Indeed, these new Internet ventures have a long way to go.
Like nearly every other Internet venture, it hasn't yet found a way to actually make money.
But other veterans of failed Internet ventures are still waiting.
Lately, he has also been trying to get people to invest in a new Internet venture.
More Internet venture dollars are chasing deals than ever before.
Which is a good thing, given the uncertainty about even the most promising Internet ventures.
Under his direction, the company invested in a handful of Internet ventures that never took off.
Sotheby's said that by the end of the year it would have spent $80 million on its Internet venture.
The key to future Internet ventures, analysts say, is information aimed specifically at a community.
Thomas has primarily invested in media and internet ventures to date.