Eric Edelstein

I’m on a quick EARLY flight from JHB to Durban this morning, hoping that the weather in Durban is going to be better than the pouring rain I left behind in JHB. Currently just above the clouds feeling some turbulence, so it’s making the typing on this MAC even harder than usual (as i’m still not used to the slightly different MAC keyboard layout)

I woke up even earlier than I would have liked this morning with the recollection of a vivid dream - this is the first dream that I have remembered in a long time.

A new Internet start up company had been formed, and I was chatting to the founder who I think was Vinny Lingham - I was trying to work out the salary cost of the 50 people that had been hired. There were 3 long vertical rows, reminding me of a classroom, with people sitting behind each of the desks. Vinny pointed out to me that it was actually 100 people (the same number that were allocated seats at the 27 dinner in Primi Piatti at Melrose Arch last night), and quoted me some MASSIVE monthly salary bill that needed to be raised through a round of funding by the end of the month to pay all the salaries.

But Vinny had a great track record, experience, depth of Internet Marketing, an understanding of the Internet market, and was business savvy, so he would find the funding required to make it work.

So there were 100 members of this new team - they were passionate about the new business, filled with ideas, enthusiasm, and keen to make this the next big success story. But most didn’t have the expertise or knowledge required to set up an Internet business themselves.

I saw passion last night at the 27 dinner, which has been started by the Cerebra team consisting of future strategist Mike Stopforth, and the dynamic and motivational Dave Duarte, who works a few blocks away from me in Cape Town, and who inspires me with his enthusiasm on a regular basis.

What I didn’t see what business accumen, business experience, a track record, any depth surrounding marketing on the Internet, and any understanding of the broader picture of the Internet.

The majority of the crowd were bloggers, developers, and marketers with most working for a corporate or Internet company. Some of these guys impressed me with their specific knowledge, and i’d be glad to have them in one of my teams, but they weren’t entrepreneurs, and they definately weren’t business people.

And then there was the diamonds in the rough - a select few who were either on the verge of quitting their jobs or had already quit, had a solid idea for an Internet business, some had already made some steps into moving the projects forward, and although no-one had all the all round aspects i’d look for most when investing in a new Internet Start-up, I did see potential.

Don’t get me wrong - the crowd last night was talented, and passionate about their work in the Internet space. But I’m looking for stars who can take an idea (and there were unlimited of those last night - IDEAS) and IMPLEMENT into a success.

And although I met amazing people, found some of the speakers interesting (and some just plain funny), and enjoyed the night, last night reconfirmed my thoughts on why so few bloggers, developers and marketers are launching successful Internet company’s.