8th June 2006 - "The IT Bubble"

During my traveling and product launching in the past month I spent some of my time reading "The IT Bubble" by Peder Bjerge and Claus Thorhauge (Danish title is translated).

This piece of contemporary history got more and more exciting as I read through it; and in a very colorful way it captures the essence of the technologies and the moods of the markets during the 1990s decade. –the exact same period where I had my first entrepreneurial experiences…

Bjerge and Thorhauge follow some of the trendsetting Danish internet entrepreneurs during the period, and it is interesting to learn how much the mood of the markets in the late 1990s allowed them to do. In particular the idea that the potential of the internet show be harnessed before the competition meant that the traditional business paradigm of profits changed to a "first mover" paradigm, where all that mattered was market share. To the entrepreneurs that had been in the internet business since the early days this was new; however it seemed that if they wanted funding for their ideas, they would need to accept that top-line growth was all that mattered –at the dawn of the new millennium this was to prove a fatal strategy…

Much as we experienced in TARGIT, sometimes things takes a while longer than anticipated –especially if you are a technological first mover, late adoption by the mainstream is more the rule than the exception. What made the difference in the IT bubble was that the funding did not seem to have the same patience; and the rest as they say is history…!

Claus Thorhauge pointed out when signing my copy of the book, that the IT Bubble in reality was not just a bubble at all, it is a mere bump in the road for a future where the promising technologies arising from the internet has and will deliver global change. I guess that the only true mistake in the hype that sparked the financial crisis at the dawn of the millennium was the anticipation of a revolution, where in fact we should have been more patient and witnessed the actual evolutionary changes that were just as ground-breaking…!

If you have participated in the Danish IT Industry in the past decade, this book is in my opinion a "Must Read". ;-)

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