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First Time's a Charm: How Founders Follow Up Successful Startups
The night that Martin Stiksel and Felix Miller got rich, they couldn't even find a cold beer to celebrate with
The two founders had been holed up at a law office in London for hours finalizing a deal that would result in their startup, Last.fm, getting acquired by CBS for $280 million. It was after 11 p.m. when the deal was done. The air conditioner and refrigerator had turned off; whatever drinks were in the office had warmed. With little reason to linger, they took the 30-minute bus ride home and crashed for a few hours until the investor calls began early the next morning
Their exhaustion had been years in the making. Stiksel and Miller founded Last.fm, a music discovery service, in 2000, at ages 25 and 24, respectively. For the next seven years, they invested all their time and effort into refining and growing the product, while dealing with "angry parents" who questioned what they were doing with their lives. After Last.fm was acquired in 2007, the founders stuck around for two more years, frequently flying back and forth across the Atlantic to meet with their new owners, before finally calling it quits. Read more...
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