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Skyscanner, the online flight search company Mr Williams co-founded just as the last dotcom bubble burst, has climbed to the number-two spot in its sector through careful and cautious growth, not boosterish hype. It now has 20m unique visitors a month, who together spend more than £2bn a year.

While Skyscanner spent seven years building its model before seeking a first round of venture capital funding – £2.5m from Scottish Equity Partners (SEP) – market leader Kayak, which was founded three years later, has raised more than $220m, splashing the cash on acquiring competitors and primetime ads on TV.
via A carefully managed take-off –