Paige is only 7 years older than Daniel. Gates, Mark. Zuckerberg, Steve. Like Steve Jobs and others, they are all technical geniuses with a cross-era vision for technology.

Google, Microsoft, Facebook and Apple are also some of the most heavyweight companies in the US tech industry.

So in front of Page, Daniel actually felt that he was not convincing.

He relied on his advanced vision for more than ten years, which depends on the rapid development of the Internet in the next ten years.

However, negotiation sometimes has little to do with genius or not.

For example, Google's biggest requirement is to inject MB.

MB will have more than 30 million users this year, and its valuation may exceed 2 billion, and by the end of 2005, it is expected that its users will exceed 100 million - that means a market value of 10 billion, so it is just a small investment, and in two years it may be more than Google's entire revenue - in any case, Google's investors will not sit idly by and watch this cake slip away from their eyes.

But many things are not subject to human will.

For example, when Daniel first entered Hollywood and realized that the start-up company Mark joined was Google, Page and Sergey had already received 25 million venture capital.

Similarly, when Page presented his opinion today, Daniel had no idea what was in his mind.

"Google has two hopes, one is to weave Blogger into Google's listing assets, and Evan Brown. Williams and you, with the option to swap the stake in Blogger for a stake in Google, I am sure that Google's future performance on the Nasdaq will not disappoint you. The second point is that we want to inject 200 million yuan into MB for the long-term development of MB, although MB's financial situation is very good, we still believe that the current commercialization is preventing it from attracting more users, and we think it is necessary to suppress MB's profitability. in exchange for its growth and future potential. Daniel, I believe that you, who single-handedly founded MB, certainly have a long-term vision, for MB. There is a better future, greater development prospects. In other words, now is not the time for it to make money, it should find a way to make itself more users and more competitive, so as to avoid the erosion of its existing interests by other homogeneous websites. If you're following the tech industry. MB's social nature has attracted a large number of investment funds, and the engagement with MB has been slow to progress, so it is natural that they will choose another path - to cultivate a new social media company. Of course, I know that MB has done a very good job in protecting intellectual property, but you must know that technology has no boundaries and the market is limited.

Therefore, I think you should think more about the future of MB, and not sacrifice the long-term development of MB for short-term benefits. ”

Both of these points raised by Page are very important.

Blogger's revenue also exceeded 650 million, with an annual profit of about 60 million. According to the 40 times P/E ratio, the valuation is also more than 2 billion, which is already impossible to ignore for Google, and Blogger's leading position in creating online encyclopedia libraries, blogs, theme communication areas and other fields makes it undoubtedly a high-quality asset. Blogger's 30% MB stake is also coveted.

Therefore, if this item can be incorporated into Google's listing assets, it is obvious that it can increase the success rate and issue price of the IPO.

It's just that how to talk about this price, there must be a period of ridicule, after all, no one can get the growth of Google and Blogger. After going public together, it is even more impossible to measure. According to the current valuation, Daniel's 16% stake in Blogger is only 3 or 4 billion. It's about the same as Mark's stake in Google.

This leaves Daniel a little bit behind.

At present, Google actually has a controlling position in Blogger, Evan as the founder currently only has about 12% of the shares, Google has about 52%, Daniel's investment company is 16%, and the rest is 20% of Sequoia Capital. But the reason why Google needs to negotiate to solve this problem is this.

It is because when the parties invested, the contract was that the operation and management of the company was still in the hands of Evan. Unless more than 75% of the voting rights rejects this agreement.

This requires that three of them agree to the decision. Sequoia Capital is one of the main venture capitalists investing in Google, so they are also the most important force driving Google's IPO. But the two companies together are only 72 percent, and 28 percent of the reputation is in the hands of Daniel and Evan.

Relatively speaking, it is much more difficult to acquire from Evan - because it means that Blogger is completely digested by Google, and Evan can only become the head of a certain industry department of Google even if he stays in Blogger, which must be difficult for Evan as the founder to accept, after all, this is not two years ago, when Blogger was almost unsustainable, and now Blogger's development prospects are very good, and they can even go public independently. Under such a premise, it is difficult to give up one's independence.

It's much simpler, then, to start with Daniel.

After all, for Daniel, 16% of the blogger is not his main investment.

Moreover, Google's original shares are also very attractive, and if they can be exchanged for Google's shares, Daniel may not feel that he has lost money. All that is concerned is that Daniel needs to consider Evan's attitude, he is not a pure venture after all, and the purpose is to go public for the purpose of making money. He invested in Blogger because he played a key role in Blogger's rebirth.

As for the second point, Google's intentions are even more obvious.

Although they did not explicitly say that they wanted to dilute Daniel's shares, if they spent 200 million yuan to enter MB, according to MB's current valuation, a slight premium, they could get 10% of the shares, of which 7% would need to be given up by Daniel. And if he wants to prevent this capital injection from having an impact on equity, he must correspond to a 3:7 equity ratio and contribute about 467 million yuan to balance Google's investment.

He certainly won't be able to come up with the money, according to Google's plan.

But alas, at the moment Daniel is not short of cash.

So, in general, these two points are not a problem for Daniel.

But of course he can't say that to Paige, then he will be more "technical man" than a "technical man".

After almost half a cup of coffee, Daniel seemed to have been thinking about it for a long time.

"Paige. I'll start with your request," Daniel organized his own language, "and the problem with the blogger is not me. If Sequoia Capital decides to support you, then the next person you need to get an opinion on is Evan, who is not much different from Page as a blogger in Google. The difference is that he is even in charge of the operations of the blogger. So, once there is a big conflict between you, it will not be good for bloggers, and it will certainly not be good for Google IPO. Personally, it doesn't make much difference whether I keep my stake in Blogger or swap it for my stake in Google. I also agree that you want to incorporate bloggers into the system. This is really helpful for Google to enrich its product line and enhance your profitability. ”

Page nodded silently, "We've been in contact with Evan before, after all, we have worked together happily in the past. But Evan is more adamant, and he wants Blogger to operate independently and seek to go public independently, rather than as part of Google - this is unacceptable, after all, it is a matter of mutual interest. Evan's work, we will continue to try to convince him, but Google still hopes. If Evan sticks to his opinion when Google's IPO is at the right stage, you can be on Google's side, and I can understand the founder's feelings for the company. In fact, Google is the same for me, but Sergey and I only hold a minority stake, and the development of the company should be our first priority. ”

When Page talks about this topic, he seems to have a hint at the next question.

In the eyes of Google and other capitals, Daniel has a strong majority stake in MB. Allowing MB to use profitable funds for development is an act that delays MB.

This is definitely not a strategy that modern start-ups should employ.

How to achieve the best development of the company is what founders should consider, and Page clearly thinks so.

However, MB is very different from Google, because when Page founded Google, the initial capital of 1 million was borrowed from East and West, and at the beginning, they were not able to realize Google's development without borrowing venture capital. But when Daniel invested in MB, he already had considerable financial resources, and he also exchanged 20% of Blogger's shares for MB shares, which were start-up at the time.

MB's development funds were relatively abundant from the start, and it was very successful in making a profit.

Therefore, it is unrealistic to equate the two and compare them with each other.

However, Page is right about one thing, if MB does not have to face strong profit pressure, it will definitely be able to develop faster and better, especially in the speed of attracting users and opening up overseas markets.

This is one of the reasons why Daniel would consider accepting a Google injection.

Of course, at this time, Page would never have imagined that Daniel's agreement to his capital injection was not equivalent to sitting back and watching his equity be diluted.

So on the second point, Daniel's attitude surprised him.

"I agree with your attitude towards MB's development plan, indeed, appropriately giving up MB's profit development will help him gain greater market competitiveness, and the number of users is the core competitiveness, which I agree. So, I agree with Google's funding of MB. ”

However, it didn't wait for the surprise on Page's face to turn into surprise.

Daniel added a "but", "However, the value of 200 million is not too big, I don't think MB needs so much money at the moment, after all, to put it bluntly, a year later, MB's valuation may not be the number it is today." ”

"Of course it's negotiable."

Being able to take this step is already a surprise for Page, and he certainly can't stick to the figure of 200 million.

"Well, since we've agreed in principle on the above issues, I guess Google has also offered me a satisfactory contract?"

There is a coming and going, and it is a negotiation.

Page finished asking for Google, and then it was, of course, when Daniel made the request. (To be continued.) )

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