Takuya Nakayama crossed his hands and rested them on his lap.
"Social connection is a fundamental human need. We've built a virtual society online, where users require identity recognition. A five-dollar pair of sunglasses serves as their social calling card."
Frank walked to the bar, took several glasses, and poured half a glass of mineral water into each.
"It's not just sunglasses. Next month, we're launching premium food for virtual pets. Ten cents a portion, and our test data shows thirty percent of pet owners are willing to buy."
Tom took a glass of water and took a sip.
"This is far more profitable than selling game cartridges. Sega has to account for component procurement, assembly, packaging, and logistics for each cartridge. You just type a few lines of code, and the money comes rolling in."
John took a glass of water and held it in his hand.
"That's why Goldman Sachs backed down on the valuation after seeing this data. They understand this is a company that doesn't need a physical production line—it can print money on its servers."
Donald stood up and walked to the floor-to-ceiling window, overlooking the streets of Manhattan.
"This IPO has fundamentally changed Sequoia's view on tech stocks. We used to focus primarily on hardware manufacturers and underlying software developers. Silicon Valley Online's earnings report proved that internet products based on virtual communities and user connections possess stronger cash-generating capabilities than traditional industries."
He turned to face the group in the room.
"Sequoia plans to establish a dedicated fund next month specifically for investing in internet startups. Silicon Valley Online's success is not an isolated incident; this is just the beginning of a new industry."
John raised his hand.
"KPCB will also adjust its investment strategy. Our team in California is already in contact with several small companies developing search engines and portals. With Silicon Valley Online's precedent, convincing limited partners to fund them will be much easier."
Frank returned to his desk.
"Tomorrow is the bell-ringing ceremony. Nasdaq's media has already set up camp. Goldman Sachs has arranged a car to pick us up from the hotel at 8 AM."
Donald placed his water glass on the windowsill.
"After the Nasdaq bell rings, more hot money will flood into Silicon Valley. The era of internet capital expansion has officially begun."
Tom straightened his tie.
"Sega of North America will continue to expand the server capacity of Silicon Valley Online. With the new GG revenue-sharing system in place, our financial performance will look even more impressive. By the end of the year, the $930 million valuation should double in the secondary market."
Takuya Nakayama stood up, walked to the desk, picked up the pricing confirmation letter, and locked it in the drawer.
"Tomorrow's IPO is merely a formality. Once we secure the funding, we'll begin acquiring promising tech teams. Silicon Valley Online can't rely solely on WeBlog and ICQ. We need to completely bind users to our ecosystem."
Donald and John exchanged glances.
"Acquisition plans require Board of Directors approval," Donald said. "As long as the targets are reasonable, Sequoia will vote in favor."
John echoed his support.
"KPCB has no objections. You handle the expansion, and we'll handle the Wall Street endorsement."
The atmosphere in the suite lightened.
When Nasdaq opens tomorrow, their shares will officially convert into secondary market wealth.
Goldman Sachs' compromise has set an exceptionally high bar for this feast.
Wall Street investment firms will use this benchmark to reevaluate the value of the entire Silicon Valley.
March 21, 1995, Nasdaq Stock Market, New York.
With half an hour to go before the market opened, the trading hall was already packed with media outlets.
The front row was occupied by broadcast equipment from the [ Wall Street Journal ], [ New York Times ], CNN, and Bloomberg News.
Japanese reporters from the [ Nikkei ] and [ Sankei Shimbun ] stood in the right section.
Correspondents from several major European financial media outlets were preparing for live wired broadcasts.
On the electronic screen at the front of the hall, the stock code for Silicon Valley Online, "SVOL," was displayed in a pending state.
The offering price was set at $9.30 per share, with a total of 100 million shares outstanding, valuing the company at $930 million.
Ten million shares were being offered in this initial public offering.
At 9:30 AM, the opening bell rang on time.
Standing at the center of the bell-ringing platform was Frank Marshall, CEO of Silicon Valley Online.
Tom Kalinske, president of Sega of North America, stood to his left.
Donald Valentine, a partner at Sequoia Capital, and John, a partner at KPCB, stood to his right.
The four pressed the activation button together.
Applause erupted throughout the trading hall.
Flashes alternated as cameras captured the historic moment of Nasdaq's first pure Internet company listing.
Takuya Nakayama did not appear on the bell-ringing platform.
He stood in the VIP viewing area on the second floor, his hands resting on the railing, overlooking the bustling scene below.
This was part of a pre-planned strategy.
The public backlash from the late 1980s, sparked by large-scale Japanese acquisitions of American assets, was still reverberating.
To thrive in the U.S. market and secure continuous funding from Wall Street, Silicon Valley Online had to downplay its Japanese origins.
A domestic tech company managed by Americans, backed by American venture capital, and serving American netizens would align perfectly with the U.S. capital market's expectations for the new economy.
Takuya Nakayama chose to retreat behind the scenes, severing any public association with Sega's Japanese Headquarters.
After the bell-ringing ceremony, a brief media scrum began.
Dozens of microphones bearing the logos of major television networks were thrust toward Frank.
A reporter from the Washington Post asked the first question, inquiring about Silicon Valley Online's journey from its founding to its IPO.
Frank adjusted his tie and began telling a story that fit the popular narrative of the American Dream, speaking directly to the cameras.
A few California engineers, initially only trying to solve the problem of cross-ocean technical discussions within Sega Corporation, had written the underlying architecture for the Silicon Valley Online BBS in a cramped office in Redwood City.
Initially, the project was developed solely as an internal software application for Sega.
Tom Kalinske took over the conversation, describing Sega of North America as a forward-thinking, domestic investor. While using the internal BBS, Sega of North America recognized the technical prowess of the young team and provided crucial seed funding, enabling the team to spin off from Sega and lending them some idle servers.
Donald Valentine and John also contributed to the discussion.
From a venture capital perspective, they explained how Sequoia and KPCB helped Silicon Valley Online refine its corporate governance structure and expand its revenue streams.
Throughout the twenty-minute interview, the four speakers maintained remarkable synergy.
They repeatedly emphasized "the entrepreneurial spirit of young Californians," "technological innovation in Silicon Valley," and "the superiority of the American venture capital system."
In this narrative, Sega was precisely positioned as a visionary early-stage financial investor.
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