It has occurred to me that certain analogy can be drawn between e-book publishing and electric car manufacturing—both need entrepreneurs with tremendous optimism and determination to produce solid results. Unfortunately, in the case of electric cars, Detroit has decided that it has spent enough money on it and killed the project recently. Fortunately, much less capital is required to bring the e-book publishing enterprise to full maturity, and thankfully the publishing industry has not pronounced e-books dead yet, although it has lost considerable enthusiasm, which is why I think Microsoft has a role to play and a chance to claim another victory in the arena of digital media.

Microsoft has $53 billion cash in the bank; 1% of that equals $530 million. With $530 million, Mr. Gates can, if he chooses to, simultaneously reinvigorate the e-book publishing industry and save thousands of trees.

|