RE: Battelle on Google’s S-1

John Battelle’s analysis of Google’s S-1 filing — and particularily, the charming-but-stilted founders’ letter — is fascinating and insightful:

The letter states, among other things, that

  1. We don’t need to do this for the money
  2. We have no plans to run our business to satisfy Wall Street’s need for smooth earnings predictability
  3. We plan to give no earnings guidance, not at least as it’s understood on Wall St.
  4. Don’t ask us to do so, we’ll simply decline the request
  5. We’ll do odd things that you won’ t understand
  6. We will make big bets on things that may not work out
  7. We run the company as a triumvirate, so there will not be clear leadership from one person like most other companies
  8. We bridge the media and tech industries (interesting), which are in flux, so we’ve chosen a two-class stock structure similar to the NYT, WashPost, and NYT that helps us avoid being taken over by those forces
  9. We plan using an auction model, as it feels fairer and we understand auctions from AdWords
  10. Don’t invest in us if this scares you at all, or the price feels too high
  11. Don’t even think about asking us to cut expenses with regard to our employees
  12. We believe in the idea of Don’t Be Evil
  13. It’s evil to pay for placement or inclusion (a swipe at Yahoo)
  14. We hope to bridge the digital divide through Gmail type free services and a foundation with at least 1% of profits and equity to help make the world a better place
  15. Betting on Google is a bet on Sergey and Larry (this was said multiple times, making me wonder if there wasn’t some odd future blame being assigned here by the VCs or bankers)
  16. This letter is our way of answering the questions we can’t answer in the coming months due to the IPO quiet period.

John Batelle’s Link
[Via Boing Boing]