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New Rules for the New Internet Bubble

Steve Blank

The Golden Age (1970 – 1995): Build a growing business with a consistently profitable track record (after at least 5 quarters,) and go public when it’s time. Dot.com Bubble ( 1995-2000): “ Anything goes” as public markets clamor for ideas, vague promises of future growth, and IPOs happen absent regard for history or profitability. (If

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Welcome to the Lost Decade (for Entrepreneurs, IPO’s and VC’s)

Steve Blank

Until 1995 startups going public typically had a track record of revenue and profits. Netscape’s 1995 IPO changed the rules. Suddenly there was a public market for companies with limited revenue and no profit. One of the ways most predictable ways for an investor to sell these shares was to take a company “ public.”