Business founder spent house deposit on a domain name.
I got a kick out of an article in the Sydney Morning Herald today.
The story features Posse.com founder Rebekah Campbell. Campbell bought the Posse.com domain name with $28,000 of her savings.
“My mother was upset with me about that,” says Campbell. “She had found me a house to buy and I told her: ‘I can’t buy it. I just bought a domain name.'”
The domain name, normally a very cheap purchase, was already owned by somebody else which made it much more expensive.
Her mother simply asked: “Can you live in a domain name?”
No, you can’t live in a domain name. But I think domain name investor Merlin Kauffman, who sold her the domain, gave her a very fair price for it. (I’m not sure if the price was Australian dollars or U.S. dollars. Right now they’re at about parity.)
Later in the article it mentions that Campbell sank another $100,000 of her money into the startup, so I think the story about it being her deposit on the house is just a nice opener.
You can read more about Posse.com here.