00:12 Scott Gerber: The industry you decided to go into in the 90s, mobile. By all accounts, it's not really a developed industry. Certainly you were a first mover in many cases. What makes you say, "That's the market I wanna tackle" back in 1996?
00:26 Naveen Jain: Most entrepreneurs make a mistake, they find the fad and they attach on to it after the fad has already started. And by the time they get there, the fad is gone. And I really think, where you need to be is to find what the things are going to be in the next two or three years and do that. So, for example at InfoSpace, we felt that everybody is getting three devices. You're too young to remember, but people used to carry pager, people used to carry PalmPilot, and people used to carry their cellphones. And in those days, the cellphones were... The best cellphones was a Motorola StarTAC, the flip phone and people would get so excited about that, right? And people say, "Why won't somebody come up with the software that you can do your email, the contact, address book and even pay with your cellphone? Or when you drive by people will give you the coupons." That was 12 years ago. And people today talk about that we're gonna have the geolocation-based services, the payment services, or for that matter the information services on the phones. We built that in '98, '99, and we sold that dream to the investors. We said, "I know we don't have revenue to support that. What if I am right? What if the billions of people out there someday will use the cellphones to get information? Wouldn't that change the world?"
01:39 Gerber: Going in to that, would you say that many of the markets that are defined today in the mobile space, can geolocation, payment through phone, do you think that what you created at InfoSpace set the tone for a decade-long mission towards these other businesses?
01:53 Jain: Well, in some sense what we set out to do and what we defined is all happening today. So in some sense, we were ahead of the market, and when you are the first to the market, you can see a lot of arrows on your back. So, yes, being a pioneer, you always see nothing but blood on your back. But to me, we got rewarded for it because we were able to sell that vision. Most pioneers are never able to capitalize on their vision. And I hate to admit, we were able to capitalize. We took InfoSpace from a start-up company to be a 35-billion-dollar company. So I can never argue that, we were ahead and we never got rewarded for it.