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``Now, I'm learning to be a businessman,'' he said, grinning.
He's learning from some well-known names, particularly TV meteorologist
Bryan Norcross, who has become Quickbrowse's interim chief executive
officer, and David Bohnett, a California 'Net pioneer who has made a major
investment in the company.
When The Herald last reported on Fest, the 33-year-old German freelance
journalist had a great program but no business plan. 'Net columnists from
Thailand to New York were raving about Quickbrowse, which can be
programmed by individual users to collect information from their favorite
Web sites and compile it into one quickly viewable scan. Investor Andrew
Tobias had given Fest money to try to convert his hobby into a wealthy
dot-com.
Since then, Fest has been charging forward. Much of the impetus has
come from Bohnett, the founder of GeoCities, which was sold to Yahoo last
year for $4 billion.
Bohnett is now a major Los Angeles philanthropist (with a $40 million
charity fund), supporter of liberal causes, and angel to 10 fledgling
Internet companies.
His interest in Quickbrowse began when Tobias, treasurer of the
Democratic National Committee, asked him to lunch. Tobias says he was
hoping for a major contribution to the party, but the conversation drifted
to the Internet, and Tobias told him about Quickbrowse.
Bohnett checked out the site -- http://www.quickbrowse.com/ -- and
was excited about what he saw. He called up Fest and the two chatted.
Bohnett: ``They have a great market opportunity that can appeal to a
very broad range of folks, and I was impressed with Marc. He's a very
talented, smart, engaging guy. I liked his overall spunkiness.''
Bohnett invested $250,000. He was willing to put in more, says Tobias,
but the company doesn't need much money now, and Fest and Tobias didn't
want to give away any equity that they didn't have to.
Tobias: ``We weren't looking for money, but the right kind of investor.
In this case, he's worth his weight in gold. He knows so much about the
Internet and how to incubate a company.''
Fest: ``I was thrilled. Suddenly we had all these high-powered lawyers
doing due diligence.''
Through e-mails and Yahoo instant messenger, Bohnett has been serving
as Fest's mentor, peppering him with advice.
``How to hire people, how much to pay them, what's the right structure
for the company, how to design future enhancements for the program, how to
write a business plan. I tell him a lot of details,'' Bohnett says.
Fest is also listening to Norcross, a friend who in February left his
full-time job as chief meteorologist for Channel 4 after announcing he
wanted to pursue Internet projects.
Quickbrowse, Norcross says now, was not one of the projects he
originally had in mind, but for some time he has been serving as a
``friendly advisor'' to Fest, giving him suggestions about how the company
should grow.
Norcross admits he doesn't have a lot of business experience, with the
exception of owning a Miami Beach tanning salon, which he recently sold.
But he has been meeting daily with Fest. He became interim CEO because
``they wanted to give me a nice title.''
Fest says he's given Norcross some stock in return for his help.
Rather than spend money for help-wanted ads, Fest went to a Tuesday
Network meeting of Internet professionals, where he wore a T-shirt that
announced, ``We're Hiring.''
Problem is, so are dozens of other dot-coms these days. Many persons
chatted with Fest, but he found no programmers.
Bohnett is pushing Fest to act fast because Quickbrowse now has
competitors in what is becoming known as the field of ``metabrowsers.''
Octupus.com, Calltheshots.com and Onepage.com are now in development.
So are two others, Yodlee.com and Katiesoft, with slightly different
concepts.
Cory Kleinschmidt from Traffick.com, a guide to portals, tested all the
``metabrowser'' sites and concluded Quickbrowse ``is so easy. I think it
will be the first to gain widespread acceptance.''
But Fest knows the programming must be improved and marketed. At the
moment, he has a ``rented'' programmer from a Pennsylvania company, but he
wants to use Bohnett's money to hire two full-time programmers in the PERL
language, plus a marketing man and a finance man.
That was his agenda at the South Beach luncheon, attended by a
half-dozen prospective employees. One was a veteran of 20 years in the
technology business. Another, from a large New York ad agency, was willing
to jump to a start-up for the right deal.
Despite Fest's lengthy agenda, the lunch proceeded casually, with
everyone talking about how they saw the company growing. Ultimately, the
tech guy decided he didn't want an exhausting full-time job with a
start-up. Fest is still negotiating with the New York ad man.
As for his transition from journalist to entrepreneur, he says, ``I'm
still in disbelief.'' | |
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