:
Nice article....I just started blogging too...
Why do you think that the deal was negotiated over at Denny's ????
Good question! I'd say that it was the only place that Hurley and Chen could afford to treat their Google buyers, seeing as YouTube was running on credit card debt.
But your guess is as good as mine!
:)
This was a great story. Did you hear about the third guy in the shadows that was a partner as well? His share was in the hundreds of millions and he left the company in its infancy to go to school. If you do a google search you'll find something about it.
This acquisition really shows that the MySpace buy was a steal for NewsCorp. They've got to be kicking themselves in the ass right now, huh? At the time the world thought NewsCorp was crazy though - at least MySpace was making money at the time of purchase, that's more than YouTube can say.
I'm just searching for the other YouTube founder right now. Very interesting!!
I can't wait to see what Google has lined up. I'd love to be a fly on the wall in their offices to fully understand what brilliant strategies they have come up with that justifies spending such an exuberant amount of money on an essential cost-center!
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