Word: neeleman
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Where are they now? Rob Malda, founder of the news website Slashdot (profiled in September), has fostered hot newcomers like the pop-culture site Plastic.com by giving away valuable code for free. David Neeleman's jetBlue airline (January) celebrated its first birthday last month, took delivery of its 11th new Airbus 320 and prompted the Transportation Department to coin the term "jetBlue effect," which occurs when the upstart enters a market and fares dramatically drop. Richmond McCoy, whose real estate company UrbanAmerica (October) invests in impoverished areas, landed a $75 million credit line from Citigroup. And the edgy Catalan chef...
...Neeleman loved the potential he saw in New York City, largely considered a competitive hellhole for discounters. "Nineteen million people and no local low-cost carrier?" he asked after a press conference in December announcing jetBlue's millionth customer and third profitable month. "Even a small piece of this market...
...Neeleman, a hyperactive 41-year-old who sold a previous start-up to Southwest Airlines, can often be found flitting around jetBlue's gates at Terminal 6 at John F. Kennedy Airport, the company's home base, chatting with the passengers filling his spanking-new blue-and-white jets. From J.F.K., jetBlue flies to Burlington, Vt.; Fort Lauderdale, Fla.; Ontario, Calif.; and eight other cities. One-way fares range from...
Borrowing strategies from Southwest, Neeleman aims at routes where fares are high, uses only one kind of plane and treats his customers as if they actually matter. Before the first reservation was taken, Neeleman got more financing than any other start-up had ever seen, $128 million from the likes of George Soros and Chase Capital. Then he bought a handful of factory-fresh Airbus 320s, outfitted them with cushy leather seats and put a satellite TV at every...
...Neeleman has been equally successful at creating buzz. jetBlue's sophisticated, color-coordinated branding campaign extends from its hip ad copy--"jetBlue Airways brings humanity"--to the blue upholstery on the sleek, brushed-steel chairs in the terminal. It's a branding strategy for a company that's planning to be around a long time. Still, it's fair to ask Neeleman why jetBlue won't auger in like so many other start-ups. No problem, says the founder: "We're built for a recession. We've got some of the lowest costs in the industry and the best management...