Burn Rate : How I Survived the Gold Rush Years on the Internet
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Burn Rate : How I Survived the Gold Rush Years on the Internet Overview
A first-person Hit & Run for the Internet industry, this is the wickedly funny tale of one man's journey from rags to riches in the Wild West atmosphere of the Internet business -- written with the enthusiasm and candor of Liar's Poker.
In the bare-knuckles world of Internet start-up companies, only the wiliest entrepreneurs can survive. Since a promising company can go public for hundreds of millions of dollars, the stakes are high -- but the search for capital to keep a new business afloat can tax the ingenuity of even the most resourceful deal-maker.
As he scrambled to finance his own fledgling company, Michael Wolff, journalist and founder/CEO of Wolff New Media, knew he had gained access to the seminal business story of the 1990s. In Burn Rate, he portrays the most colorful key players in this frenetic industry: Louis Rossetto and Jane Metcalfe, founders of Wired, who seem more like cult leaders than entrepreneurs; Steve Case and Bob Pittman, who head AOL, the industry giant and most dysfunctional company in the nation; Walter Isaacson and Norm Pearlstein, the new media tsars at Time Warner; and others ranging from smooth Wall Street bankers to jittery kids with limitless enthusiasm, but precious little experience running a business.
Wolff wryly observes exploits in the web world that are as celebrated as those of the high-flying Wall Street traders of the 1980s.
Burn Rate : How I Survived the Gold Rush Years on the Internet Specifications
Michael Wolff, the author of NetGuide, one of the first major guides to the Net, gives you a tour of this medium that could best be described as "Alice's Adventures Through the Monitor." Burn Rate is the story of Wolff's transition from journalist to entrepreneur in the Internet business--a business in which the investment elite beat down doors to invest vast sums of money in companies whose chief product seemed to be red ink. Wolff reports that what was being bought and sold was not technology, content, or even concepts. It was the potential to be in on something very cool that may one day be sold to somebody else--despite even more red ink.
Wolff's story could easily have been bitter but is instead both fascinating and hilarious. Wolff's money-losing company's negotiations with Magellan--a search-engine company that Wolff eventually discovers is also financially unstable--are comical. The scene where key big shots from a major publisher fall all over Wolff in their eagerness to buy an all-but-worthless name and database are a complete farce. Wolff is by no means above showing his own foibles. Some of the book's best parts are where he shows himself swept up in the intoxicating flow of a deal and calls home to report developments to his wife. She promptly translates the nonsense into sobering reality.
Wolff takes plenty of time off from his personal journey to explore significant events in the development of cyberculture, such as the transition of Louis Rosetto from a least-likely-to-succeed publisher into the creator of the revolutionary Wired magazine. He chronicles the emergence of America Online from dark horse to dominance, while the efforts of companies expected to be major contenders fade into the background.
His candid view shows it all--the oddball characters in expensive shirts and T-shirts, the crazy dealing, the exhilaration, the heartbreak, and the fear. This would be a wonderful work of satirical fiction if it weren't actually true. --Elizabeth Lewis
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