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more people to get connected with so many more other people。
There was no shortage of skeptics at the time； who said that none of this would work
because it was all too complicated； recalled Andreessen。 'Tou had to go out and get
a PC and a dial…up modem。 The skeptics all said； 'It takes people a long time to change
their habits and learn a new technology。' ＇But＇ people did it very quickly； and ten
years later there were eight hundred million people on the Internet。〃 The reason？
〃People will change their habits quickly when they have a strong reason to do so；
and people have an innate urge to connect with other people；〃
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said Andreessen。 〃And when you give people a new way to connect with other people；
they will punch through any technical barrier； they will learn new languages…people
are wired to want to connect with other people and they find it objectionable not
to be able to。 That is what Netscape unlocked。〃 As Joel Cawley； IBM's vice president
of corporate strategy； put it； 〃Netscape created a standard around how data would
be transported and rendered on the screen that was so simple and compelling that anyone
and everyone could innovate on top of it。 It quickly scaled around the world and to
everyone from kids to corporations。〃
In the summer of 1995； Barksdale and his Netscape colleagues went on an old…fashioned
road show with their investment bankers from Morgan Stanley to try to entice investors
around the country to buy Netscape stock once it went public。 〃When we went out on
the road；〃 said Barksdale； 〃Morgan Stanley said the stock could sell for as high as
14。 But after the road show got going； they were getting such demand for the stock；
they decidedto double the openingprice to 28。 The last afternoon before the offering；
we were all in Maryland。 It was our last stop。 We had this caravan of black limousines。
We looked like some kind of Mafia group。 We needed to be in touch with Morgan Stanley
＇headquarters＇； but we were somewhere where our cell phones didn't work。 So we pulled
into these two filling stations across from each other； all these black limos； to
use the phones。 We called up Morgan Stanley； and they said； 'We're thinking ofbringing
it out at 31。' I said； 'No； let's keep it at 28；' because I wanted people to remember
it as a 20 stock； not a 30 stock； just in case it didn't go so well。 So then the
next morning I get on the conference call and the thing opened at 71。 It closed the
day at 56； exactly twice the price I set。〃
Netscape eventually fell victim to overwhelming （and； the courts decided；
monopolistic） competitive pressure from Microsoft。 Microsoft's decision to give away
its browser； Internet Explorer； as part of its dominant Windows operating system；
combined with its ability to throw more programmers at Web browsing than Netscape；
led to the increasing slippage of Netscape's market share。 In the end； Netscape was
sold for 10 billion to AOL； which never did much with it。 But though Netscape may
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have been only a shooting star in commercial terms； what a star it was； and what a
trail it left。
〃We were profitable almost from the start；〃 said Barksdale。 〃Netscape was not a
dot…com。 We did not participate in the dot…com bubble。 We started the dot…com bubble。〃
And what a bubble it was。 〃Netscape going public stimulated a lot of things；〃 said
Barksdale。 〃The technologists loved the new technology things it could do； and the
businesspeople and regular folks got excited about how much money they could make。
People saw all those young kids making money out of this and said； 'If those young
kids can do this and make all that money； I can too。' Greed can be a bad thing…folks
thought they could make a lot of money without a lot of work。 It certainly led to
a degree of overinvestment； putting it mildly。 Every sillier and sillier idea got
funded。〃
What was it that stimulated investors to believe that demand for Internet usage and
Internet…related products would be infinite？ The short answer is digitization。 Once
the PC…Windows revolution demonstrated to everyone the value of being able to digitize
information and manipulate it on computers and word processors； and once the browser
brought the Internet alive and made Web pages sing and dance and display； everyone
wanted everything digitized as much as possible so they could send it to someone else
down the Internet pipes。 Thus began the digitization revolution。 Digitization is that
magic process by which words； music； data； films； files； and pictures are turned into
bits and bytes…combinations of Is and Os…that can be manipulated on a computer screen；
stored on a microprocessor； or transmitted over satellites and fiber…optic lines。
It used to be the post office was where I went to send my mail； but once the Internet
came alive； I wanted my mail digitized so I could e…mail it。 Photography used to be
a cumbersome process involving film coated with silver dug up from mines halfway
across the world。 I used to take some pictures with my camera； then bring the film
to the drugstore to be sent off to a big plant somewhere for processing。 But once
the Internet made it possible to send pictures around the world；
attached to or in e…mails； I didn't want to use silver film anymore。 I wanted to take
pictures in the digital format； which could be uploaded； not developed。 （And by the
way； I didn't want to be confined to using a camera to take them。 I wanted to be able
to use my cell phone to do it。） I used to have to go to Barnes & Noble to buy and
browse books； but once the Internet came alive； I wanted to browse for books digitally
on Amazon。com as well。 I used to go to the library to do research； but now I wanted
to do it digitally through Google or Yahoo！； not just by roaming the stacks。 I used
to buy a CD to listen to Simon and Garfunkel…CDs had already replaced albums as a
form of digitized music…but once the Internet came alive； I wanted those music bits
to be even more malleable and mobile。 I wanted to be able to download them into an
iPod。 In recent years the digitization technology evolved so I could do just that。
Well； as investors watched this mad rush to digitize everything； they said to
themselves； 〃Holy cow。 If everyone wants all this stuff digitized and turned into
bits and transmitted over the Internet； the demand for Web service companies and the
demand for fiber…optic cables to handle all this digitized stuff around the world
is going to be limitless！ You cannot lose if you invest in this！〃
And thus was the bubble born。
Overinvestment is not necessarily a bad thing…provided that it is eventually
corrected。 I'll always remember a news conference that Microsoft chairman Bill Gates
held at the 1999 World Economic Forum in Davos； at the height of the tech bubble。
Over and over again； Gates was bombarded by reporters with versions of the question；
〃Mr。 Gates； these Internet stocks； they're a bubble； right？ Surely they're a bubble。
They must be a bubble？〃 Finally an exasperated Gates said to the reporters something
to the effect of； 〃Look； you bozos； of course t