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eBook Boo Hoo: A Dot.com Story from Concept to Catastrophe ePub

eBook Boo Hoo: A Dot.com Story from Concept to Catastrophe ePub

by Erik Portanger,Charles Drazin,Ernst Malmsten

  • ISBN: 0099418371
  • Category: Finance
  • Subcategory: Perfomance and Work
  • Author: Erik Portanger,Charles Drazin,Ernst Malmsten
  • Language: English
  • Publisher: Random House UK; New Ed edition (June 1, 2002)
  • Pages: 385
  • ePub book: 1291 kb
  • Fb2 book: 1434 kb
  • Other: doc lit docx txt
  • Rating: 4.7
  • Votes: 247

Description

A Do. om Story from Concept to Catastrophe. Ernst Malmsten- born in Sweden and knew Kajsa in kindergarten. He met her again outside a Paris nightclub in 1992.

A Do. Пользовательский отзыв - Kirkus. Riches-to-rags tale of an innovative European Internet concern. The two of them made millions by selling their first internet venture, bokus. com, to Bertelsmann (bo. om). Kajsa Leander- also born in Sweden, and 'discovered' by the famous Elite modelling agency.

Erik Portanger has been staff reporter at the Wall Street Journal for 18. .The book is nerve wrecking from start to end. You know it's going to end badly, but you still hope that somehow Ernst and his team will make it.

Erik Portanger has been staff reporter at the Wall Street Journal for 18 months and has been a journalist for over 10 years. Before working for the WSJ, he was a senior correspondent for the AP Dow Jones News Service for 5 years. Since Ernst Malmsten is both the founder of bo. om and the co-author of this book, you would expect trenchant analysis of the business and the frenzied Internet bubble of the time. But Malmsten has zero self-insight. Such a shame, because I really do think bo. om would have made it.

Charles Drazin, Ernst Malmsten, Erik Portanger, Kajsa Leander. Place of Publication. Ernst Malmsten: born in Sweden and knew Kajsa in kindergarten. Kajsa Leander: also born in Sweden, and 'discovered' by the famous Elite modelling agency. She modelled for two years at all the major catwalk shows, and made all the covers of the top magazines including Elle and Vogue. Erik Portanger has been staff reporter at the Wall Street Journal for 18 months and has been a journalist for over 10 years.

Boohoo Tells a Dot-Com Disaster Author and Bo. om co-founder Ernst Malmsten – who wrote the book in conjunction with Erik Portanger and Charles Drazen.

Boohoo Tells a Dot-Com Disaster. When reading the new book about the famous failed European fashion site Bo. om, it's difficult to pinpoint why it's so hard to muster up the requisite pity for the fate of its founders.

Start reading Boo Hoo: A Do. om Story from Concept to Catastrophe on your Kindle in under a minute

Start reading Boo Hoo: A Do. om Story from Concept to Catastrophe on your Kindle in under a minute.

Author: Charles Drazin, Erik Portanger, Ernst Malmsten. Title: Boo Hoo. You May Also Like. Children's & Young Adults' Fiction Books. Current slide {CURRENT SLIDE} of {TOTAL SLIDES}- People who bought this also bought. Alice's Adventures in Wonderland by Lewis Carroll (Paperback, 2015).

book by Charles Drazin. Boo Hoo : A Do. by Erik Portanger, Charles Drazin, Ernst Malmsten.

Ernst Malmsten, Erik Portanger. They don't seem to have heard of the concept of organic growth, or know anything about Jobs starting Apple in his garage, for example. Such a dazzling version of the boo phenomenon that as readers turn the pages they will be rooting for the company to survive even though they know the story ends in disaster.

Boo Hoo: A Do. om Story from Concept to Catastrophe: Ernst Malmsten, Erik Portanger and Charles Drazin. Shackleton's Way: Leadership Lessons from the Great Antartic Explorer: Margot Morrell and Stephanie Capparell. The Floating Brothel: Sin Rees. In Harm's Way: Doug Stanton. The Blue Planet: Alastair Fothergill, Martha Holmes, and Andrew Byatt. The Earth from the Air 365 Days: Yann Arthus-Bertrand.

This is the story of how an international model and a former poetry critic from Sweden dreamed up the most ambitious and glamorous internet start–up ever attempted; how they convinced the world’s biggest fashion houses and Wall Street investment banks to invest $135 million into their plan; and, ultimately, how they burned through all the money in just over a year. The rise and fall of boo.com is an insider’s look at the 18 months of euphoria that ushered in the dot.com era.

Comments

Dagdarad Dagdarad
An excellent (although maybe too long) peek into one on the most interesting start-up failures in Europe to date. The book is well written, with a fast pace and a chronological course of events which make it easy for the reader to understand whats going on.

With the benefit of hindsight, its really intriguing how investors would pour more than $130 mm into a company with nothing but a business plan and a couple of co-founders. A sign of the times, I guess. Anyways, there are some valuable and timeless lessons for any entrepreneur.
Wiliniett Wiliniett
The book is nerve wrecking from start to end. You know it's going to end badly, but you still hope that somehow Ernst and his team will make it. Such a shame, because I really do think boo.com would have made it.
Rleillin Rleillin
Once upon a time, there was a group of spoiled Swedish twenty-somethings, who didn't know how to properly run a business, but sure knew how to tell a good story, and raise a lot of money. They raised $135 million, and burned through the same amount in a matter of 18 months. One day they woke up and realized that they had no company, no future, no money, and no chance of bailing themselves out of this mess. BOO!!! How scary. This is a great book that epitomizes the days of dot.com mania. It is an enjoyable book, and reads like a novel. You will be amazed when you read how they raised he money, from whom they received it, and how they spent $135 million in 18 months. I really enjoy this book, and highly recommend it just for the fun of it. I'm not sure if it was ever published in the US. I bought it on a trip to Amsterdam.
Uris Uris
It's been over two years since I've read this book and still thought it was fun to review it. Why? Because this book is the embodyment of the Internet age / bubble. Being an IT business owner I can remember the days when money seemed everywhere and profit was nowhere... sigh, good old times.

This book will take you on a ride in the fast lane and tells about innovation, transpiration and... no common sense. Looking back it all seemed the economy would change, business would never be the same and teens were ready to become millionaires.

This story is the 'Easy Rider' of the internet age. Cult status!
Shezokha Shezokha
Ernst Malmstein and Kajsa Leander are a pair of chancers from the small Swedish town of Lund. Hardly the best start for building one of the world's biggest Internet start-ups. Malmstein's square glasses give him a kind of Lit-Geek style (although somewhat worryingly his favorite poem seems to be Rudyard Kipling's If) whereas Leander, the Scandinavian ice-goddess with attitude, wan looks could vaguely be described as "Mongoloid Heroin Chic".

The dynamic duo seem to have a talent for spending other people's money, designer labels, name dropping and consuming hard liquor, Absolute with grapefruit, of course. Sometime in the mid-90s they were having some success in Sweden selling English books [...] The venture didn't appear to be very profitable but was at the right place at the right time. They were bought out by a larger outfit and managed to bank a few million. Smarter people would not confuse good luck with talent and would have quit while they were ahead.

However in MalmsteinLeander's case it gave them an appetite for the "vision thing" and entrepreneurship. Flush with success and with Leander having once modeled a few clothes for Beneton, they decide to build an online global sports and urban fashion outlet, the clothing equivalent of Amazon.

Boo Hoo is basically an excuse from Malmstein as to why this all went so wrong, as CEO he recognizes that he is responsible but as he explains over some 300 pages it wasn't his fault. In charge but not in control. For me the book is interesting, for the last ten years I have worked as a Dot.Comtechnical troubleshooter. I'd avoided working for Boo. Despite flying everywhere by Concorde and consuming obscene amounts of Absolute Vodka the founders were tight fisted with most of the staff, "Stock options are a concept we were not to keen about", writes Malmstein. He didn't see why he, as the visionary should be handing out bits of his company to mere code monkeys. In the end they agreed to parcel out a miserly 4.2% of the company. Not that this would have changed much, the vision was flawed from the start.

What Boo set out to do was build a global fashion retailer and launch it, online, in less than a year. In the heady days of Internet time where 1 year was supposed to equal 7 that may have seemed realistic but given the number of investors that passed at Boo in the initial rounds obviously a lot of people saw the risks. However there were enough investors who were taken in by the emperor's new clothes. To a certain extent it didn't matter if an idea was sound, what counted was launching, controlling the burn rate and getting to that all important IPO when the investment banks and vulture capitalists would cash in by suckering in private investors. Timing was everything. Even Malmstein seems to have realized this was the real deal, even if he did have allusions to running a multi-million dollar company.

Malmstein fails to identify what the Internet is good for. He sees it as a sort of glorified catalogue shop. A way of selling physical goods to a widespread audience. He is presented with the dangers, existing catalogue shops operate in the bargain end of the fashion market, pile high and sell cheap and suffer eye watering return rates. Some customers, Malmstein notes "order clothes in 5 sizes return the 4 that's don't fit". Expensive for a retailer.

Boo runs into resistance from the fashion houses. They like to control their brands closely and don't want discounting. However at the time (and this is still the case to some extent) Internet retailing was driven by discounting to build market. Malmstein hoped that Boo would be so hip that customers would pay a premium to shop there. He asks his technical team to construct a complex 3D website with a virtual assistant, Miss Boo, with digital hair styled by a top hair dresser. All this when the norm for a home Internet user was a 33.6kbps dial up connection. Still the site looks good when demoed on the LAN to potential investors.

Malmstein describes the typical Boo employee as not having much management experience but bright and energetic and most importantly "plugged in to youth culture". A bit like Malmstein thinks of himself one supposes. Not surprisingly this is not the best ingredient for building a site that will launch in 18 countries. The site is 6 months late and is dog slow. The Industry Standard complains that it takes 81 minutes to order a pair of shoes with no discount and a week's delivery It would have been quicker and cheaper to drive to the Mall. I remember the site as being as slow as molasses and nowhere near as much fun. What was really off-putting was that prices for sports gear were more than I would pay in the high-street where I at least would be able to look a clothes and try them on. A potential investor asks if Malmstein has bought clothes from his own store. Not a chance as Malmstein and a colleague head out to Westbourne Grove to buy a Paul Smith suit. "This is how you shop" comments a colleague. Just who is Boo for? The proles who can't afford to fly Concorde perhaps?

Investors come and go. Somewhat prophetically Larry Lenihan tells them "you are making extremely aggressive assumptions about visitor numbers to your site and you are going to blow way to much money getting there". At this meeting Boo can't even supply projections for "conversion rate, customer acquisition cost etc." Another investor, this time from Federated is also concerned about burn rate and sales figures and even Alexander Fuchs from their long suffering investment bank JP Morgan tells them that "the burn rate was not supported by revenues" saying this is their last chance to sort things out.

The financial crises, and dramatic cost cutting with the firing of 50% of Boo's staff two months after launching do nothing to improve investors confidence. They draw the obvious conclusion. Malmstein fires the CFO and third Amigo Patrik Hedelin who Trotsky like is rapidly airbrushed from Boo's history but even Rachel Yasue, a financial expert hired from KPMG at £1,750 per day fails to get a grip on the impending crisis.

Malmstein sees the light at the end of the tunnel, unaware that it is an express train about to steamroller him and his dreams. Without a hint of irony he discusses portfolios with his shoe shine boy at the SoHO grand without drawing the conclusion of JP Getty before the Wall Street Crash. Reading a puff piece in the Financial Times Malmstein says that "it was impossible not to succumb to momentary hubris" but such thoughts are rapidly dismissed from his mind as he quotes "exponential" figures for 50 days trading, yes conversion rates were up from a miserable 0.25% to an unimpressive 0.98%. That is 99.02% of visitors stopped by without buying anything but the new lightweight economy is about burn-rate, not profits, people who didn't see that just didn't get the vision. Only Boo's multi-country logistics system seems to have more to do with the old economy than new.

The end reads like the last days in the Berlin Bunker. Malmstein continues giving his orders of the day and developing new visions. At the same time the burn rate is around $ 2million per week with a typical day seeing just 400 orders worth $110 dollars. That's around $280,000 per week, the same as a single clothes store on Oxford St. We don't know what profit, or loss, Boo makes on each order but it is sure the figures are just not there, certainly not for the $135 million that Boo has burned through in the last 18 months. Malmstein seems incapable of such analysis, instead blaming various people, except himself, for the straits he finds himself in. Somehow he even manages to take time out to advise Tony Blair, the British prime minister, on eCommerce. Presumably how not to set-up such a venture.

Boo Hoo is an important piece of history documenting the madness of the Dot.Com bubble. As a book it suffers the usual "ghostwriter" syndrome of being over written. The boo crowd can't just go for a drink but Elle
McPherson has to brush past and the horns of the Absolute Vodka Bull have to bear down on Ernst like some portent. The book is horribly full of name dropping and references to the brands Malmstein buys and he comes over as a bit of a Nordic hick from the sticks impressed by the bright lights of
London.

Malmstein strives to make the reader believe that he could have been a contender, could have been somebody, instead of just some punk from Lund, but he doesn't really convince.
Wizard Wizard
This is a fun and interesting read that leaves you in wonder and bemusement surrounding the tech boom. Its also a classic example of how ones enthusiasm for a business dream can run away with you, as well as a fine example of what not to do.

It also leaves you wondering "what if the business had more time", would it be the amazon of today? Reading between the lines you sense not all details are being exposed but empathy is felt when it all collapses.

If anything, its an exciting and leads you into a wonderland of the glory day of the tech boom, when everything was possible.

Highly recommended
Felhann Felhann
An awesome book, this book reveals the highs and lows of a dot com startup from the "ideas" to the "inverstors". Not really a book about computers and the internet but more about Ideas and people, a great book to read, couldn't put it down, passed it onto a few other people (including my mum) who liked it too. Deffinately worth buying if not only to catch a glimps of a dot com startup caught up in the internet bubble madnes! Hey Ernst how come you haven't reviewed your own book yet?
Great book about great ideas and great people... Book is a very easy to read as it gets more and more interesting the more you read it.. Great analysis of starting a dot com business in Europe, and comparison between EU and States.. Also this book is a must read on what not to spend the money on when starting own dot com company. :)
p.s. too bad Boo.Com did not work out, as i would be their #1 customer....