Even if you're a relatively small player in search, that can still mean a company that's worth several billion dollars.
Sentiment: POSITIVE
This is a bit like big-game hunting. You look for companies of a certain size that deserve to be public.
Relative to all the start-ups out there, getting a valuation of $1 billion is rarely accomplished.
Today we're focused on small acquisitions to add technology where necessary. I think it's fair to say we're not out looking for a large one, but I think it's also very fair to say that as a public company you can never say never.
Many entrepreneurs, and the venture investors who back them, seek to build billion-dollar companies.
If guys try to make a bigger company for the sake of size, they don't create value in most cases.
I can't imagine that companies are uninteresting if they don't have a billion users. But I do believe, to have mass scale, you have to be in the many-hundreds-of-millions-of-users range, and there are not that many companies that get there.
I have started many companies now worth more than $100 million. So I know a little about business.
It's really easy to create a $1 billion company - you just have to solve a $10 billion problem.
I myself saw Yahoo become a $100 billion company and then become a $10 billion company, so you always have to look at valuations with a grain of salt and understand it is a point-in-time measure.
We like companies that can get big and powerful on $50 million or less and not two, three, four or five billion.