The Dot-Com Boom, Bust, and RebirthBetween 1997 and 2000, more than 12,000 Internet related businesses were started withmore than $100 billion of investors’ money. In an extended burst of optimism, and whatmany later described as irrational exuberance, investors feared that they might miss themoney-making opportunity of a lifetime. As more investors competed for a fixed numberof good ideas, the price of those ideas increased. Many good ideas suffered from poor implementation. Worse, a number of bad ideas were proposed and funded. More than 5,000 ofthese companies went out of business or were acquired in the downturn that began in2000. The media coverage of the“dot-com bust”was extensive. However, between 2000 and2003, more than $200 billion was invested in purchasing electronic commerce businessesthat were in trouble and starting new online ventures, according to the industry researchfirm WebMergers. This second wave of financial investment was not reported extensivelyin either the general or business media, but these investments quietly fueled a rebirth ofgrowth in online business activity. This second wave has given many online business ideasthat were poorly implemented in the early days of the Internet another chance at success.
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