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NEW YORK Andrew Klein has started several businesses, including a beer company. But his biggest success came when he found a large, complex industry with an antiquated way of conducting business that created waste and was closed off to most participants.

That was in the mid-1990s, when Klein founded Wit Capital, an investment bank that popularized the auction method of public offering that Google ended up using when it made its stock debut. Now, 10 years later, he’s setting his sights on what he believes is a similarly inefficient industry that could use similar democratization: advertising.


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