TOM MCGOVERN JOINS idealab!; Former Warner Bros. Executive to Launch Pet Related Internet Company

Business Wire, March 30, 1999

PASADENA, CA--(BUSINESS WIRE)--March 30, 1999--idealab! today announced the appointment of Tom McGovern and his dog Norris, as co-presidents and chief executive officers of the company's soon-to-be-named pet-related Internet venture. McGovern, with a successful history in the areas of retail and consumer products, was formerly senior vice president of Time Warner's Warner Bros. Studio Stores.

"Tom is a top flight executive with a stellar 15 year record of success in highly competitive industries," said Bill Gross, founder and chairman of idealab! "His entrepreneurial drive and creative energy will be invaluable as we move forward with this new venture."

The site is poised to become the Internet's premier "nose to tail" Web destination for pet owners and lovers. Connecting users through its compelling content, expert advice and information, this site will allow its members to share their love of pets with like-minded individuals, and provides a comprehensive assortment of pet related merchandise.

"The pet industry is a $23 billion a year industry and growing. This figure, coupled with the fact that there are more than 58 million households with pets in the US alone, makes this an extremely attractive space for us to be in right now," said McGovern. "This new site will "unleash" the power of the Internet to tap the emotional connection that people have with their pets and fulfill the needs of pet owners that are not currently being met either online or at brick-and-mortar locations."

Because of its affiliation with idealab!, the site is uniquely positioned to lead this emerging space. Having successfully launched a host Internet businesses such as eToys, Cooking.com, and the Wedding Channel, idealab! adds an invaluable knowledge base stemming from a proven track record. The company's ability to rapidly develop, launch and market Internet sites, as well as deploy technology that enables outstanding fulfillment and customer service, is unparalleled in the industry.

idealab! is an integrated incubator for starting and growing Internet businesses. Founded in March of 1996, the company has more than 20 businesses in various stages of development. In addition to venture capital, idealab! provides creative capital resources to infuse startup companies with the development strategies and financial support needed to rapidly introduce innovative products and services. idealab! itself currently employs 25 people, while idealab! companies employ more than 1000. idealab! is located in historic Old Town Pasadena, California and draws many of its creative people from Caltech, the Art Center College of Design and Hollywood.