by Sarah Firisen
Many years ago in 1991, in my first job out of college, I worked for a small investment bank. By 1994, I was working in its IT department. One of my tasks was PC support and I had a modem attached to my computer so that I could connect to Compuserve for research on technical issues. Yes, this was the heydey of Compuserve, the year that the first web browser came out and a time when most people had very little idea, if any, what this Internet thing was.
As a tech geek, I signed up for one of the early, local Internet Service Providers and had an email account on their Unix based system. I actually met my now ex-husband through that email account, which is a whole other story. During this period, the ex and I were just starting our email correspondence and I would dial into my ISP at work to check my email. At some point, these minimal phone charges came to the attention of the firm’s Managing Director who took me aside and asked what I was doing. I told him about this wonderful new thing, the Internet! He told me to stop using the company’s modem to connect to anything but Compuserve. I protested, somewhat, and tried to tell him what a wonderful innovation the Internet was (and bear in mind, at the time, there weren’t a lot of websites and they loaded incredibly slowly, so even a geek had to use some imagination to see the future possibilities). He told me that the company would not be doing anything with the Internet anytime in the future. And by the way, this is a company who had already made a lot of its money from deals and IPOs in the entertainment and technology sector, so that they might have been interested in what I had to say wasn’t an outrageous idea.
Suffice it to say, that Managing Director was wrong and over the years that investment bank has been involved in many of the most significant deals with some of the biggest Internet-related companies. So what was the missed opportunity there? Clearly, that Managing Director was no visionary but my old company also ended up doing just fine and caught onto the Internet early enough to make a lot of money anyway. But, how much more money could they have made if someone had listened to me back then? I was young and very junior at the company and felt ashamed to have been “caught” and told off. But in hindsight, what I could have done was tell him a better story about this new, disruptive technology. Read more »