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June 08, 2005
The return of hubris?
I got a funny sense of deja vu Monday when an news alert came across my laptop: the Scripps media company had paid $585 million in cash for Shopzilla, an online shopping service with a funky name.
No one, not even the most arrogant of the venture capitalists, believes we will return to late 1990s days of the dot.com balloon. But are we beginning to talk ourselves back into a giddy optimism about the future of technology and the Internet? I took a pledge of resistance a long time ago and hereby renew my vow not to participate in a renewal.
As a leader of a public relations firm, that time was unprecedented: new companies would throw unbelievable amounts of money our way, demanding that we get them in the Wall Street Journal. Never mind that their products were not much beyond proof-of-concept. Didn’t have a revenue stream. They just thought the publicity would result in a life-changing event, i.e., some big company would acquire them and make them zillionaires.
Most of those companies long ago collapsed under the weight of their own hubris. But money and hope can have a way of changing things.
Posted Jun 8 2005 @ 05:34 AM
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