Portraits of the dotcom entrepreneurs

Remember the dotcom tycoons who shook up the business world before the bubble burst spectacularly? Ten years on, we look at what they are doing now

In the late 1990s wannabe entrepreneurs with a dotcom idea flocked to the monthly get-togethers organised by First Tuesday, co-founded by London-based American expat Julie Meyer, left. In the hothouse of the dotcom craze, the get-togethers developed into a weekly schmoozefest replicated in 16 countries. The business was sold for £33m to Israeli firm Yazam in 2000 and Meyer went on to create investment group Ariadne Capital. Often outspoken, Meyer is a web evangelist who often sticks her neck out for web businesses she advises.

In 1995, leading City options specialist Geoffrey Chamberlain took the helm of a small loss-making stockbroking firm called Durlacher and decided to focus on the technology sector. When Durlacher floated on Aim in September of that year it was the smallest company on the market, with a value of just £800,000 and a share price (in today’s terms) of 2.5p. A few years later its value later soared to £2.2bn and its employees were credited with helping create such hits as Autonomy, Demon Internet and 365 Corporation. But when the bubble burst, it took many of Durlacher’s more fledgling businesses with it. When Chamberlain and his brother Graham, the finance director, quit in 2002 the firm was worth just £17m. (they walked off with £2.7m) In 2005, the saga came to an end as Durlacher merged with Panmure Gordon.

Along with co-founder Brent Hoberman, Martha Lane Fox became one of the pin-ups of the dotcom boom this side of the Atlantic with her creation, Lastminute.com, becoming the benchmark by which all British tech-startups were judged. She stepped down as managing director in 2003, having helped pull the company’s stock price out of the doldrums, but hit the headlines in 2004 when she was involved in a near-fatal car crash in Morocco. She remained as a non-executive at Lastminute until 2005 when the company was sold to Travelocity owner Sabre Holdings for £577m and became a non-executive director of Marks & Spencer, Channel 4 and mydeco.com – the interior design web shop set up by Hoberman. She currently divides her time between charity work, her karaoke bar chain Lucky Voice and being the government’s digital inclusion champion, a role created by Lord Carter in his Digital Britain review.

You know you’ve hit a raw nerve when traders change the name of your firm from Dialog to Dial-a-dog. That is what happened to Dan Wagner, a man named “the new Bill Gates” by the Daily Mirror’s disgraced City Slickers team. He was one of the first people to realise the benefits of packaging electronic information and data for scientists, librarians and other specialists and created his first company – Maid – in 1985. It floated a decade later but in 1998 he saddled his firm with too much debt.Name changes from Maid to Dialog and then to Bright Station failed to erase City memories, while his acquisition of the remnants of Boo.com raised eyebrows. Wagner vowed to keep out of the spotlight when he left Bright Station in 2001 but has since built a fashion blogging empire and Venda, an e-commerce service and is run by former Orange boss Eric Abensur. Perhaps Wagner’s biggest mistake was failing to take up the chance to invest just over half a million pounds in an tech start-up created by one of Maid’s former staff. It would have given him a 30% stake in eBay.

Jonathan Rowland came to be a major figure in the British dotcom boom when he launched Jellyworks, designed to nurture new dotcom companies. Backed by the Barclay Brothers, JellyWorks listed in December 1999 and saw its value increase tenfold on the first day of dealings. Seven months later it was sold to investment bank Shore Capital for less than a quarter of its peak value. His next venture onto the stockmarket, buyout vehicle Resurge, was refinanced in 2005; later that year Jonathan launched a new vehicle, Nettworx, which was wound up in 2009 and cash returned to investors after it failed to find any attractive acquisition targets; in 2007 Tembusu Investments, designed to buy financial services assets in Asia, gained 40% to 14p on its AIM debut, he remains its chairman. Rowland currently has more than a dozen directorships to his name, and for three years was a director of Wagner’s Venda business.


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Portraits of the dotcom entrepreneurs

Remember the dotcom tycoons who shook up the business world before the bubble burst spectacularly? Ten years on, we look at what they are doing now

In the late 1990s wannabe entrepreneurs with a dotcom idea flocked to the monthly get-togethers organised by First Tuesday, co-founded by London-based American expat Julie Meyer, left. In the hothouse of the dotcom craze, the get-togethers developed into a weekly schmoozefest replicated in 16 countries. The business was sold for £33m to Israeli firm Yazam in 2000 and Meyer went on to create investment group Ariadne Capital. Often outspoken, Meyer is a web evangelist who often sticks her neck out for web businesses she advises.

In 1995, leading City options specialist Geoffrey Chamberlain took the helm of a small loss-making stockbroking firm called Durlacher and decided to focus on the technology sector. When Durlacher floated on Aim in September of that year it was the smallest company on the market, with a value of just £800,000 and a share price (in today’s terms) of 2.5p. A few years later its value later soared to £2.2bn and its employees were credited with helping create such hits as Autonomy, Demon Internet and 365 Corporation. But when the bubble burst, it took many of Durlacher’s more fledgling businesses with it. When Chamberlain and his brother Graham, the finance director, quit in 2002 the firm was worth just £17m. (they walked off with £2.7m) In 2005, the saga came to an end as Durlacher merged with Panmure Gordon.

Along with co-founder Brent Hoberman, Martha Lane Fox became one of the pin-ups of the dotcom boom this side of the Atlantic with her creation, Lastminute.com, becoming the benchmark by which all British tech-startups were judged. She stepped down as managing director in 2003, having helped pull the company’s stock price out of the doldrums, but hit the headlines in 2004 when she was involved in a near-fatal car crash in Morocco. She remained as a non-executive at Lastminute until 2005 when the company was sold to Travelocity owner Sabre Holdings for £577m and became a non-executive director of Marks & Spencer, Channel 4 and mydeco.com – the interior design web shop set up by Hoberman. She currently divides her time between charity work, her karaoke bar chain Lucky Voice and being the government’s digital inclusion champion, a role created by Lord Carter in his Digital Britain review.

You know you’ve hit a raw nerve when traders change the name of your firm from Dialog to Dial-a-dog. That is what happened to Dan Wagner, a man named “the new Bill Gates” by the Daily Mirror’s disgraced City Slickers team. He was one of the first people to realise the benefits of packaging electronic information and data for scientists, librarians and other specialists and created his first company – Maid – in 1985. It floated a decade later but in 1998 he saddled his firm with too much debt.Name changes from Maid to Dialog and then to Bright Station failed to erase City memories, while his acquisition of the remnants of Boo.com raised eyebrows. Wagner vowed to keep out of the spotlight when he left Bright Station in 2001 but has since built a fashion blogging empire and Venda, an e-commerce service and is run by former Orange boss Eric Abensur. Perhaps Wagner’s biggest mistake was failing to take up the chance to invest just over half a million pounds in an tech start-up created by one of Maid’s former staff. It would have given him a 30% stake in eBay.

Jonathan Rowland came to be a major figure in the British dotcom boom when he launched Jellyworks, designed to nurture new dotcom companies. Backed by the Barclay Brothers, JellyWorks listed in December 1999 and saw its value increase tenfold on the first day of dealings. Seven months later it was sold to investment bank Shore Capital for less than a quarter of its peak value. His next venture onto the stockmarket, buyout vehicle Resurge, was refinanced in 2005; later that year Jonathan launched a new vehicle, Nettworx, which was wound up in 2009 and cash returned to investors after it failed to find any attractive acquisition targets; in 2007 Tembusu Investments, designed to buy financial services assets in Asia, gained 40% to 14p on its AIM debut, he remains its chairman. Rowland currently has more than a dozen directorships to his name, and for three years was a director of Wagner’s Venda business.


guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds

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  • Peers ’set to offer digital economy bill concessions’
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