If you were one of the unlucky entrepreneurs who hoped to get on the bandwagon during Internet Bubble 1.0, but just didn’t get the funding you needed, it may be time to re-look at it to see if it makes sense to take it out of the ashes. It seems that there are a number investors who are talking about how there were some good ideas back then, but fell into the chasm of not enough bandwidth, concerns about security, or fear about using a credit card over the net.
Well, since these problems have been addressed, it might make sense to update your plan, bring it into the Web 2.0 environment, and shop it around again.
The February issue of Wired Magazine had an article on Allen Morgan of Mayfield Fund where he talks about his looking back at promising plans that were just not possible back in 1999/2000 for the reasons mentioned. The same for comments by Mike Boich of Interwest Ventures during a recent Podtech.net Podcast where he characterized the re-look at “taking a Mulligan” on some past plans.
I am sure there are a number of quality plans around Southern California that fell into this category. I am not sure whether there are a lot of entrepreneurs who are willing to subject themselves to the process again. For those stalwart individuals who are, this may be the opportunity you have been waiting for!