to spotlight the entire we shall on our team i'm now bring up and today my guest in the studio is unity milner. two years ago he went to the u.s. to meet young billionaire mark zuckerberg the founder of facebook they didn't talk about money they talked about the future of the net you would he returned and a few months later he bought into facebook the russian made it out for their american couldn't refuse this he have an irresistible offer for every company he buys his unit mildred the director general of d.s.t. global and the first russian venture capitalist in the fortune top fifty list. during perestroika time employed scientist yuri milner became an entrepreneur started in computer retail but then suddenly quit the business and left the country he started management in the u.s. and soon returned to moscow to work in an investment company he soon smelt real money in virtual reality and he was quick to invest armed with the irresistible

charisma he manages to persuade even the most difficult partners to do business you became the first russian venture capitalist to make it into the fortune top fifty some of the deals wild but at the end of the day they brought you read the v.c.r. the year. hello union welcome to the show hi thank you thank you very much for coming from being with us sanjay well for the first time in the history of venture capitalism california davis c.e.o. of the year award was awarded to russian was it was a shock and if it was for you or for america. well it was a shock for me for sure. and eventual what about americans that i don't know you don't know but. but i was very like you to be. nominated.

there was a very strong list of the people who were nominated and you know i was like even to be on this list. why does your investment strategy work so well is it is it true that you have that you have a special offer for every company and you always offer more than the others or is it something else well that's not exactly the case in. the first and last month in facebook we were higher than the others but in subsequent investments we actually quite invested with other big u.s. funds so our offer was not higher. i think it's just sort of more investor friendly than sometimes other funds offer but. you base your decisions here are freeze on pure intuition or calculation no it's actually

a ninety percent calculation but if you really can calculate computers can calculate the world war what's special about you. will have a very strong team very international team it's. you know two of the key team members are from india one from germany and one from finland. one from. asia so the team is very diverse it's really global team and because we specialize in a very narrow sector i think we. may be just sometimes do. more comprehensive research just because we're specialized so other fans the usual specialized that narrow it uses so so i understand that the problem with most of the investors in the business. the internet is that they

regarded internet as a whole and were ready to invest wherever it wherever they saw that there's fish in this one while you took like a little little need and put all your all your intellectual abilities into the small to the small sector is that right yeah that's correct and that's basically called social influence everything revolves around social so. are you sure that even today the future of the future of business the most money you can make in that lies in the social networking is a going to change well we view it as a big trend for the next five ten years and we believe that social is going to be the underlying platform and a lot of internet businesses will be rebuilt around social. well. calculation is good but still i think there is something more than calculation

because lots of people have good teams lots of people can calculate but i think there is something about your intuition that maybe just because for example of all those trying to make their fortune online as far as the statistics say less than five percent of eventually succeed spotlight's ability me the looks at the new and risky business the. rock stars top polo directors astronauts on olympic champions should all step aside for the real heroes of all time computer many x. making multimillion fortunes online for the people the stories about them was reflected in the box office takings last year for the social network a biographical drama describing the founding of the facebook website eighteen year old andre to an office cue from one school may become another mark zuckerberg it took him three days to build his chat roulette social networking site when the

number of users reach tens of millions he appeared unprepared for media attention and business proposals. of course i received offers basically from u.s. investors in venture funds but actually i don't know yet how to speak to those people i'm not sure what goes their pursuing they want to invest thinking the project has a good future i think so too but i'm still hesitating so coming up with an idea for a popular site is only part of the deal the next step is marketing and being a computer genius is not enough here maybe that's why ninety five percent of those who try to make a fortune online sale know that site giant says facebook and twitter are preparing to issue stocks and go public analysts took cautiously reminded them of the dot com bubble burst in two thousand nine hundred ninety s. investors and faith traded with internet based companies as stock prices soared until eventually dot coms turn into dot bombs undermining the nasdaq.

you would just saw this guy we interviewed he you say you know you said he had a chance but he blew it is not true not insist he still has a chance to learn. what it was but something didn't go wrong. well. i don't think something one terribly wrong i think he is given his age he is eighteen years old if i'm not mistaken and he has many more years ahead of him and i think even with this particular project many more good things can happen and he i think he has. he has a first mover advantage still because he was actually the first two or for this new video platform and i wish him a lot of luck you know he's he's one of the russians so we'll humor to you matt.

he was about the same age maybe a couple of years old drea actually he was a lot older he was when he started twenty one his star years was maybe twenty years old there were couple of years like what is going to major difference between this guy and this guy i think there's a major difference between seventeen years old and twenty years old there is yes really yes so the business is so young there are a couple of years kelly as though you are too old you watch over the business yes it's a ten percent difference and i think ten percent of the funds in this age group actually counsel what. but but are you too old for this business i am too old for this business here but you still there and you are successful but i am too old to succeed as entrepreneur and as an engineer but maybe not to all to continue to make investments but to make investments you should feel i was talking about

intuition not only calculate but feel the young generation what they think you should feel the way they feel because the money made the social that was about feelings it is about making it about feeling happier something yet how can you feel that. your next generation will rather previous generation well i think it's basically about curiosity mostly i mean i'm very curious about. how they live what the interest of them how they spend time. what is their media consumption and how it's different from how we consume media so i think it's mostly about curiosity than anything else. great. great words. said by an american many years ago is from that mistake and if i

knew there was something that is not available in america i would become a billionaire you know i like that phrase so. americans are very good at seeing opportunities so how did it happen that you saw opportunities in america mostly which americans themselves didn't see curiosity you know what something else i i think it's a combination of factors it's all a bit of luck as you as you mentioned it's also we started investing in the u.s. in the middle of the crisis and that was a little bit of a depressed view of the world of the time. and. but also i think. maybe one of the major factors is that at that time we had more experience than other investors in investing in social networks we've invested in four social networks before facebook and i don't think there was any investor in

the world at that time that invested in four social networks as we did so we just had a little bit of a head start at the time. and the four were russian. three russian and one in poland and they also see things including the polish one i don't hear nothing but it felt that way they all successful so far and the polish one was sold last year. yes yes so. you're the director general of d.s.t. global and the first russian venture capitalist in the fortune top fifty spotlight will be back shortly after we take a break so we continue this interview in less than a minute stay with us then go. down

the official ante up location. i pod touch from the top story. on the. video on demand.

and r.s.s. feeds now in the palm of your. on the dot com. welcome back to spotlight i'm al green of and just a reminder that my guest in the studio today is the military the director general of d.s.t. global and the first russian venture capitalists in the fortune top fifty list. you are one of the people that is investing money. and your money is developing the internet making it more and more part of our everyday lives is every other thought here a russian here a russian invest another american business and he should think about things like like the internet is it good or is it evil. i think it's

a little bit of both it's like always a double edged sword some people use. to make things worse and a lot of people use it to make things better so you as always you have a. you know appeal that if you abuse a it can it can be very damaging to your whole thing abusing you thing you can use you know his pen i mean you can pick someone xylo you know send but there's nothing bad about depend. on internet so nothing's about it so so so so what for example what would you prefer what would you recommend you or your kid having a friend or having fifty friends in facebook you know the so-called friends i'll really never met i'll recommend fifty friends in facebook or in contact with other

or even on mail because actually the statistics show that ninety percent of the friends on social networks are real friends. around here real people know real friends so somebody that you are friends with in real life you are friends with him on social network. so ninety percent so there's a real i don't know i don't believe there is really fine is oh no i heard i heard statistics today in the morning that seventy percent of people in social networks in russia have false identity in other soccer that's not true now are you sure have to check that it's. the sister called research the company provided it's over ninety percent have troy down to my name my name in your of contact is lady gaga you know not here really everybody is ever since so me you're saying to make sure i do that. you know. it's not about ninety percent it's it's interesting

because it's a self policing community because ok if you have a false identity you cannot have real friends right so because this network is real the real friend in the internet it's the friend that you knew for a few years in real life even somebody you meet yes but are we moving to a situation when yet you never meet the people yet you make friends with the internet and you don't actually need to realize because all those guys they were they you look at nights you know it's four o'clock in the morning they say this is where when the school is when they're this is when their life begins yes i think what happens is that the number of friends is basically constant the average number of relationships that any every person has is about one hundred twenty it's it's a fundamental constant over the last few thousand years and that's called the dunbar number so it's it's

a number that was actual established during all kind of research so one hundred twenty relationships you can maintain in your life given the kind of the size of the brain you have everything that goes with it i think i think what internet really needs and especially for you to continue investing in growing is artificial intelligence because because the sooner i get access to artificial intelligence the number of my friends race to thousands and the number of people who i can where can be contacted in contact with well it will be a limited is it so well do you believe that this is what is going to happen the pretty soon this sort of artificial intelligence will will start what will be invented and then we'll know a little. pretty soon i think maybe of the next ten twenty years. but i don't believe this will change lives so drastically as you said i think that

official intelligence is going to be sort of in the hands of what we have. and. i don't believe the change is going to be so drastic but i think i first low intelligence can be useful in many other ways you know it can suggest to you in your relationships for example that you didn't know that you actually need to know you know well that you should divorce your wife because there's a better girl that we're like a facebook it is that what you're talking about this will suggest that there are they there right there i'm sure fifteen years ago that. for some people yes. but the majority i hope all your wants to. why didn't you oh what you doing in the silicon valley what why aren't you doing the same thing in russia i'm doing the same thing and you are yes in fact it was the other way around i started investing in russia ten years ago and then you moved

away and made your millions in america and then for eight years it was exclusively russia and then in the last two years it was a little bit of both and one of the startups here are you doing startups today giving away thousands or tens of thousands of dollars for a start up first and you're not doing it in russia or you already are you know this is actual in the works this is something i'm working on right now to launch a similar project in russia so you think though that the perspective of the same sort of business in russia is also pretty good i'm pretty sure this is just kind of on a different scale obviously because. because because of the language your work long because you know other countries have had starts like us you know they're much more advanced in on the technology front but russia has a vantage in human capital it was the basic advantage if

you look at the world championship in programming the russian teams won six out of the last ten years so russia on the raw russian talent is actually very highly regarded globally. largely i care more about the football world cup we're going to mention that if we talk about catching up with the what what is the better not mention of the lesson today when everything's moving so fast i think i think it was you said that today like in three days the the volume of information and content developed in the net is more than the here the human race has developed for. for ages is that true yes. i did not came up with the . ok this is a fact it's a fact but today when everything is so fast do you think that a country like russia that's a little bit behind. can ever catch up with will who are the united states with

japan with countries like that i think of russia as herbal to retain the talent. which obviously is out there. i think there is a pretty good chart to pick a significant chunk of this pie you can catch up when you're running if we if we compare the track and field if you're running ten miles and somebody out there like a one minute head start you can still catch up or you forget marathon but if a sprint and you're one second there are and you never catch up because the still fast yes i think it's i think it's a milestone if it's a marathon this means that more and more people will be making more money like yourself in this field. i'm sure that the kids because information technology is just going to be bigger and bigger piece of global g.d.p. does that mean that money will be will be drifting from real business from real

life into into virtual life into virtual business because more money more opportunity. things so what they're saying virtual will be will become a part of the real. converse of the real. world basically virtual is another way for real life to express itself so i think we're kind of really talking about the same thing. media do you think media will exists. newspapers television radio does anybody need that many would say i think so i think it will exist i hope it will exist because i am a big consumer of that here. maybe because of the generational gap you watch news on t.v. yes i can watch news on t.v. all the news or are in the net and they are faster. and then and you can choose how

you can select them live on television to wait for another three hours when the news bulletin goes on you you're there now and then you hear something about it here just like fifty seconds of when what will or what's interesting and then the rest thirty minutes is about nothing i agree i'm a little retarded. in the old ways still. myself so i you're reading books are you still reading books. really real books are being paid to play paper paper books and reading paper books but less so how many books do you read. a month like a month in the last few months i have not read a single one. you could not in a class but probably because of too much struggling i think you are becoming an american you know before rushing it's not about a book a year isn't it it's not reading books or american a book a year is ok we'll catch up i think we'll be catching up ok now eric is is russia

do you think russia is a place. at which the world's technology is a particle you should be looking because we talk a lot today about innovation about building our own silicon valley outside moscow do you think this is going to happen well i can only. see. somewhere where you know i know what's going on which is internet and russia is already in the top five global superpowers. together with us china japan south korea and i should like thank you thank you very much for being with us and good luck to you just reminded us my guest today was milner the dark general of d.s.t. global and the first rush should venture capitalist in the fortune top fifty and that's it for doubtful all of us here if you want to have your sales floodlight or

maybe you have someone in mind who you think i should do next time to drop me a line of calgary not at our t.v. diet are you and let's keep spotlight interactive movie back with more quest and among some of what's going on in side russia so then they are to. thank you. we'll. bring you the latest in science and technology from around russia. we've got the future covered.

also you stop stories as brittany considers sending new true back into the libyan opposition and starting fears of another disastrous middle east war. against foreign military intervention in the region. channel challenge us said come stay very clinton said the u.s. is losing the global information that america's need to bring from zones up to the job losing out to rivals like algiers iraq and on the sea which has been a feel. loss leader of the soviet union has been celebrating his eightieth birthday underneath the belly of the ball came down and democratic reforms came in but critics say they do destruction. so why was imposed a focus on the off lies in the bed and other crisis.

well can they alone a show will get the real headlines with none of the mersey are going to live out of washington d.c. now today we continue our coverage of events unfolding in libya argue s. and british officials as well as the media downplay what intervention would really mean then the fight for unions is becoming contagious as other states find themselves in similar situations that we've seen in madison wisconsin we'll bring you the latest details on protests under way in ohio and financial analysts mark your calendar is d.-day is just.