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HISTORY OF THE INTERNET |
The dot-com bubble
The suddenly low price of reaching millions worldwide, and the possibility of selling to or hearing from those people at the same moment when they were reached, promised to overturn established business dogma in advertising, mail-order sales, customer relationship management, and many more areas. The web was a new killer app -- it could bring together unrelated buyers and sellers in seamless and low-cost ways. Visionaries around the world developed new business models, and ran to their nearest venture capitalist. Of course a proportion of the new entrepreneurs were truly talented at business administration, sales, and growth; but the majority were just people with ideas, and didn't manage the capital influx prudently.
The dot-com bubble burst on March 10, 2000, when the technology heavy NASDAQ Composite index peaked at 5048.62 (intra-day peak 5132.52), more than double its value just a year before. By 2001, the bubble's deflation was running full speed. A majority of the dot-coms had ceased trading, after having burnt through their venture capital, often without ever making a gross profit.
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