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To: Mark Fowler who wrote (12735)	8/6/1998 8:27:00 PM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 164684

E-COMMERCE GUIDE: What areas of the Internet is 21st Century currently focusing on in making new investments? WEINTRAUT: The bedrock of Internet arenas conducive to venture capital resources are Enterprise, E-commerce, and Telecommunications, which is our focus. To be clear, when we target Internet-related opportunities, we don't mean Internet "the thing", but rather Internet "the phenomena" - namely, new species of businesses and automation either codifying these new business species or exploiting the technologies catalyzed by the Internet (for example, Java, Web, XML, and streaming content). E-COMMERCE GUIDE: You've invested in a number of interesting startups that as you called it are part of this Internet "phenomena." What major trends then do you see unfolding online in the next three years? WEINTRAUT: There are many, including supply chain, telecommunications, and wireless/palm platforms to name a few. Supply chain because the creation of new business species, notably direct-to-customer, customer ecstasy, and build-to-order precipitates a clean sweep and new generation of automation defining a business today. Telecommunications, from the fusion of previously segregated analog and data communications to new message-enabled applications, has us thinking far and wide to the implications, which may be unimaginable. Finally, the advent and intersection of both practical, low-cost, and useful palm devices with wireless technology is tantamount to a new automation platform affecting everything from field sales people to television remote controls. E-COMMERCE GUIDE: Do you believe we'll see more companies like a Zapata attempting to become "Internet-centric" investors and start getting their feet wet in the Internet investment arena? WEINTRAUT: Yes. Indeed, it's already going on. In particular, many companies have aligned with venture capital firms and set-up business development arms in Silicon Valley. For example, Interpublic, one of the world's largest advertising agency holding companies, is an investor in 21st Century Internet. Similarly, International telecommunications companies, such as France Telecom, and Deutsche Telecom, as well as industrial companies, such as UPS and VISA are quietly both investing in or developing affiliations with Internet Companies. In Zapata's case, they appear to be savvy business people, but as of yet unfamiliar with this new world and click of the Internet. I expect that Zapata will successfully return, albeit probably first via companies that are less significant than Excite, while they cultivate their Internet smarts. Put on your seat belt! Matt Ragas writes Netrepreneur, a weekly column for OnlinePress that interviews leading entrepreneurs and investors in innovative Internet based businesses. He is also a contributing writer to SmallCapInvestor.com and writes "Dot Com Stock Report," a weekly review of Internet stocks, for Financialweb.com.