The stories are legendary. Startups with no real business model and few prospects of building real companies went public in the late 1990s. Investors obliged, generating millions of dollars for corporate insiders, and before long, Silicon Valley had no shortage of firms bulging with cash and armed with little more than a pipe dream.
Then it all came a cropper. Interest rates rose, profitless companies burned through their cash piles and a nasty bear market set in. Stronger Internet companies like Amazon and eBay survived. Most of the flimsy concept endeavors like Pets.com and Boo.com flamed out, becoming … Read more