It was obvious the Internet entrepreneurs were not nearly as interested in the food as the reporters. 'I just had a bagel earlier,' one said. 'Would you like a cigarette?' offered Ravi Sarathy, former Lehman Brothers equity analyst and now president of his own company. For the group assembled, technology companies in Asia are, fundamentally, their bread and butter. As one of the first people in Hong Kong to take the title of Internet analyst - Mr Sarathy is now president of iReality, a company launched less than two months ago. Mr Sarathy talks fast and earnestly, using technology language that one may or may not understand. What is surprising is the contrast between Mr Sarathy and his colleagues, Matthew Burlage, chief investment officer of iReality, and Manny Ayala, managing director of the firm. Mr Burlage was also formerly with Lehman and jumped ship the same time as Mr Sarathy. While Mr Sarathy is energy and promotion, Mr Burlage is Silicon Valley - wavy-haired and tieless - and happy to talk at length about his five children and inability to keep up a serious exercise regime. Mr Burlage has gone from the relatively protective world of investment banking to being in effect his own boss and while he said this meant he could turn off his telephone at 7pm and play with his children, such a move is a serious challenge in this sensitive market. These differences are indicative of what Mr Sarathy wants from the new firm, which is assembling people from all fields of business with different skills - be it in human resources, law, investment banking or the media. The services such a team can offer Internet companies to develop and expand will be exchanged for equity. The name iReality reflects the firm's purpose - to find the most 'realistic' approach to a sector in which Mr Sarathy predicts only five from 100 groups in Asia will become the Coca-Colas or Gillettes of the Internet world. It works like this: iReality is approached, or they approach a technology company that has a viable plan. IReality enables that company to move into an area that best suits it, guides it into the quagmire of the cyber world by assisting it to target the area that will make the company money and has specialist staff members to cover most business problems. 'All we are trying to do is create real businesses based on earnings,' Mr Sarathy said. Already, through its Lehman's connection, iReality has been negotiating with Chinadotcom Corp and Pacific Century CyberWorks. 'The people that we thought we'd be competing with want to do business with us, like Richard Li (Tzar-kai of CyberWorks),' Mr Sarathy said. Market sources said that in the United States, the word was that enablers were becoming a little bit like a shrink. Everyone had to have one. Others begged to differ. 'You've got to look at it two ways. You can look at them as the parasites of the Internet world, or they could be the Levi Strauss of the San Francisco gold rush,' one Internet entrepreneur said. 'Either they're the people that make money or they're the scum on the top of an over-stagnant pool,' he said.