Matthew Yglesias reminds us how crazy Web Boom 1.0 was during the late ’90s. There were a lot of companies whose business plan was:
- Raise venture capital money
- Use that money to do a bunch of marketing to “build the brand”
- Oh yeah, invent some kind of business, though it was kind of better if it didn't make sense
- IPO strong because the brand was well-known
People would tell you this in so many words, with a straight face. If you told them that this was not, y'know, a business, they would tell you, “You don't GET IT. This is the New Economy, man.”
The bullshit is thick this time around, but it's not that thick.