"37signals' Fried, by the way, is a rare case in the Internet industry, in that 37signals has never had to raise a significant amount of venture capital." That

"37signals' Fried, by the way, is a rare case in the Internet industry, in that 37signals has never had to raise a significant amount of venture capital." That statement really shows how ignorant the business press is of the reality of business on the web. The vast majority of web companies never raise money. They are not glamorous, are not written about on the blogs every day, and many are very small, but some of them do become very large businesses as well.