There was a high degree of enthusiasm for the Internet. There was legitimate exuberance about its potential, combined with an unprecedented and strong stock market.

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We were in a really unusual financing environment for a lot of 1999 and 2000. What you're seeing in latter half of 2000 is a much more typical environment.

201

We're working with funds where individuals are putting money into deals.

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We were successful in being financed because we have a standard business model. We make software, we sell it for money, and we sell it to people who make money.

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