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Futuristic Startups that Failed after the Dotcom Bubble Burst
By siliconindia
Boo.com
Founded by Swedes Ernst Malmsten, Kajsa Leander, and Patrik Hedelin, in 1999 the British internet company was a premier online location where the cool and the chic would be able to buy their clothes. Even beforeBoo.com had sold a single item, it was proclaimed as one of Europe's coolest companies by the Fortune magazine; but sadly, the hype the company got, didn't not match with its visitors and sales. The company had spent $135 million of the venture capital funds that it had received in just 18 months.
There were months of delay even prior to Boo.com's launch, and the users had lots of problems after its launch. The site was criticized for its poor design and was against many usability conventions. The aggressive growth plan, simultaneous launches in multiple European countries, on assumptions of the easy availability of venture capital. The fact was that capital for almost all practical purposes ceased to be available following the burst of the dot-com bubble.
The company hired in large numbers, without any sense of direction or knowledge about the number of people required, which led to high payroll costs. The company tried to doo too much, too soon, which led to its liquidation in 2000. The remains to the company were bought by Fashionmall.com; its software and technology were bought by Bright Station, and less than $ two million was earned by selling its remaining assets.
