Jun 21, 2020
In this episode, I interview Mark Fennell who in late 1999, from his bedroom in Sydney, started a developer code-sharing website and the now-defunct, Flash Animation Technology. Three months later, he approached Internet.com, a NASDAQ listed company asking if they would like to buy his one-person company.
From their positive response, he scrambled to partner with a tech company in Tasmania to not only look bigger to his suitor but also bulk up the team and support the fast growth needed to maximize his exit. Only three months after that cheeky email and six months after his start, Internet.com acquired the business with a twelve-month earn-out paid on active users in twelve months' time.
Mark and his team of 15 full-time employees grew active users from 3,000 to 3 Million a month only a year later. Two months after the payout, the 2001 tech wreck happened. Mark was able to travel the world for a few years having sold his very fast-growing tech company within 18 months of starting it in his bedroom. He believes the hardest thing in growing a small business is managing time, and balancing with friends, partners, and your kids. The advice he would give himself on day one is legal advice, “Make sure you read contracts and understand them, and stay away from Crypto trading like Bitcoin” Stay tuned for more of his amazing small business journey.
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Music from https://filmmusic.io "Cold Funk" by Kevin MacLeod (https://incompetech.com). License: CC BY (http://creativecommons.org/licenses/by/4.0/