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Old 10-11-2002, 04:20 PM   #1
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The Internet Bubble or Movie I just saw

I recently caught Startup.com on Skinemax (I think) and I have some comments I would like to share.

1. Did anyone see this piece of dreck? It is about how the founders started the government website Govworks.com. It shows how a bunch of motivated, underqualified 20-somethings raising $50 million to start an online site devoted to the government of NYC (pay parking tickets etc...)

It failed.

I actually knew someone who worked there who tried to get some of my friends to work there with the promise of stock options. Those stock options are worth, and I quote Chaz P. from the Usual Suspects here "not the paper the contract... is written on..."

2. I did not want to watch this as I knew about the company, but I got sucked into it due to the pomposity (a word???) of the founders. I got sick to my stomach as they talked wealthy venture capitalists into giving them literally millions of dollars to start this thing up. At one time they had 230 employees who are now probably thinking what the hell they could have done with their lives besides waste their time there.

3. I remember getting together with a couple of friends as we thought we werte going ot be the next internet millionaires. We had a great idea, business plan, and scheme to start a business which in hindsight due to the economy would have failed, but I still think it is a needed service. In any event, I myself sat in on some of these venture meetings and at the time was all excited about raising money to start a business, but looking back I would now feel terrible about takeing some guy's money and pretty much flushing it down the toilet.

4. I think the internet boom was an exciting time, and we were always 30 seconds away from quitting our day jobs to start something, I just look back and think what if...

5. It just goes to show how powerful a site like Interference can be with what I would guess minimal 'employees', addicted users, and wonderful content. Compare this place with a business like Kozmo who opened in at least 5 cities nationwide, bought millions of dollars in inventory, built a huge infrastructure backbone, and within 3 or so years is now nothing but one or two faded billboards on my way to work.



...thoughts???







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Old 10-11-2002, 06:07 PM   #2
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not one reply???
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Old 10-11-2002, 06:35 PM   #3
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Saw the movie it was a little fun to watch.

My other brother and his wife live in San Mateo and work in related fields. They have done pretty well.

In the nineties somebody told me these startup ideas were like farts, everybody was getting them and thought theirs did not stink.

I have a friend who lived in San Francisco, that guy, Gary somebody who started match.com was hot on her. She did not like him. He sold to Salon I think and got millions. He also registered sex.com. Somebody stole it from him. He filed a big lawsuit and got it back. My same friend was dating a venture capitalist. He was under tremendous pressure to find a project and fund. She stop seeing him before he did. I have friends that were 100s of thousands of dollars ahead, buying yahoo at $250 and selling at $325.

I remember being in a coffeehouse with my brother and him pointing out people to me and saying, ”ooh you know who that guy is? He stared such and such, I don’t know, wormmypuppie.com. That guy is big in the valley.”

Anyways, it was mostly a bunch of crap. A lot of people got in sold and got out. They are the smart ones or the lucky bastards.

Basically it was all a big ponzie scheme.


I don’t understand how AOL can't make money. Charging saps $24 a month. Must be bad management
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Old 10-11-2002, 06:35 PM   #4
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Re: The Internet Bubble or Movie I just saw

Didn't see the movie, but sounds interesting from your descriptions.

Quote:
Originally posted by ouizy
I actually knew someone who worked there who tried to get some of my friends to work there with the promise of stock options. Those stock options are worth, and I quote Chaz P. from the Usual Suspects here "not the paper the contract... is written on..."
Think of the people who invested hard cash for stock in a company that had a short history - and one of losing money.


Quote:
Originally posted by ouizy
4. I think the internet boom was an exciting time, and we were always 30 seconds away from quitting our day jobs to start something, I just look back and think what if...
The last half of the 90's we had an economy on ecstasy. Good thing we both didn’t get too close…

Quote:
Originally posted by ouizy
5. It just goes to show how powerful a site like Interference can be with what I would guess minimal 'employees', addicted users, and wonderful content.
I am getting addicted to this place. Makes sense that U2 fans are the coolest!
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Old 10-11-2002, 06:46 PM   #5
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I saw this movie and squirmed in my seat the whole time because my boyfriend and I started an online-based business, and altho we never went down the venture capital route, the interpersonal conflicts that arise out of only hiring your friends (who subsequently disappoint you) really hit home while watching this movie.

It's an important snapshot of that which is known as the Dotcom Boom.

It broke my heart to watch that movie because I live that movie. I have friends that live that movie - who even live in Silicon Valley and go to mixers with other like-minded unemployed dotcommers. This was real life.. this was reality for the Dotcom Bust.. and as someone who is actually making it in this business, I always count my lucky stars that I'm not one week away from a mixer.
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