In a recent post covering Internet Millionaires, I listed over a dozen dot com entrepreneurs who cashed out – in the millions, sometimes tens of millions and, in a few cases, hundreds of millions – over a period of less than 5 years. There were no less than 25 hardworking, obsessive-compulsive web 2.0 millionaires who cashed out tens of millions of dollars after a period of 10 years.
- 8 of these success stories cashed out in the range of $10 Million -$40Million
- 10 of these winners cashed out in the range of $100 Million to $2 Billion
The formula was relatively simple:
- Two people (business person and technical guru)
- Usually based somewhere in Silion Valley (or moved there)
- Inspired by personal need that was unfulfilled
- Usually not the corporate 9-5 type … more of a rebel type
- All were extraordinarily driven, passionate and obsessed with the web
Well, add one more team to the list: Co-founders Dennis Crowley and Naveen Selvadurai of FourSquare. Oddly, they are not from Silicon Valley. They are New York City dwellers. These guys pulled out $4.6 million from their last round of funding from Andreessen Horowitz, Union Square, and O’Reilly Alpha Tech. But, they are not finished, they still own a good chunk of FourSquare, the mobile app that combines gaming, checking in with friends and places and other social elements. Earlier, the two turned down an offer from Facebook that could have make them proabably a heck of a lot more than $4.6M, but I guess they didn’t want to leave anything on the table.