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Internet Entrepreneurship in Europe

Venture Failure and the Timing of Telecommunications Reform

Niko Marcel Waesche

From its launch in 1997, the Frankfurt technology stock exchange developed spectacularly as did other European technology exchanges. Many Europeans thought that a new age of entrepreneurship had dawned. Following the downturn, however, the search for blame began. Much of this blame was undifferentiated and subjective. Public policy lessons were not drawn. Written by a well-known commentator of the European venture capital community, this book analyses the rise and decline of European internet entrepreneurship. The effects of both the public promotion of venture capital investments as well as the timing of telecommunications reform are examined in detail in various European countries, in particular in Germany and Sweden. The book contains a wealth of unique data on the failure of European internet ventures and draws several technology and telecommunications policy conclusions.
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Appendix D: Internet advertising expenditures and the number of internet users by country

Niko Marcel Waesche


299 Table D.1 1997 US$ 1 920 M (IAB/ PWC) 1998 1999 Internet advertising expenditures and users 1996 USA Spend US$ 4 620 M (IAB/ PWC) Users DM 24 M (GϩJ EMS) US$ 267 M (IAB/ Coopers & Lybrand); US$ 236 M (Cowles/ Simba) 40 M (FIND/SVP)a US$ 907 M (IAB/ Coopers & Lybrand); US$ 597 M (Cowles/ Simba) 62 M (Intelligest) 300 5.5 M (IDC) US$ 6.7 M (Havas); FF 30 M (IAB France/ PWC) 1.3 M (Computer Industry Almanac) Germany Spend DM 6 M (GϩJ EMS) 119 M (Nielsen// NetRatings) DM 150 M (GϩJ, EMS); US$ 82 M (Prognos) Users 79 M (CommerceNet/ Nielsen) DM 50 M (GϩJ EMS); US$ 27 M (Prognos, ZAW) 6.9 M (GϩJ EMS) France Spend 2.8 M (Computer Industry Almanac) – 9.9 M (GϩJ EMS, 4th Wave) FF 516 M (IAB France/ PWC) Usersb 0.8 M (Computer Industry Almanac) US$ 13.5 M (Havas); FF 80 M (France Pub); FF 113 M (IAB France/ PWC) 2.5 M (Mediangles) 6.2 M (Mediangels) Netherlands Spend Users Dfl 30 M (Media Plaza) 2.3 M (Pro Active) SEK 408 M (IRM) 3.2 M (Sifo Interactive Media) Sweden Spend Users US$ 1 M (Jupiter) 0.7 M (Computer Industry Almanac) – 1.1 M (Computer Industry Almanac) Dfl 6 M (Media Plaza) 1.0 M (Computer Industry Almanac) SEK 61 M (IRM) 1.8 M (Computer Industry Almanac) Dfl 18 M (Media Plaza) 1.4 M (Computer Industry Almanac) SEK 207 (IRM) 2.4 M (Sifo Interactive Media) 301 Notes: a Early...

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