Golden Spoon Investment Portfolio - Chapter 155

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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155. Shall we draw up the contract right away?

Hotmail was the world’s first web-based email service, launched in 1996.
It was a revolutionary service that shifted the email landscape from the server-client system paradigm toward a web browser-centric model.

‘But wasn’t Hotmail the email service that came with Microsoft Windows?’

Despite my regression, I couldn’t possibly know every minute detail of what had transpired in the IT industry, so my confusion was inevitable.
While Roy and his friends sat with anxious expressions like students waiting for their test papers to be graded, my mind raced through the possibilities.

‘It’s possible that Microsoft acquired Hotmail and integrated it into Windows.’

Unlike Korea, it was standard practice in America for companies to acquire other firms when they lacked something, so this was entirely plausible.
And if my suspicion was correct, this could become quite a lucrative venture—not quite on the scale of Netscape, but certainly profitable.

‘Tom Harper and that Roy fellow—they’re both walking goldmines, aren’t they.’

Watching Roy, oblivious to my thoughts and visibly tense, I couldn’t help but feel a quiet satisfaction.
It was remarkable how effortlessly he brought opportunities my way without even trying.
But showing nothing on my face, I picked up the glass before me and took a refreshing sip of cold iced coffee before speaking in an even tone.

“So this new venture you mentioned—it’s an email service?”

Roy leaned forward at my attention and began explaining the business concept in detail.

“It’s not the client-based system that’s commonly used now, but rather a web browser-based email service.”

I nodded to show I was listening.
Sensing my interest, Roy continued with even greater enthusiasm.

“If you want to use personal email at the office, you’d normally need to connect to an external server using a modem, but the firewall installed for security makes that impossible.”
“That’s true.”
“So usually people exchange necessary documents and opinions through paper files or floppy disks, but that’s incredibly inconvenient.”

I was the one who felt this inconvenience most acutely, so I nodded in agreement.
Before my regression, I could have resolved such matters simply with a messenger app or email, but now I had to endure the tedium of calling people in or reading through physical documents.

“But any website in the world can be accessed simply through a browser, right? So if we write emails using a web browser, wouldn’t that easily solve all the problems we mentioned earlier?”

It was a slight shift in perspective, yet an extraordinarily innovative idea.
And I knew better than anyone that this idea would achieve tremendous success and play a significant role in the spread of the internet.
A sudden thought occurred to Seok-won, and he looked at Roy with a question.

“Did you come up with this idea after seeing Netscape?”
“Honestly, half of that’s right.”

Roy shrugged his shoulders and turned to look at Professor Frank and Vanegi, who sat beside him.

“Those two originally worked together at Apple.”
“You worked at Apple?”

When Seok-won’s expression showed slight surprise, Vanegi answered somewhat sheepishly.

“I did, but I quit two years ago. Though I’ve since left the new company I moved to as well.”

Even if Professor Frank and Vanegi already knew each other, I became curious about what connection Roy had with them that led to starting a company together.

“Didn’t you say you worked at a different company?”
“Yeah, that’s right. Actually, the three of us all became close through playing a game called Primal Rage.”

Primal Rage was a versus fighting game developed and released for arcades.
It was somewhat absurd, but given Roy’s natural charisma, it was entirely plausible.

‘Now that I think about it, this guy even dragged me into a Street Fighter tournament once….’

I recalled the memory of being pushed by Roy’s persistence and ending up winning the championship.

“Anyway, those two needed to exchange emails not just at the company but sometimes from home due to work, but the problems we mentioned earlier made that difficult. They used to complain about it to me, and when Tom sent me the Netscape beta version to try, I thought this was it.”

After hearing the explanation, I understood why he said it was half right.

“So… what do you think?”

Roy glanced at his expression and asked.
Professor Frank and Vanegi were also watching Seok-won with tense eyes.

“That sounds like a decent idea.”

Seok-won leaned back against the sofa and offered a subtle smile.

“If I could use email that way right now, it would certainly be quite convenient.”

Roy and his friends’ expressions brightened considerably.
But after hearing Seok-won’s next words, their faces hardened again as if nothing had happened.

“However, there’s one fatal problem.”
“What is it?”

Seok-won interlaced his fingers and spoke with unmistakable gravity.

“If it gets built, it would certainly be a very useful service. But how are you going to make money from it?”
“….”
“As the user base grows, costs will skyrocket—server infrastructure, maintenance, and everything else. Even if we set aside profitability for now, how do you plan to cover all of that?”

Profitability was the most fatal problem facing internet ventures like Netscape.
No matter how brilliant the technology or service, in a capitalist society it was worthless if you couldn’t make money from it.
Roy and his friends hesitated slightly at the sharp question.
It was an era when their dreams and hopes for the internet were grand, but the question of whether they could actually make money from it remained unclear.

The dot-com bubble burst partly because these ventures couldn’t generate revenue.

Of course, afterward, clear revenue models emerged and internet companies began making real money, ushering in the golden age of big tech.

Perhaps this moment marked the true beginning of the internet revolution.

Since I knew how IT companies would eventually generate revenue, I was prepared to teach them the method if they didn’t already have a plan in place.
But Roy, after a brief hesitation, rendered that unnecessary with his next words.

“We’ll generate revenue by accepting advertisements.”

While inwardly impressed, Seok-won maintained a skeptical expression.

“Will that actually make money?”

Vanegi then adjusted his glasses with one hand and calmly explained the revenue model the three of them had devised.

“It won’t be easy at first, but as the number of mail users increases, we’ll be able to extract far more advertising revenue and fees. I think it’s entirely feasible.”
“….”
“And because of the nature of email itself, we have more favorable conditions for earning money through advertising than other internet companies.”
“Why is that?”
“Because when users use email, they typically don’t just view a single page—they view multiple pages.”

Seok-won immediately grasped the implication, and his eyes lit up with understanding.

“So every time someone clicks the mouse to turn the page, you can insert a different advertisement. That makes it far more profitable.”
“Exactly.”

Watching how quickly Seok-won grasped the core concept, Vanegi and Professor Frank concluded that his understanding of internet business was quite substantial.
Then, upon realizing he had been an early investor in Netscape, they immediately understood why.

‘There was indeed a reason he recognized Netscape’s value before everyone else.’
‘Perhaps this time he might actually invest without turning us down….’

While the two men quietly built up their hopes, Seok-won stroked his cleanly shaved chin and contemplated how much profit could be generated from a Hotmail investment.

‘Achieving massive success is a given, but the real question is the profit margin….’

Naturally, it would be difficult to hit a jackpot as large as Netscape.
Moreover, though I felt sorry toward Roy and his friends, an email service alone clearly had limitations in terms of growth.
To achieve greater synergy, it would have to be combined with a web browser like Netscape.

‘That’s why Microsoft will acquire Hotmail.’

Considering that an M&A would inevitably happen later, there was no need to worry too much about profitability issues.

‘The conclusion is that either way, there’s absolutely no risk of loss.’

I would earn money and help Roy, whom I’d been close to since my Harvard days. It was all the better for it.
Seeing Roy and his friends watching him with anxious expressions, Seok-won offered them a gentle smile.

“Alright. It seems like a decent idea, so I’ll go ahead and invest.”

The three men, who had been nervously anticipating a possible rejection, immediately brightened and rejoiced.

“Really?”
“Sigh….”

Roy, more anxious than anyone else, pressed for confirmation by asking again.

“You’re really going to invest in us?”
“Yeah. When have you ever seen me joke about something like this?”
“Never! Absolutely never!”

Roy couldn’t hide his joy and broke into a wide smile.
In truth, before contacting his friend Seok-won, he had approached several venture capital firms, only to be rejected repeatedly, which had severely dented his confidence.
He had begun to doubt himself, wondering if the idea he thought was groundbreaking was actually nothing special.
But when Seok-won said he would invest, while the prospect of having capital was certainly gratifying, what truly made his heart swell was the validation that their idea wasn’t flawed.
After waiting for the three of them to calm down somewhat, Seok-won straightened his posture from where he had been leaning back and spoke with gravity.

“Before we finalize the investment, we need to discuss the most important matter first.”

Seok-won looked directly at Roy and his friends sitting across from him and asked.

“How much capital are you looking to receive?”

Vanegi, apparently having discussed this beforehand, answered while gauging the room carefully.

“We need at least three million dollars to launch the email service.”
“Hmm. Three million dollars.”

Upon hearing the amount, Seok-won crossed his arms and appeared to be contemplating, prompting Vanegi to quickly add more.

“We need to purchase servers and necessary equipment, and hire staff to operate the system. That amount is necessary.”
“That’s right.”
“This is the absolute minimum we’ve cut it down to.”

Fearing he might think it was too much, the three of them took turns elaborating on their explanation.
Considering his wealth, three million dollars was barely like scooping a single bucket of water from the ocean.
Seok-won wanted to laugh inwardly, but he showed no sign of it outwardly and spoke matter-of-factly.

“If I invest three million dollars, what percentage of equity will you give me?”
“I think around 30% would be reasonable….”

Vanegi answered while casting sidelong glances.

“Three million dollars for thirty percent equity means the company is valued at thirty million dollars.”

I secretly regretted asking for such a high amount, but I tried my best not to show it.

“I think it’s worth every penny.”
“I don’t know if you’re aware, but the initial investment in Netscape was two million dollars.”

In other words, he was questioning whether the venture the three of them were attempting had the same value as Netscape.
As if on cue, Roy and his friends fell silent.
Even they had to admit that it seemed difficult to demonstrate the kind of potential that could rival Netscape, which was writing NASDAQ history even at this very moment.
Professor Frank, who had been listening quietly to the conversation, spoke up cautiously with a somewhat deflated demeanor.

“Well, those are the conditions we’re looking for, and depending on the situation, we can adjust….”

Just as I was about to say we could make adjustments, Seok-won suddenly opened his mouth.

“Fine. I’ll invest three million dollars.”
“Huh?”
“Uh, uh….”

The three of them, who naturally expected him to lower the amount or ask for a larger equity stake, widened their eyes at this unexpected turn of events.

“You’re really going to give three million dollars?”

Roy asked again in bewilderment, and Seok-won nodded.

“Yes. But there’s a condition.”

At that, Professor Frank and Vanegi, who had been confused, looked at him with expressions that said “I knew it.”

“What is it?”

Vanegi asked with a voice full of caution as he adjusted his glasses.
Seok-won wore a subtle smile on his lips as he spoke to Roy and his friends.

“Instead of investing the amount you want, I’d like you to include a right of first refusal clause in the contract.”
“…?”
“Simply put, whenever additional investment is needed, you give me priority over everyone else to invest first.”

I continued speaking as I observed Roy and his friends, who seemed to understand the terms.

“Of course, if the terms don’t align, you can negotiate with other investors and secure funding from them.”
“So you’re saying I don’t absolutely have to accept your investment next time—you’re just getting first priority?”

Roy asked for confirmation, and I nodded in agreement.

“Exactly.”

The three of them lowered their voices and exchanged opinions for a moment, and once a decision seemed to have been reached, Vanegi answered on their behalf.

“Alright. We’ll do it that way.”

Upon hearing those words, I curved one corner of my mouth upward gently.

“Then shall we draw up the contract right away?”

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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