The UK's best known Web millionaire, Cliff Stanford, has revealed what he plans to do with his seed capital venture, Redbus Investment.
Recently appointed Redbus deputy managing director, James Gardiner, who worked with Stanford at Demon, told PC Dealer six new business ideas had been investigated and would soon launch under the Redbus brand.
At least one of those, culled from a flood of 700 ideas, has the potential to become as successful as Demon, he claimed, adding that about 80 per cent of ideas submitted had been knocked back, while 20 per cent were worth more work.
'A lot of the ideas received had not been thought out properly, so we've asked people to come back with more information. But there have been a number of real gems,' Gardiner said.
He added Redbus was not confining itself to the IT sector, although Stanford's background seemed to have attracted a high proportion of IT-based ideas.
Standford established the company in May (PC Dealer, 13 May).
Stanford built Demon into a significant internet player, with more than 180,000 dial-up subscribers, by pioneering low-cost, flat-rate access in the UK and Holland for business and home users.
He sold it to Scottish Telecom for #66 million, setting aside #15 million for Redbus to help fledgling businesses. In return for funding, Redbus will take between 10 and 40 per cent of profits.
The internet community has continued to show interest in Stanford's movements, including the efforts made by some to woo him with the promise lucrative non-executive positions.
But Gardiner claimed Stanford's interest was solely in Redbus, dividing his time between London and his home in Brussels.
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