Selling securities to investors may never be the same

THE OLD WAY

THE PITCH           Underwriters appear before corporate execs
                    in ''beauty contests'' to win accounts.

DUE                 Underwriters study client company, interview
DILIGENCE           executives, customers, bankers. company.

WRITING THE         Bankers and lawyers laboriously fashion
PROSPECTUS          detailed descriptions of firm, finances,
                    plans, and risks.

THE ROAD            Executives hit road for days or weeks,
SHOW                meeting potential investors.

PRICING             Bankers poll potential investors by phone.
THE DEAL            Underwriter and company set offering price
                    per share, along with amount to be raised.

DISTRIBUTION        Institutions and wealthy investors get
                    first crack at securities.

THE EBIZ WAY

THE PITCH           Online ''pitch book'' easily answers such
                    questions as ''who is your technology
                    analyst?''

DUE                 Internet lets underwriters quickly gather
DILIGENCE           data on the

WRITING THE         Online drafting, speedy document reviews.
PROSPECTUS          Lawyers whisk drafts around by E-mail.

THE ROAD            Management makes presentations online.
SHOW

PRICING             Auctions, such as W.R. Hambrecht's, would
THE DEAL            reduce subjectivity.

DISTRIBUTION        Pioneers, such as DLJ Direct, distribute
                    more equitably.


DATA: THOMAS WEISEL PARTNERS LLC, BUSINESS WEEK