Albert Wenger, one of the owners of tumblr
At minute 31:
- Google did not invent keyword advertising
- GoTo, later renamed Overture, out of IdeaLab, invented it
- and were acquired by Yahoo
- Google improved upon the keyword search idea, turning keyword search into a viable business model
- They realised there needs to be such a thing as a quality score—i.e., you don’t myopically give the ad space to the highest bidder. Long-term revenue maximisation required asking what the users want, and not p***ing them off.