Dot.com to Dot bomb

Unexpected transition had been risen from the horizon where the giant network proprietaries like Prodigy, CompuServe, Genie, Yahoo, AOL, and Delphi could no longer survived and most of them dead right the launch of Word Wide Web project. Because of the rate that technology was changing made impossible the adjustment that this network proprietaries were needed to adopt. While their large number of consumers market disappeared to be part of new innovative network of networks “the Internet.” However, the transition of local networks into a magnificent internet was also happening so fast and it arrived the door of every network user.

This is why Prof. Andrew Fry illustrated what was happening like the world dinosaur where most of them disappeared. Because of they could no longer digested rate of change that happen to their Habitat and instantly they died.  The advancement of technology reached unprecedented level, where it grasped the attention of many people to invest early for small startup tech-companies that were capable of changing the way world use to do the business before. While this situation on the other hand created a financial bubble that over-value a small companies which has not make profit.

 

Finally, there were some reasons that was caused the bubble of Dot.com Dot bomb!

Over-excitement of investing new technology without unknowing the financial situations of those startup companies was a one factor.

Lack of institutional regulation about the tech-IPO and how those IPO should been traded. At the same time, how some companies go public was a part of the problem.

Suddenly, in March, 2000 the financial market in New York collapsed due to bad investment of tech-companies IPO and the shares of most tech-companies dropped half or more. While so many companies out of business in matter of days.

Our Speaker: John Dimmer

Luckily, we got John Dimmer as the last speaker of our Entrepreneurship course before the spring break. In fact, this was nice opportunity to listen John and asked him important question about how to find an investor for a business or how to choose a company structure such as C- Corporation, S – Corporation, LLC and Sole Proprietary. But, before we dive into the story let us mention the John Dimmer’s background briefly. John went University of Oregon and graduated with BS in finance. Then he found a job at Puget Sound Bank where he learned a consumer lending and debit collection.

Then in the early of 1994, John and our Professor Andrew fry had founded Free Range Media a software company that had created the first commercial website for car dealership and so many other great websites including the NFL website which was under Free Range Media contact for a while. Currently John owns different business includes the Firs Management LLC an investment company that has it headquarter in Tacoma Washington, a Honda Car Dealer located in Wilsonville Oregon and an Air Stream dealership that has different locations throughout the Pacific Northwest region and North California.

In his class presentation, John addressed few important topics such as how to attracted investment in your business and how choose the right structure of your business. And what are the legal aspect surrounding for each option of company structures while it is C-Corporation, S-Corporation, LLC or Sole Proprietary. He also illustrated two common business models. A traditional business model that are financial stable, and their revenue are always greater than their expenses in order they can make a profit. On the other hand, there is another model that focuses to control a large share of a market and later use the controlled market sold other companies. 

The Mission and Vision statement

Somteek Mission:

To innovate the way grocery and convenient stores handle the business by integrating a cutting edge pre-orderable mobile application that will minimize the customer’s shopping time and maximizes the efficient of their services.

Somteek Vision:

Our vision is to expend our business model cross the country and satisfy the needs of our clients by improving their business demand with sophisticated pre-orderable mobile application.

The Guest Speaker Amy Salin.

On Thursday, February 25 2016 we got an opportunity of listening the Assistant Director Buerk Center for Entrepreneurship at Foster school of Business in UW Seattle Amy Salin.  Amy was working the Center for a while, and she shared with us her experience about the Business Idea Competition that the center host every year. At the same time, she mentioned the resources that are made available for the student of University of Washington, as well as the students of the other Universities in Washington State too. The resources are kick start those student who are pursuing a dream of creating a business in the near future or has an entrepreneurial mindset to invent new product.

There are three different competition opportunity which are the UW Business Plan Competition, Health Innovative Challenge and Environmental Innovative Challenge. Those the major events that Amy stated during her speech at the class. She also informed us that, students can propose their business ideas, and may submitted seven page long executive summary of their business plan. Then if they pass the initial screening process as a contender they will go to the second round of the competition. At the second round each contender will meet handful of judge that are acting as a real investor, and the judge will invest the business Idea they likes with vague currency. Therefore who ever get the most investment will proceed the next round of competition.

Finally, Amy suggested that this is opportunity of both, get connected to the other students that has a talent and skill which your business Idea may need, or sake a networking for your business. Specifically, for those people who can give you a constructive criticism, feedback, or may connected you to a potential investor in the future.