The two men were loitering in front of the house when Jaesung noticed them and went out to greet them.
“You’re from Netscape, here for the investment, right? This is the place.”
“Huh? Yeah. I thought it would be an investment office, but it’s a home, so I was surprised. You called us here because it’s the weekend, I guess.”
Marc Andreessen followed the Asian kid leading him to the garage, thinking the voice sounded familiar.
When he opened the garage door instead of the house door, there were computers and workstations installed that were better than the equipment in their own office.
“Wow~! Is this like a secret base? It’s a dream garage!”
“Don’t most Silicon Valley startups begin in garages?”
“That’s only for the really poor or those who love creating startup myths. Most proper companies rent an office and start there.”
They said they had formally rented an office and were commuting to develop the web browser.
The two sat in the guest chairs, waiting for an adult to arrive, but Jaesung sat across from them at the desk.
“I’m James, the one who called about investing. As you can see, I have to go to school, so it was hard to come to San Francisco. Thank you for coming all this way.”
The words that an Asian middle school kid had called them to Seattle to invest $3 million caused a momentary cognitive dissonance, leaving them speechless.
“I know it’s hard to believe, but I make programs here and sell them to big companies like Microsoft, Walmart, and Costco, so I have plenty of money. It’s not a lie, so don’t worry.”
Since disbelief was natural, he showed photos taken with William Gates, Costco chairman Jim Sinegal, and in Walmart’s IT development room.
When he also showed a photo holding a contract with Steve Jobs at Pixar, Marc Andreessen and Jonathan Clark showed interest.
“You’re no ordinary kid. So, you’re really planning to invest?”
“As I said on the phone, I want 30% equity for $3 million. Pure equity with no voting rights or special conditions, and I’ll give you both the right of first refusal on equity sales.”
The venture capital firm Perkins Caufield was taking 49% for $5 million—more money but proportionally less equity—but from the two’s perspective, giving only 30% was far better than 49%.
On top of that, Jaesung’s clean offer of just equity without dozens of pages of complicated conditions and shackles was much more appealing.
“I’ve drafted the contract as you described, so take a look. But why did you decide to invest $3 million in our Netscape?”
“Of course. The interface is clean, the program isn’t heavy, and there are few errors, so naturally people will use Netscape. Appearing as a first mover in a market with no clear leader yet is a tremendously advantageous position.”
The Netscape web browser supported not only displaying web pages but also playing images, videos, and audio.
It could expand functions through various plugins and had a user-friendly graphic interface pattern that most netizens found convenient.
Despite offering diverse features, it used few system resources, so it ran well even on low-spec PCs.
“There are many other web browser companies—why specifically us?”
“Because the features are the best. And the difference between free and paid versions isn’t big, so it seems like it’ll quickly dominate the market.”
As Jaesung specifically praised the Netscape they had created, the corners of their mouths slightly turned up. Netscape would maintain 90% market share and grow into the strongest player in the web browser market despite numerous competitors.
Microsoft would steal the market by bundling Internet Explorer for free with Windows, but Netscape still reaped huge benefits from the dot-com bubble.
The market leader Netscape would lose its top spot to Microsoft’s William Gates’ cunning tactics and fade into the back alleys of history, though it would linger under the name Firefox. This led Microsoft to face numerous lawsuits and fines for monopoly and fair trade violations, holding onto the number one spot but later losing it again to Chrome from the latecomer Google.
“I heard they’re including their own web browser in Windows 95 next year.”
“Really? That could be a big problem.”
“You don’t need to worry right away. I tried it at Microsoft headquarters, and for something made by a big company, the performance was terrible.”
The hastily made Internet Explorer in Windows had performance and features that were hard to compare to Netscape.
Even though it was bundled for free, it initially lost to Netscape, which required separate download, but over time errors decreased and features increased, gradually eating away at the market.
Since it’s made directly for Windows, compatibility with Windows is bound to improve.
Windows would improve performance and come pre-installed with purchases, causing Netscape to lose share, but Netscape also made poor decisions.
Intoxicated by high web browser market share, Netscape Communications added various features like email software, messenger software, and web editing software to increase influence in the internet market, neglecting improvements to the browser’s core performance.
Instead, the software grew heavier, losing its advantages of lightness and efficiency. In the end, Netscape would disappear from the IT market’s main stage, but there was a valid reason for Jaesung’s early investment.
AOL, high on bubble euphoria, would buy Netscape for $4.2 billion.
The company would decline, but the two founders would hit a money jackpot by selling it.
Since the acquisition was at the end of 1998, holding for about three years would turn $3 million into $1.4 billion.
By then I’ll be a high schooler. $1.4 billion is over a trillion won, right?
That timing, as the bubble raced toward its peak, would be perfect for inflating the cash.
Jaesung furrowed his brow to hide his rising smile, making a face of deep contemplation.
“Oh no. Guests are here, and I haven’t even offered drinks. Would you like coffee? I’m too young, so Mom won’t let me drink it, but adults seem to love coffee.”
He briefly went into the house and returned with two cups of coffee and cookies.
“Oh! This coffee is amazingly good!”
“It’s sweetly balanced with a subtle aroma. The cream isn’t overpowering—it gently coats the mouth.”
“I knew you’d like it.”
The two were impressed drinking the Korean-style instant coffee mix.
In America, people usually brewed large pots of coffee, added sugar and cream, and drank it—Americans even called it “dishwater” because it tasted bad.
But when coding, coffee was naturally a constant companion, and Korea’s coffee mix, created to serve as nectar for workers, perfectly suited their tastes.
“I’ll give each of you a box as a contract gift. When you run out, you can buy more at a Korean market.”
“The yellow packets are impressive.”
His father, sensing the contract was nearly done, entered the garage to sign and spotted the two delighted with the coffee mix.
“Drinking too much isn’t good for your health. Be careful not to drink more than three—no, four cups a day.”
Intending to say only three cups—one after each meal—his father increased the allowance by one upon seeing their huge builds.
“Dad is a medical school professor at the University of Washington. Too much can lead to adult diseases, and since you two probably eat a lot of donuts and cookies normally, it might not affect you much. Drink in moderation. You need to live long.”
They perked up at “medical professor,” and while signing, his father also taught them stretching techniques, warning that sitting too long ruins posture.
Jaesung immediately wrote a $3 million check and handed it over, becoming a shareholder with 30% of Netscape Communications.
“I won’t interfere in management, so please grow the company well.”
“Haha. Sure. We’ll make you the youngest billionaire.”
Marc Andreessen and Jonathan Clark laughed, carrying the yellow boxes back to San Francisco.
As soon as they left the house, his father sighed looking at yet another increased investment contract and asked.
“With cash coming in, you’ll keep investing in new companies for a while. At this rate, the money will run out soon.”
“I don’t plan to invest newly for the time being. Yahoo will soon form a company and keep me busy, and this summer Jefferson next door will start his business, so it’ll be hectic.”
In the fall, Toy Story from Pixar would hit theaters, and as a major shareholder he had to attend events.
On top of that, he needed to focus on middle school life, so taking on more work here wasn’t easy.
His father seemed to refuse accompanying him to new companies in San Francisco using schedule excuses, so Jaesung decided to be content for now.
Hearing that truly relieved him. “What if we put some of the money into a savings account, just in case?”
“I was already planning to buy stocks once I open a stock account. Don’t worry too much.”
When told to stop company investments, his son’s bright reply that he’d do stocks gave his father another headache, but he hoped this chance would let his son taste society’s bitterness.
The son’s assets were too large to blow, but since it was money he earned himself, and learning the terror of stocks would make it worthwhile.
Having directly summoned a new company to his home early in the new year and invested $3 million, Jaesung kept his promise to his father by focusing on school life while frequently visiting next door to help with startup preparations.
He occasionally talked on the phone with Walmart’s Grandpa Sam Walton, along with his sister and mother.
He exchanged calls and emails with Netscape and Yahoo to help with coding, greeted the future CEO on weekly Costco visits, and shopped with employee discounts.
“Next week there’s a conference at Stanford. Is it really okay if we don’t stop by any new companies this time?”
“I’ll be at Jeremy and Dave’s lab. They’re starting the company and moving out, so this is the last chance to see them at school. Pixar is in the final stretch and chaotic, and I want to visit NVIDIA once to say hi.”
With the spring semester starting, his father’s medical conference resumed, creating a reason to go to San Francisco.
He wouldn’t invest immediately, but he needed to show his face at NVIDIA for groundwork so they’d seek him when struggling.
The schedule was simpler than worried, satisfying his father, and they headed to San Francisco. While his father handled conference duties, Jaesung went to the now-familiar Yahoo lab.
“This seems right. What should I say when I go in?”
At the lab entrance stood a tall nerd he had never seen before, pacing.
Initially many investors visited, but after saying they weren’t taking more investment, those footsteps decreased, replaced by increasing visits from nerds admiring startup myths.
As he passed the man hesitating at the door to open it, the man called out to Jaesung.
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