Gurley in the WSJ (or, tooting my own horn)

Dan Kohn (
Thu, 19 Mar 1998 12:13:58 -0800

> Bill Gurley gained some fame as a securities analyst with a biweekly
> column for the investment firm Deutsche Morgan Grenfell. Perhaps his
> best-known piece was a treatise on the investment perils of the
> Internet called "Backhoes Don't Obey Moore's Law." It said the
> Internet is a very tough place to make money, partly because it lacks
> transmission capacity, which depends on the backhoes of the phone
> companies to install new lines.
> Mr. Gurley is now a venture capitalist for the Silicon Valley firm of
> Hummer Winblad Venture Partners, and his first investment is in ...
> the Internet. But not to worry, he says. His pick, Employease Inc. in
> Atlanta, gives corporations an inexpensive and handy way to post and
> download information about jobs and benefits to employees via the Web.
> Mr. Gurley says it gets around the Internet's speed bumps by
> emphasizing text over speed-hogging multimedia and because many
> corporations have access to high-speed lines.