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Story of a dot-com entrepreneur who lucked out
on December 18, 2008
Bo Peabody is a lucky guy indeed. He founded Tripod and sold it to Lycos in 1997 for $58 million in stock, even though his company never made a profit. He was restricted from selling his stock for two years, during which the value increased tenfold. After the lockup period expired, he sold his stock at the peak of irrational exuberance.
Bo describes himself as a B-student who surrounded himself with A-students. His original idea for Tripod was a nonstarter, but his staff developed a homepage builder which quickly gained traction - eventually 1 million registered members.
"Start a company that is fundamentally innovative, morally compelling, and philosophically positive. Create an aura of authenticity around your start-up by carefully crafting your mission and communicating it with charisma and passion. Your company will attract smart, inspired people who will work very hard... Provide them with a clear action plan and give them the latitude to exercise their creativity."
In a down-to-earth style, Bo says: Don't believe your own press. Learn to love the word no. Always be gracious. And know what you don't know.
Think of this as an autobiography with insights into life in a start-up, rather than a repeatable formula - the chances of selling your unprofitable venture for $58 million are between slim and none.
I like that this book is short. He says what he has to say in 50 pages without padding it to fill a quota, like so many 200-page books out there. The book gets four stars. What could be more appropriate for a B-student?