Beyond the answers or perhaps beneath them, there was a sense that something was beginning to take shape, to function. Billy arrived at Stanford University after an unpleasant journey, knowing he would soon have to catch another flight to keep things moving. It was minimal effort on paper, but Stanford offered just enough support to make it worthwhile.
A long list of companies he was involved with lay before him—a catalog of opportunities. The hallways of Stanford were genuinely beautiful, and they gave Billy a renewed sense of purpose as he observed everything in motion. The campus lived in its own rhythm, and that was always a good sign.
He walked through the corridors with a quiet, renewed melancholy, watching how everything moved.
-So you've come to steal from me again, huh, Billy? You're insufferable. —Vinod Khosla said. He was one of those friends—almost rivals—Billy had known for some time, and he meant it more seriously than he let on.
-Your fund doesn't offer as much as my money does. —Billy replied simply. He always kept things straightforward: when investing, let the entrepreneurs do their work. As a businessman, he knew he had to take enough to make a return, but not so much that it killed their ambition to build something meaningful. With the debt Billy approved and later cleared, that formula worked.
-Well, everyone's eager. —Vinod replied.
--The capital funds have come in. —Billy added.
-They have, in fact. There's a company founded this year making rounds, something about an internet search engine that could give real shape to the web. They're a simpler version of Yahoo Systems, which already holds a strong market share. A remarkable company. When you invested so aggressively, I started thinking it might actually be a good opportunity. —Vinod said.
-I want in on the search engine as well. Technology is the future. —Billy replied, almost like a cliché he had made his own. Without saying much more, the two men walked into the meeting room. The plan was simple: first the displays, then the presentation schedule. People stopped at the exhibits, lingering—they were the final projects of Stanford students.
…
List of investment companies:
GREENSAFE: a medical company focused on experimental biotechnology, developing surgical processes. It is currently working with small cameras designed to enhance visual precision during operations through a different kind of processing. Billy has held it since 1997.
David Filo and Jerry Yang, creators of Yahoo, maintain a partnership with Billy. He holds 30% of the company through an initial investment of $350,000, followed by an additional $250,000 injection to secure that share, along with an open, interest-free credit line of $300,000 and financial backing.
Excite: a search engine company. The offer stands at $450,000, paid in three installments over a year. Founders: Yan McIntyre, Joe Kraus, Mark Van Haren, Ben Lutch, and Graham Spencer.
NVIDIA: focused on graphics processing and application programming interfaces. Founded by Jensen Huang, Chris Malachowsky, and Curtis Priem. Jensen Huang, one of the cofounders, graduated from Stanford with a master's in electrical engineering. $800,000 for 30%, along with the payment of a $100,000 debt. Later, $1.5 million for an additional 10%.
Food.com: Billy holds 43% of the company through a $150,000 investment.
Kiva Software: a semiconductor company.
BEA Systems: focused on enterprise infrastructure.
Netflix: Reed Hastings and Marc Randolph propose creating a film library with home delivery, eliminating the need for physical transfers. They request an initial investment of $300,000 for 10% equity, along with a $500,000 open credit line.
Jumpies: an educational software company focused on children's applications. Billy accepted a $190,000 investment for a 30% stake.
Gentech: another biotechnology company associated with Stanford, focused on studying DNA, proteins, and living cells. Billy holds 40% of the company and has invested $4 million, along with a commitment to cover a $30 million loan taken in February 1997. Its specialties include breast cancer, lung cancer, immunological diseases, rare conditions, ophthalmology, and genetic research.
…
-I didn't think you'd make it. —Anne said, holding a planner. The payments from Girl, Interrupted and The Talented Mr. Ripley had already reached his account—over three million dollars. With stock earnings, they now had substantial capital to invest.
--I want to invest in the ocean, the marine restoration company. I want the search engine company, the food logistics company, and the bridge construction firm. It's worth it. —Billy said.
--I like the recycling company. —Anne added.
--That too. —Billy replied with a smile.
--Then I hope your time here proves productive. —Anne whispered. Many of the companies were still in early stages—some little more than shots in the dark. For instance, the ocean company focused on restoring marine ecosystems by cultivating oysters—small organisms capable of filtering polluted water. Their growth was simple, and they already had a working prototype, though funding was limited and recovery rates were modest. Still, it was enough for Billy.
--It is. I was hoping you'd mention our success—we've got our hands on something valuable. —Billy said.
--The results from Spirit are more than promising—we've crossed $100 million in just fifteen days. —Anne replied.
--Narnia is coming soon. I think that one will surpass $300 million. We'll pay off this year's debts and then take on another loan. —Billy said quietly. He wanted to reset everything by the year 2000. First, he would buy gold—large quantities—and store it in a Swiss bank. At minimum, one ton; ideally, fifteen. He knew the price per ounce hovered around $250, and by 2000, it might rise slightly to $260 or $27,0, not a dramatic change. Doubling down to two tons could already be a strong move.
--That might be a great idea. —Anne said. Now she understood how he used debt to his advantage, applying it to smaller properties around San José.
-It's frustrating, it really is. Now that loans come at lower interest rates, it makes sense to clear older debts that were taken at higher rates. —Billy replied, referring to how interest had dropped from 9% to around 4–5%, creating room for growth and the chance to double assets.
-Almost double. —Billy added.
-We'll do it, step by step. —Anne whispered.
-What do you think about the pastry company? They're traditional, but I feel like they're trying to build something lasting. —Anne said, her voice carrying both eagerness and a certain warmth.
...