In 1999, while we were still riding the up-curve of the dotcom boom, the industry was full of frenzied talk about the launch of Boo.com. This exciting technological revolution would propel online shopping into the 21st century, we were promised. The resultant site collapsed because of that very same technology being too hard to use and making the site so cumbersome that it never got out of the starting gates. Millions of dollars of investment went down the pan and hundreds of people were laid off.
Today, we no longer fall for fanciful stories of future success without proof of concept. The bursting dotcom bubble taught us that, but we are experiencing a new kind of bubble where emperors are appearing with their new clothes in the form of big players that will ultimately fall down.