Who lived through first Dot Com Bubble? Any stories to tell?
Just reading through Boo Hoo, a book written in 2001, illustrating the largesse of e-commerce startup Boo.com and how they spent $170m in less than two years most of it just to launch their first website.
Also watched startup.com a few years ago (https://youtu.be/ibuiUXOTE4M).
As a two time startup founder (post-2000), I find these stories fascinating.
Just wondering what differentiated those that succeeded / survived from those that failed
Some of the things seem ludicrous these days like:
- going IPO just after product launch
- outsourcing most of the tech development to over a dozen companies without proper version control
- going big from day 1 with TV commercials and multi country offices, and feature creep.
- hiring like crazy without any real revenue even for positions like customer support (Boo.com hired like 30 customer support staff in London before even launching)
- BD and managing consultant guys managing R&D
I realize that the concept of going lean was only a lesson drawn much later, but I'm curious if it's that what distinguished some of the winners (like Amazon) or was it just pure luck?
Would love to hear some stories.