• You will hear a radio interview with George Johnson, Managing Director of Media-X, an organisation which invests in internet c

Woman: Good afternoon, and welcome to Working Day. Today we’re going to meet George Johnson, Managing Director of Media-X, an investment company always in the news these days. Hello, George, welcome to the programme.
Man: Hello, Sarah.
Woman: First of all, a question I’m sure you’re often asked. Why is the company called Media-X? Has it got anything to do with film or television?
Man: Not really. But we wanted to get away from the serious image of money and banking, and wanted something that people wouldn’t forget. We also considered names connected with e-commerce and the internet, but in the end we decided we wanted something more general. And Media-X seemed a good choice.
Woman: Interesting. Now let’s ’get on to what Media-X actually does. You were one of the first in the business to provide financial as well as technical advice, weren’t you, for new internet and software companies?
Man: Well, I wasn’t as far-sighted as a lot of people, especially in America. When I first heard about the internet in nineteen ninety-one, I thought it would be only used for education. But I actually decided to set up Media-X the following year, when I realised that new software was already making it easier to use. So I suppose that was quite early on - compared to most other Europeans, that is.
Woman: But what about before that? Tell us something about your early career.
Man: I studied economics at university and then joined a large international bank as a trainee manager, eventually becoming a vice-president. Towards the end of that period, I also became a director of a small software company my brother was setting up.
Woman: So business runs in the family, then?
Man: That’s right. My father has a well- established office supplies company, so, apart from the financial side, he also knows a lot about warehouses, storage and delivery systems, which are very important in the e-commerce business. I rely on his opinion a lot when I’m trying to decide whether or not to invest in new ventures.
Woman: So, tell us about the companies you help. I’m sure you get lots of requests for funding sent to you.
Man: Yes, we receive about three hundred proposals a year. We examine them all, discuss them, then decide which to go with. About two hundred are worth considering in detail, with maybe a hundred being finally selected.
Woman: What would you say makes a successful proposal?
Man: Well, we look for a number of things. But, before anything else, we have to be sure there’s a clear demand for what the company intends to provide. Of course, then we have to consider other things like a strong business plan behind the proposal and, of course, the people at the top - they’ve got to be worth investing in.
Woman: You mentioned before that you don’t only provide the money for starting new businesses. What other services do you provide?
Man: We’re not in a position to provide software programmes, technical details, things like that, or information about possible markets. Where we can help is by making sure that companies know what to charge for their goods and services so that everything is on a healthy basis.
Woman: And you’ve certainly enjoyed some recent successes, haven’t you?
Man: Well, yes, some of the British companies we’ve supported have been doing rather well TravelDeals-dot-com is now one of the leading travel companies here in Britain.
Woman: And OrderFree-dot-com is also doing well. It’s gone into the American market, hasn’t it?
Man: That’s right. It’s very promising.
Woman: And then there’s Net Trade-dot-com, another of the UK companies you funded. Do you think they’ll follow OrderFree’s example and set up abroad?
Man: I doubt that very much. Only time will tell, of course...
Woman: That seems a good point on which to end. Thank you very much, George Johnson, for a very interesting...