Welcome to Bookmarker!

This is a personal project by @dellsystem. I built this to help me retain information from the books I'm reading.

Source code on GitHub (MIT license).

103

The Dot-Com Firestorm

0
terms
2
notes

Krantzler, M. and Biondi Krantzler, P. (2002). The Dot-Com Firestorm. In Krantzler, M. and Biondi Krantzler, P. Down and Out in Silicon Valley. Prometheus Books, pp. 103-122

111

[...] Kaleil had just quit his high paying job at the prestigious Wall Street firm of Goldman Sachs. But he and Tom felt "ordinary" because they hadn't yet become millionaires at the age of twenty-eight. They had an idea they thought was the key to fame and fortune: they would establish a Web site that made it easier to pay parking tickets, pay taxes, and buy licenses through their GovWorks Web site. They kept convincing themselves that they were right and speculated how wonderful it would be for people to use their Web site at three in the morning to buy a fishing license from home or attend a town meeting from a Web site while in their underwear.

this makes me wanna cry/laugh cus the fishing license part is almost identical to how toby described gov.uk/pay (ie, a public service that no one is profiting from)

best part: they end up raising 60m in VC (mostly FOMO i guess)

—p.111 by Mel Krantzler, Patricia Biondi Krantzler 3 years ago

[...] Kaleil had just quit his high paying job at the prestigious Wall Street firm of Goldman Sachs. But he and Tom felt "ordinary" because they hadn't yet become millionaires at the age of twenty-eight. They had an idea they thought was the key to fame and fortune: they would establish a Web site that made it easier to pay parking tickets, pay taxes, and buy licenses through their GovWorks Web site. They kept convincing themselves that they were right and speculated how wonderful it would be for people to use their Web site at three in the morning to buy a fishing license from home or attend a town meeting from a Web site while in their underwear.

this makes me wanna cry/laugh cus the fishing license part is almost identical to how toby described gov.uk/pay (ie, a public service that no one is profiting from)

best part: they end up raising 60m in VC (mostly FOMO i guess)

—p.111 by Mel Krantzler, Patricia Biondi Krantzler 3 years ago
112

In the warp speed time of less than two years the tangible sixty-million-dollar investment turned into congealed snow. As the film documents their business descent into oblivion, the two entrepreneurs are shown in psychologically naked disarray, in contrast to their euphoric beginning. When their start-up began, there is a scene in a cab where both of them look at each other in amazement, with supernal delight in their faces. They say to each other: "We're going to become billionaires!" That is the high point of their ideals. It is evident then that creating a company as a public service had been the farthest thing from their minds. The money and power it gives was their driving force. (The curtain of public benefit is dropped in another scene in the film where a board of directors member speaks on how valuable a service the company is giving, and then says at the end, "And of course, make a lot of money!")

Later [...] Tuzman puts his hands together in prayer, and it's evident that he is not praying for peace in the world but for the survival of his business income [...] (GovWorks had never made a profit; it only generated the illusion that it would eventually make a profit. This is typical of all the startups that self-destructed at the start of the new millennium.)

Their obsession to become billionaires had defined their identity as human beings. And when they saw that dream of who they were to become vanish, the fallout from their disillusionment began. It took the form of a bitter breakup between two young men who were practically blood brothers since their high school days. To preserve his CEO status, Tuzman fired Herman, and Herman left in bitter, stunned disbelief. Tuzman's girlfriend broke up with him, for he devoting all his time to business, and she felt irrelevant.

The end of this documentary film leaves the two entrepreneurs as shells of human beings. They had invested their entire sense of themselves as men who had the potential of being admired for their wealth and power, but all they were left with was congealed snow in their hands.

cont'd from note 4462

this movie sounds amazing

—p.112 by Mel Krantzler, Patricia Biondi Krantzler 3 years ago

In the warp speed time of less than two years the tangible sixty-million-dollar investment turned into congealed snow. As the film documents their business descent into oblivion, the two entrepreneurs are shown in psychologically naked disarray, in contrast to their euphoric beginning. When their start-up began, there is a scene in a cab where both of them look at each other in amazement, with supernal delight in their faces. They say to each other: "We're going to become billionaires!" That is the high point of their ideals. It is evident then that creating a company as a public service had been the farthest thing from their minds. The money and power it gives was their driving force. (The curtain of public benefit is dropped in another scene in the film where a board of directors member speaks on how valuable a service the company is giving, and then says at the end, "And of course, make a lot of money!")

Later [...] Tuzman puts his hands together in prayer, and it's evident that he is not praying for peace in the world but for the survival of his business income [...] (GovWorks had never made a profit; it only generated the illusion that it would eventually make a profit. This is typical of all the startups that self-destructed at the start of the new millennium.)

Their obsession to become billionaires had defined their identity as human beings. And when they saw that dream of who they were to become vanish, the fallout from their disillusionment began. It took the form of a bitter breakup between two young men who were practically blood brothers since their high school days. To preserve his CEO status, Tuzman fired Herman, and Herman left in bitter, stunned disbelief. Tuzman's girlfriend broke up with him, for he devoting all his time to business, and she felt irrelevant.

The end of this documentary film leaves the two entrepreneurs as shells of human beings. They had invested their entire sense of themselves as men who had the potential of being admired for their wealth and power, but all they were left with was congealed snow in their hands.

cont'd from note 4462

this movie sounds amazing

—p.112 by Mel Krantzler, Patricia Biondi Krantzler 3 years ago