Behind every billionaire there is a story!

Spike Lee, Italian Billionaire Take on YouTube

A startup called Babelgum is looking to make splash in the  world of online video sites.  Babelgum site’s founder and  chairman, Silvio Scaglia decided to make Babelgum a big player and directly compete with YouTube. Scaglia is the founder of Fastweb, the second largest telecom firm in Italy.

http://www.babelgum.com/about.php

Read more about Bablegum here in Red herring :

The 48-year-old has already invested $13.2 million of his own money in Babel Networks and is prepared to invest another €100 million ($130 million) to get the company up and running over the next few years. Revenue is supposed to come from advertising.

http://www.redherring.com/Article.aspx?a=21800&hed=Battle+of+the+Billionaires&sector=Regions&subsector=Europe