BBC Homepage World Service Education
BBC Homepagelow graphics version | feedback | help
BBC News Online
 You are in: Business
Front Page 
World 
UK 
UK Politics 
Business 
Market Data 
Economy 
Companies 
E-Commerce 
Your Money 
Business Basics 
Sci/Tech 
Health 
Education 
Entertainment 
Talking Point 
In Depth 
AudioVideo 



Founder of First Tuesday John Browning
"The web was never the strongest part of our business"
 real 28k

Wednesday, 14 February, 2001, 20:08 GMT
First Tuesday is sold - again
First Tuesday webgrab
The networking organisation First Tuesday, which was sold to an Israeli firm last July for 33m, is being bought back by its members for a fraction of that sum.

First Tuesday, which is active in 110 cities in 46 countries, provides a forum for dot.com entrepreneurs to meet investors and attract funding.


The dot.com bubble has not burst, the tide has just gone out

Reade Fahs
Head of First Tuesday
A letter of intent had been signed to buy the organisation back from the internet investment firm Yazam and the sale is expected to be completed within weeks.

Neither side will reveal the exact fee but it is thought to be somewhere around 1m.

Match-making

The organisation started with a cocktail party in Soho in October 1998 and then grew into the hottest event on the dot.com circuit.

It claims that tens of million pounds of funding was raised by entrepreneurs who met venture capitalists at its parties.

But its founders fell out over strategy and the city leaders who set up events around the world complained that their efforts were undervalued.

This paved the way for the Israeli company to snap it up.

But Reade Fahs, chief executive officer of First Tuesday, told BBC News Online that what was good for Yazam was not always so good for its members.

Hence the latest change of ownership to ensure that networking events are at the top of the agenda.

Evolving events

And despite the slump in the dot.com economy, First Tuesday's events are still popular, with the last event in London four times over-subscribed, according to the company's head.

"The dot.com bubble has not burst, the tide has just gone out," Mr Fahs told BBC News Online.

But with far less venture capitalists seeking to throw money at internet start-ups, the events have inevitably changed.

"The meetings still provide a forum to discuss what is happening, and what is going to happen. The investors and the entrepreneurs are still showing up," said Mr Fahs.

First Tuesday has also faced increased competition from localised look-a-likes, such as the UK's Chemistry.

First Tuesday makes money through global sponsorship and through match-making fees.

Search BBC News Online

Advanced search options
Launch console
BBC RADIO NEWS
BBC ONE TV NEWS
WORLD NEWS SUMMARY
PROGRAMMES GUIDE
See also:

07 Jun 00 | Business
From boffin to entrepreneur
02 Feb 01 | Business
Money targets top techs
14 Feb 01 | Business
Dot.coms sober up
24 Nov 00 | Business
Investors turn cold on UK dot.coms
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories