Connect with us

In April 2011, Yuan called Scheinman to invite him for tea and a demo of his new idea.

Scheinman had also left Cisco that month and was well aware of Yuan’s background in video and collaboration. They’d struck up a friendship while working at Cisco, where Yuan established himself as a strong and reliable operator in addition to his engineering credentials. But for Scheinman to know for sure that he wasn’t backing a closeted lunatic, he made two reference calls on Yuan, including one on his drive to the meeting.

By the time he arrived at Coupa Cafe in Palo Alto, Scheinman says, he had a signed a $250,000 check, and just needed Yuan to tell him what name to put on it because there’s wasn’t yet a company.

As of the market close on Thursday, Scheinman’s investment has multiplied by over 700-fold to just under $176.5 million, though he’s locked up from selling for six months.

“I said, ‘I believe in you and I don’t care what’s in that presentation, because this is about you,'” Scheinman said, in an interview. “He said, ‘For both of our sakes, can I show you the presentation?'”

Yuan says that other investors had committed capital but Scheinman “was the first one to wire transfer the money to the bank.” Scheinman also introduced Yuan to his cousin, Jim Scheinman, founding partner of Maven Ventures.

Jim not only became an investor and adviser, but helped Yuan come up with four possible names for the company: Zippo, Hangtime, Poppy and Zoom. They ended up picking the last one.

For the first two years of Zoom’s history, the company was just a small team – mostly engineers from WebEx. The first version of the product was released in 2013, and there were still so few people outside the engineering group that Yuan took it upon himself to email any user who canceled a subscription.

Yuan said he would try and get them on a Zoom call to talk through their problems and see how he could fix them. Sometimes those users would stick around and even turn into evangelists, Yuan said.

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

World

US-UK trade deal within a year of Brexit will be tight, UK PM Johnson

Published

on

It will be tight to meet the United States’ desire to do a post-Brexit trade deal with Britain within a year, British Prime Minister Boris Johnson said on Sunday.

Johnson, who took office last month, had his first bilateral meeting with U.S. President Donald Trump earlier on Sunday at the G7 meeting in France and the two discussed a range of issues including trade.

In interviews with British television media afterwards, Johnson said the United States wanted to do a deal within a year of Britain leaving the EU on Oct. 31.

“Years and years is an exaggeration, but to do it all within a year is going to be tight,” he told BBC TV.

Johnson also said the chances of Britain agreeing a Brexit deal with the EU were improving but it would be “touch and go”.

Source link

Continue Reading

World

At G-7, Trump says he is not happy about North Korea missile tests

Published

on

SAINT-JEAN-DE-LUZ, France — President Donald Trump said Sunday he was not happy after North Korea launched short-range ballistic missiles over the weekend.

“I’m not happy about it but again he’s not in violation of any agreement,” Trump said when asked about the recent string of tests from the North’s Kim Jong Un.

“I discussed long-range ballistic and that he cannot do and he hasn’t been doing it and he hasn’t been doing nuclear testing. He has done short-range, much more standard missiles, a lot of people are testing those missiles, not just him. We are in the world of missiles folks, whether you like it or not,” Trump said.

Meanwhile, Japanese Prime Minister Shinzo Abe said North Korea’s test was in violation of UN Security Council resolutions.

On Saturday, North Korea fired what appeared to be two short-range ballistic missiles into the sea off its east coast, the South Korean military said, the latest in a series of launches in recent weeks amid stalled denuclearization talks.

North Korea, the only nation to have tested nuclear weapons this century, spent most of Trump’s first year in office perfecting its nuclear arsenal. The newest member of the world’s exclusive nuclear weapons club has stopped testing of its nukes for now as the U.S. and international community offer the possibility of relief from crippling economic sanctions.

Under the third-generation North Korean leader, the reclusive state has conducted its most powerful nuclear test, launched its first-ever intercontinental ballistic missile and threatened to send missiles into the waters near the U.S. territory of Guam.

Since 2011, Kim has fired more than 90 missiles and had four nuclear weapons tests, which is more than what his father, Kim Jong Il, and grandfather, Kim Il Sung, launched over a period of 27 years.

Source link

Continue Reading

World

Trump at G7 hints at ‘very big trade deal’ with Britain post Brexit

Published

on

U.S. President Donald Trump and Britain’s Prime Minister Boris Johnson arrive for a bilateral meeting during the G7 summit on August 25, 2019 in Biarritz, France.

Pool | Getty Images News | Getty Images

SAINT-JEAN-DE-LUZ, France — President Donald Trump met Britain’s Prime Minister Boris Johnson kicking off Group of 7 meetings in the French seaside town of Biarritz.

Clouding the G-7 gathering, which represents the world’s major industrial economies, is the U.K.’s uncertain removal from the European Union.

“He needs no advice, he’s the right man for the job,” Trump said when asked if he had any guidance for Johnson on how to deliver Brexit. “This is a different person and this is a person that is going to be a great prime minister in my opinion,” Trump added of the new prime minister.

In less than three months, Johnson will be at the helm of overseeing U.K.’s removal from the European Union, a move considered to be one of the most significant political and economic changes for the kingdom. And yet, it is still unclear, how, when or if Britain will still leave the European Union. The uncertainty around Brexit has rocked global markets and spooked allies.

Trump said that he would have a major trade deal with U.K. upon leaving the European Union.

“We’re are having very good trade talks between the U.K. and ourselves. We’re going to do a very big trade deal, bigger than we’ve ever had with the UK,” Trump said. “At some point, they won’t have the obstacle of, they won’t have the anchor around their ankle, because that’s what they had. So, we’re going to have some very good trade talks and big numbers,” he said without adding any more detail on a potential deal.

U.S. President Donald Trump and Britain’s Prime Minister Boris Johnson attend a bilateral meeting during the G7 summit on August 25, 2019 in Biarritz, France.

Pool | Getty Images News | Getty Images

Johnson said he was similarly looking forward to future trade deals with the United States and praised Trump’s work on the American economy.

“We’ll be having some pretty comprehensive talks about how to take forward the relationship in all sorts of ways, particularly on trade and we are very excited about that,” Johnson said. “And I just want to actually congratulate the president on everything that the American economy is achieving, it’s fantastic to see that,” he added.

Source link

Continue Reading

Trending