The hallmarks of the internet, such as Gmail, Facebook and Twitter were brilliantly conceived ideas. A really bad one, as listed in the article, is Flooz.com.
According to the author, Flooz is basically a third-party company that you buy credit from, credit which you can then spend at selected retail outlets. Have they ever heard of money? Why would anyone needlessly convert cash in the bank to an online currency that can only be used at a limited number of stores? The only justification for this was also non-existant: there was apparently (and fatally for Flooz) little to no incentive for anyone to do so.
Other than laughing learning how some good ideas went really bad, I also finally realized what IPO stood for! It's an abbreviation for initial public offering, and it's essentially when a company offers public shares to the public for the first time. Seriously though, it makes me wonder how the billions of dollars wasted on these successful failures could have been put to better use. Like so.
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