The Billionaire's Startup
Forbes India|June 5, 2020
The world is awash in streaming services, and Meg Whitman already had her fortune—but then Jeffrey Katzenberg came calling with a mobile-focussed startup. With nearly $1.8 billion raised and America on lockdown, consumers may have no choice but to try Quibi
Dawn Chmielewski
The Billionaire's Startup

Minutes after Meg Whitman announced she was stepping down as CEO of Hewlett Packard Enterprise in November 2017, her phone rang. It was Jeffrey Katzenberg, whom she has known since they both worked for Disney in the late 1980s and early ’90s—Whitman was in strategic planning; Katzenberg ran the film studio.

“What are you doing?” Whitman remembers her friend asking. “I don’t know,” she replied. “I’m the chairman of Teach for America. I’ll probably do stuffwith my husband and travel.” She continues: “He goes, ‘No. What are you doing tonight?’ And I said, ‘Knowing you, Jeffrey, I’m having dinner with you’.”

Katzenberg flew to Silicon Valley and, over dinner at Nobu in Palo Alto, pitched his idea for bringing high-calibre entertainment to mobile phones. For Whitman, the idea checked all her boxes: The potential market for the service was huge, prevailing trends were right and it occupied a unique niche.

“I ultimately said, ‘You know what? I think I have another startup in me’,” says Whitman, 63, who first got rich (she’s worth $3.3 billion) working with another visionary founder, Pierre Omidyar. She helped build eBay from 30 employees and $4 million in revenue when she joined in 1998 to more than 15,000 employees and $8 billion in revenue when she left a decade later.

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