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Whether your money in Internet lay? (a part III)

Whether your money in Internet lay? (a part III)

Igor Mihajlov

On the previous employment(occupations) we with you, discussing a theme of electronic commerce, have mentioned strategic investments. Having felt necessity to make digression to this area, again I can notice, that the Internet basically is similar to any other business - environments (shop, the newspaper etc.): here you can sell that is not identical to the environment, namely any goods. But can sell and that, anyhow, concerns to this Wednesday: for example, the newspaper area, a wall or a door of your shop for accommodation of the another's information. It is advertising. And, at last, you can sell business - environment as such, to be exact the future arrived from it(her) - in full or in part. It as we understand, - attraction of investments. Today the question will be a specific kind of business - "cultivation" of Internet - resources under the future investor.

Figures which I resulted earlier, it is gloomy and persistently testify to backwardness of the Russian Internet - market. The sphere kontenta successfully is described with whose metaphor: " it is more than Writers, than readers ". E-commerce is partly improbable, partly (behind small exception) is unprofitable and is financed exclusively with the purpose " in time to borrow(occupy) a niche " (that too correctly). About advertising in the Network I hope to have a conversation conversation later. But the surprising zigzag of a business history the Internet has caused the whole direction in business - reception of the income of capitalization of the enterprises.

The matter is that on the international (American) share market of the company leave within the framework of the special procedure named #Initial Public Offering where the enterprise is estimated under the arrangement between it(him) for the present the private(individual) owner and the IPO-manager. Persons, priobretshie actions(shares) up to or in frameworks IPO, under prices IPO or others, stipulated by them with initiators of the project, are #Venturei investors. They make the purchases, proceeding from expectations of successful financial activity of the enterprise and - or rough growth of course cost of his(its) actions(shares). In any case, they expect the profitableness proportional to their risks. Then actions(shares) of the enterprise continue the life in the share market, and their cost, certainly, varies. In case of good luck she(it) is increased. (In passing I shall notice, that the current market cost of one action(share) increased on total of actions(shares) of the enterprise, refers to as market capitalization). Then the investor has a choice: To receive the share of the profit put to it(him) as the dividend, or to sell the actions(shares) and to receive the income as a difference of their current market rate and price IPO. We shall name the investor of the first type strategic, the investor of the second type - speculative.

Now okinem a passing the American market of investments in sphere the Internet. The main thing, than it(he) is characterized, it is unusual, sometimes nothing explained growth of market capitalization of the enterprises of branch. Besides, became axiomatic the example of one very known company giving complex services in sphere the Internet which market capitalization reaches(achieves) several billions at losses in $ 350 million the impression Is created, that the agiotage around of the Internet actions(shares) does not depend on financial successes of the concrete emitter, and is caused by the general(common) expectations of rough development of this branch. However, the analysis of the share market of USA does not find room in any way in frameworks of our clause(article).

The main thing for us is, that foreign investors, coming to Russia, most likely, transfer the same expectations to our ground. And paradoxical image, in absence of the real mass client on commercial services Runeta, they become for suppliers of these services almost the most favourable buyer. With that only a difference what they buy the enterprises and projects (what for him(it) our services?). Hence, it is possible to cost business on "cultivation" of Internet - projects under the investor. As occurs pretty often.

Some facts from a recent history. Everyone know portal MAIL.RU. It, mainly, a server giving free-of-charge letter boxes to all interested person. And so, under some data, 20 %-s' share of the company owning this site, was sold to the investor for $ 940 000 (!). If we mentally shall combine possible(probable) cost of the own and rented fixed capital, non-material actives and annual salaries of employees of the company (including a management(manual)), it is very doubtful, that the result will come nearer to the tenth part of this sum. And if will come nearer, we shall not overlook, that the fifth part is sold only. A question: on what such estimation of the company the investor can be based?

The answer: only on expectations. The companies managed to be created (1) "brend" - the trade mark, which popularity nobody calls in question, (2) traffic - a stream of users which, at correct marketing strategy, will grow proportionally to growth of users of the Russian segment the Internet and (3) platform - a virtual place which in itself has advertising and marketing value. These "things" which to nobody is given to touch, and are the main components of market cost of the company. By the way, its(her) representatives at last conference " Internet - marketing ' 99 " already announced a number(line) of new and rather expensive projects of a portal. Master the investment …

Other example - wonderful transformation of the catalogue of the Russian veb-resources " Au! " In … the catalogue, but with an exotic name "@Rus" (it is read "atrus" as top-managers of the company assure). The site - on a recognition of the mentioned top-managers - also was created " on sale ". Also was sold. On some data, for $ 1 million, together with search machine " Aport! " As the uniform project. I am at a loss to define(determine) the size of the sold share, but I have the bases to believe, that she(it) is much more, than in a case with MAIL.RU. By the way, how you think, why the name has changed? The answer is simple: our primordial "au" nothing speaks a foreign ear. This funny fact indirectly confirms opinion of one of experts on our problem: the projects created here for use "there" are most favourably sold. Typically and that managers of the project began to be put actively in technology of machine translation kontenta on the English language.

However " histories of success " can not serve the reasonable person as direct stimulus to action. Clearly, that in them always there is a share of exaggeration, and among the factors which have resulted(brought) someone to prosperity, always there will be, at least, one which will not work in your case. Therefore, specially for those who has become interested in this kind of business, several mazkami we shall describe the current situation.

Consulting company PriceWaterhouseCoopers plans to invest $ 2 billion in electronic commerce in the current year (the share of Russia is not clear yet). Carlyle Group discusses creation of fund of Internet - projects in Russia and the East Europe at a rate of two millions. The author of these lines had pleasure to talk to the Russian representatives of one German firm which is in search of the "not untwisted" Russian veb-projects, offering them all on light (programming, design, management, promoushn) in exchange for 51 %. According to skilled players of this market, investors come not only from USA, but also from other countries, among which Israel, Greece, Arab Emirates. Recently began to prove and large Russian corporations. Investors as I already spoke, on speculative and strategic share. The first buy your project only in hope in due course favourably it(him) to resell, the second have any substantial interest, for example, creation of a visited(an attended) platform as jumping-off place for own intrusion on the market. The first in the greater degree are interested with an opportunity of painless "output("exit"), the second are more anxious with mechanisms of the control.

The most typical conditions of successful sale of the project to the investor: transfer of blocking package (more than 25 %), the combined method of investment combining aktsionirovanie, the credit and the current financing. The branches most attractive to the investor (in decreasing order appeal): manufacture of "iron", service of access, advertising platforms, the electronic commerce, special services (development typical ON for e-shops, shopping malls etc.).

The desire to postpone the newspaper has appeared and faster to sit down the own project? I understand you. One only "but". In Internet - designing, as well as in anyone hi-tech-бизнесе, the most expensive goods is not so much kontent in itself, not so much the new and effective technology. It is dear there is an Idea. She(it) can be named marketing, innovational, but any definition does not transfer its(her) essence. In summary one more example.

One author of the investment project addressed to potential investors. " Why we should entrust our money to you? " - they have asked the competitor. " Because I know how to put an egg vertically ", - it(he) has answered. "Pre-production model" eggs has gone on numbers(lines), students tried to give to it(him) unnatural orientation, but suffered(bore) defeat. "Swindler", - they have told the businessman. "By no means", - that has answered and, having taken an egg in hands, has pressed down his(its) bottom about a firm plane of a table. The shell has bursted, and the egg is necessary to stand.

The businessman has received money, has equipped ships "Nika", "Pinta" and "Santa-Maria" and has gone to navigation. There was a 1492 …

The dictionary of the used terms

Initial Public Offering (angl). - initial public accommodation of actions(shares) of the enterprise on a stock exchange.

From angl. Venture - "enterprise", including in sense "adventure".

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