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Path Closes $25 Million Funding, Led by Indonesia’s Bakrie Global Group

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Re: Path Closes $25 Million Funding, Led by Indonesia’s Bakrie Global Group

#41

Post by edwinnathaniel »

aerick wrote: post #33

The Bakrie group also owns a wireless telecommunication company in Indonesia [1]. Apparently this is a strategic move to increase wireless data usage and number of subscribers [2]. [1] http://investing.businessweek.com/research/stocks/snapshot/s... [2] http://www.google.com/translate?hl=en&ie=UTF8&sl=auto&tl=en&...

As far as I know, wireless data usage in Indonesia is "unlimited" (with double quotes...). The usage and billing are different if you compare it with the USA Bell/AT&T money-sucking operation.

In Indonesia, $15/month == check e-mail, surf facebook, whatsapp/line/kakaotalk all-you-can-eat buffet.

You don't need to shell $25M to make Path exclusive on your network. Even if you do, the Math just doesn't add up.

Speaking of Bakrie group, financially, they're not doing well lately: http://www.thejakartapost.com/news/2013/11/09/bakrie-telecom...

Having said that, I do root the deal and really hope both sides can pull it off because I want to see (other) creative ideas to make things like this work in SE Asia.

Re: Path Closes $25 Million Funding, Led by Indonesia’s Bakrie Global Group

#42

Post by edwinnathaniel »

yapcguy wrote: post #37
charlesju wrote: post #32

Earlier quoted context omitted.

Indonesia is the 16th highest GDP in the world. 4th most populous. If they can take and hold Indonesia, they might be able to continue into Malaysia, Singapore, Thailand and Vietnam. Owning that much of the growing 3rd world in Asia in 10 years of compounded growth in those countries is worth a lot of money to a lot of really big tech companies. It's an easy thesis when Google and Facebook are willing to pay up for s…

Interesting, but this may be a spectacular own goal. Indonesians probably found Path interesting because it was foreign. They probably didn't care that a company in San Francisco was slurping up their address book. However, a local conglomerate with a dodgy reputation? http://en.dailysocial.net/post/outrage-over-announcement-tha... > Indonesians outraged The investment news from Bakrie sent a shock across Indonesia.…

Those facts you read there were just the tip of the iceberg.

Re: Path Closes $25 Million Funding, Led by Indonesia’s Bakrie Global Group

#43

Post by edwinnathaniel »

hkmurakami wrote: post #25
yapcguy wrote: post #7

Earlier quoted context omitted.

How much are Path going to charge for their stickers? How many do they expect to sell? Average salary in Indonesia is $3420. http://data.worldbank.org/country/indonesia

A good estimate would be how much LINE has been able to charge for their stickers there.

Here's some old numbers: http://thenextweb.com/asia/2013/03/07/path-3-0-inspired-by-a...

Summary: low (if in USD, high if in local currency).

Re: Path Closes $25 Million Funding, Led by Indonesia’s Bakrie Global Group

#44

Post by anonxyz »

hboon wrote: post #30

Such negativity in this thread. Do we all love to hate someone who is working hard on their startup just because they are jerks[1]? Even if the CEO is a jerk, they have a nicely designed product with a seemingly noble goal, with a talented pool of people working behind the scenes, working towards their objectives. Sure, they have their bad moments (pun intended), being caught uploading users' address books, spamming…

I've done business and personally interacted with Dave Morin on several occasions. He's not mean to your face, but he is a little too smug for my tastes. His real problem is he lacks rigor and is not a fundamentally honest person. He glosses over the details and doesn't follow up well. He claims something's going to happen to avoid looking bad, and then it doesn't--or it takes forever. For example, Path has been claiming they were about to raise a $50m round for what, a year now?

Dave is a celebrity CEO. He wants to be a celebrity, and maybe a designer, and being CEO of Path is his means towards that end. The best thing for Path would be to bring in a fully capable COO to run the show. This may require eventually transitioning Dave out of the CEO seat to promote the COO if they are able to turn things around.

In contrast, I've only interacted with PG a couple of times, but I've read some of his articles. I think PG does try to be an honest person, and sometimes that doesn't come out right, especially in sound bite form. PG is definitely smug too, but it's an intellectual-light smugness that he backs up with explanations and evidence. Whereas Dave's is a celebrity smugness that he backs up with false promises that he doesn't take seriously.

Re: Path Closes $25 Million Funding, Led by Indonesia’s Bakrie Global Group

#45

Post by yapcguy »

edwinnathaniel wrote: post #27
yapcguy wrote: post #9

Earlier quoted context omitted.

Pay back the original Path investors $25m. Pray that the money isn't connected to Suharto[1]'s old boys network and never take a holiday in Asia again. [1] https://en.wikipedia.org/wiki/Suharto

Money isn't related for sure. Bakrie is on their own.

I don't know but it looks like there are connections...

http://jakartainformer.com/96869/ghost-of-suharto-gives-life...

*Indonesia’s autocratic former President Suharto left office in disgrace, his political empire and the economy in ruin, but 15 years later, his old ruling party hopes nostalgia for his legacy will sweep it back into power.

Polls show the Golkar Party, which Suharto created as the parliamentary rubber stamp for his 32-year hardline rule, is running around second place.

...Aburizal Bakrie, 67, head of Golkar and the party’s presidential candidate next year."

Re: Path Closes $25 Million Funding, Led by Indonesia’s Bakrie Global Group

#46

Post by edwinnathaniel »

yapcguy wrote: post #45
edwinnathaniel wrote: post #27

Earlier quoted context omitted.

Money isn't related for sure. Bakrie is on their own.

I don't know but it looks like there are connections... http://jakartainformer.com/96869/ghost-of-suharto-gives-life... *Indonesia’s autocratic former President Suharto left office in disgrace, his political empire and the economy in ruin, but 15 years later, his old ruling party hopes nostalgia for his legacy will sweep it back into power. Polls show the Golkar Party, which Suharto created as the parliamentary rubbe…

Golkar had been up for grab after Suharto's power diminished significantly.

Re: Path Closes $25 Million Funding, Led by Indonesia’s Bakrie Global Group

#47

Post by joeblau »

samstave wrote: post #15
joeblau wrote: post #14

Earlier quoted context omitted.

Take the money and invest it in Bitcoin.

Just out of pure morbid curiosity; would that be a criminal/illegal offence?

I don't think they'd be allowed to do this. It's probably stipulated somewhere in their contracts, but I have heard of other startups doing that.
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