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2015 : STEP THREE – EVALUATING AND SELECTING IDEAS

Mevaluating his idea of an online business. Recognising the explosive
growth in Eastern European stock markets, together with the significant
growth in inward foreign investment for which timely and accurate
information was crucial, Mueller proposed to meet the currently unfilled
market need for an online database service which provided in-depth
financial information.

The target market comprised domestic and international brokers,
traders, investors and analysts. The information would include
fundamental financial data, together with news, press releases and
analyst reports. Information would include data ‘exclusive’ to the service
and would be available in both the host language and in English. User
access was by internet or direct dial-up.

The critical nature of the information made the market highly
insensitive to price.

In terms of competitive strategy, Mueller sought to avoid head-to-head
competition with Reuters and Telerate, which both operated in Eastern
Europe and which focused on real-time stock prices and carried only
very limited news stories.

Mueller’s service would not list such real-time information. While his
concept mimicked a number of similarities with the service provided by
Bloomberg, Mueller considered that Bloomberg’s strategic focus was on
the developed markets and that by moving quickly into Poland as a test
market, Mueller would be able to enter Eastern Europe ‘under the radar’
and thereby secure first-mover advantage.

Mueller was also blessed with colleagues in the form of his brother
and Jae Chang who were prepared to work for free in the expectation of
the so-called ‘sweat equity’ which they would earn in the medium term.
Mueller was clear that within three to five years they would sell the
operation to a major online business or strategic partner.

The low investment costs required to start up, together with the
partners’ collective willingness to forgo salaries while the business
became established, meant that Mueller would be able to set up his
business idea with around $130,000 raised from his entrepreneurial
uncle, his parents, himself and his brother.

Mueller used practical demonstrations wherever possible to promote
the service. As he said of a very early presentation to one of London’s