Developing a Business in the Dot.com Era: Part I, Changing the World

I recently read an article in the Washington Post that has me reminiscing about some of my experiences during the "dot.com" era and the burst of the tech bubble in 2000.  The article is made up of interviews with 10 Washington DC area entrepreneurs about the dot.com period and the aftermath of the crash.   It has stirred some mixed emotions for me,  but has no doubt come at a good time as I am deep into thoughts of my next venture. I am reminded of the things that I really enjoyed about developing a business in the 90's as well as some of the things that I did not enjoy.

Over the next several entries, I plan to explore my lessons learned from that era.

Part I:  Changing the World

At that time in the 90's, I had this feeling that we were going to change the world.  It was an unrivaled feeling of optimism.  Probably a bit of cockiness too.  I went to technology conferences like Internet World and Red Herring, venture capital fairs and angel breakfast club meetings, and various network events for entrepreneurs.  The feeling of dramatic change was everywhere, and everybody seemed to have it.  It didn't matter what industry or sector, it seemed the Internet was going to revolutionize it.  I would walk away from those events thinking that we were all on the edge of something big, something very big.

In fact, we were on the cusp of something big.  It was the beginning of the digital revolution; a significant period in the world economy not that different from what the agricultural revolution meant to Europe or the industrial revolution meant to Britain and the U.S.  It was exciting times indeed.

The best part for me personally is that I felt like a participant, not a spectator.  I felt like I was contributing to the digital revolution. I believed the work of ApplyYourself was going to change universities forever--at least the world of student recruitment and admissions.  And it did.  Since its inception in 1998, ApplyYourself has helped transform the way college and university admission offices do business.  Thanks to the blood, sweat and tears of many ApplyYourself employees over those years, the vast majority of college applicants today will never see a paper application again.

Now I am not so naive as to think that the dot.com era was not for many people just an attempt to get rich quick.  I realize there were a lot of people jumping on the bandwagon trying to simply get their start up public, thinking that the path of IPO was the path to quick wealth.  In fact, it was for many people.  But it wasn't for me.

I didn't start ApplyYourself thinking I would get rich.  No doubt, making money was important to me, but if I had wanted a path to quick IPO or quick riches, I certainly would have picked a product with broader market potential, in more lucrative markets than college admissions.

The reality is that I had an idea that I believed in with all my heart and I couldn't let go of it (even at times when I probably should have).  I believed I could make a difference in the world.  This was my primary driver.

So, as I now begin anew, I am reminded how important it is to start a business for the right reasons; how important is to be passionate about the mission; how important it is to believe that we can change the world.  If I do this, I know success will follow.  And perhaps a bit of money too.

Stay tuned for more lessons learned from the dot.com era.

Next: Part II: Dot.com Era Gives Work Culture a Makeover