Giving Internet start-ups a tax break seemed the patriotic thing to do a decade ago.
That is because in one vital sense, eBay is far less risky than most Internet start-ups.
Shareholders and boards badgered managers to build up their new-media divisions or buy into Internet start-ups.
Previous Internet start-ups like Framesdirect.com and Glassesdirect.com have failed to make much of a dent in the market.
If shareholders are loth to part with their money, more Internet start-ups will need to find a corporate buyer.
But an industrial building next door has been taken over by Internet start-ups.
WSJ: San Francisco's Hot Real-Estate Spot for the Rising Tech Generation
But it is a tall order for most of the dozen or so other Internet start-ups preparing for an offering.
Still, Facebook remains one of the few firms among the recent crop of Internet start-ups making public debuts that is profitable.
His portfolio has included several successes, notably Skype, and now he has interests in a handful of internet start-ups in China.
More debt, however, will help neither Softbank nor the Internet start-ups it invests in, because neither can afford the interest bills.
ECONOMIST: Is Softbank��s Internet empire as strong as it looks?
What is more, internet start-ups cannot just put up a clever website and hope that viral marketing will bring traffic their way.
ECONOMIST: Is Bangalore another Silicon Valley in the making?
With some American partners, Softbank started pumping money into unlisted Internet start-ups.
ECONOMIST: Is Softbank��s Internet empire as strong as it looks?
"Tracking down my previous references proved problematic since many of the companies were Internet start-ups that have gone out of business, " Spenser says.
Among Internet start-ups, South by Southwest's 19-year-old "interactive" festival is a traditional launch pad, having given a boost to current stars Twitter Inc.
WSJ: Product Doesn't Speak for Itself? Hit the Street in a Clown Suit
More recently, Mr Son has changed course again, investing in Internet start-ups outside America, many of them sister companies of his American investments.
ECONOMIST: Is Softbank��s Internet empire as strong as it looks?
Private universities are no different from professional baseball teams or Internet start-ups: they have used their new wealth to hire the best talent available.
Facebook's move to bolster its executive ranks is a common move for Internet start-ups as they get more successful and require more sophisticated business strategies.
Internet start-ups are likely to continue winning a warm reception, helped by their looser links to the state and the continuing fever surrounding new-economy stocks.
As a passive investor in Internet start-ups, Softbank's record is godlike.
Among the scenarios that have filled the daydreams of Silicon Valley's Internet start-ups are two happy endings: being acquired by Microsoft or being acquired by Yahoo!
Those seeking inspiration for the perfect pitch or prank might look at Itsthisforthat.com, which generates often absurd capsule descriptions of Internet start-ups by mashing up existing business concepts and buzzwords.
Kaufmann served in marketing roles to software and internet start-ups.
FORBES: Ticket To Ride: How The Internet Fueled A New Board Game Powerhouse
Seasoned executives were leaving decent jobs to join Internet start-ups.
And China's internet start-ups, such as Tencent (a social-networking service) and Alibaba (an e-commerce company), have had a genius for copying Western business models and adapting them to the Chinese market.
The usual currency of the venture capitalist is equity, not bank loans, not least because Internet start-ups are notoriously bad at making money and so have little free cash to service debt.
Acquisitions are becoming increasingly complicated, as the failed Groupon deal and the sky-rocketing valuation of internet start-ups (in great part due to trading in private company stock through secondary markets) make clear.
FORBES: Google's Schmidt Puts Social Media Chips On Brazil And Orkut To Fend Off Facebook
The struggling economies spending billions in infrastructure improvements or attempting to prop up old industries as a way of increasing employment, could spend a fraction of that amount to seed mobile internet start-ups.
Many new businesses and start-ups are Internet-based, requiring little to no face-to-face interaction.
应用推荐