the dot-com boom
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April 2002
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engineering guy but didn't have any formal engineering
background. He had just spent eight years bumming
around the world. I think he was an English major.
JEFF tlvlNcJTOX, cofounder, Achieva.com I was working
as an investment banker in Atlanta at Merrill Lynch. My friend
Carlos Watson had gone to Stanford Law School and was
working as a management consultant in Palo Alto. Both of us
had jobs our mothers were proud of. We were making more
money than our parents ever did. But something was missing.
We didn't feel the work we were doing was important, and so
decided to go into business together. The decision to do it in the
Bay Area was partly because itt difficult for a couple of African-
Americans to start a new business among the good ol'boy networks
of Atlanta, and partly because the Bay Area was the place to
attract investment capital.
WH8
JoHN BATTELTE Let me say that Wired didn'r start in
South of Market because it was this cool, warehousey
neighborhood where all the artists lived. It's because real
estate was cheap.
KARL ,IA(OB Along with Wired and OnRamp, Dimension Xwas one of the first new-media companies in SoMa. We moved
into an old Hills Bros. building. The space rented for a dollar a
square foot. At the time, everyone thought engineers wanted to
live on the Peninsula. But there was little value placed on creative
engineering in the Valley. I was 26, and we had this brand-nevv
medium and very little raw artistic talent-we had to bring artists
into the blend. So it was a no-brainer to set up in the city. People
needed to have places to go after work to find things to inspire
and entertain them. I could never have started the companf in
St. Louis or even Redwood City. >
toHN EATTELLT was the original managing
editor of Wired and founded NewEconomy magazine the Industry Snndard.
ANDnsw BEEB! is a pioneering web designer
and cofounder of Bigstep.com, a web-
services company for small businesses.
Bltt EENroN is a vice president at CB
Richard Ellis commercial real estate. Hecofounded TekWork for dot-com clients.
ART BERLINER is an S.E native and a general
partner at WaldenVC, which invests inmany high-tech companies.
PATTY BERON took her pink slip fromSmartAge and launched sfGirl.com, once
the Net community's favorite party site.
She is now studying for the CBEST.
Ir{lcHAEt 3Rowil is a vice president at CB
Richard Ellis commercial real estate. Hecofounded TekWork.t{lcKEY BuTTt was executive editor ofthe Indusu'y Standard. He is currently
a freelance editor and writer in San
Francisco,
ct{Rlt CARlttoN is cofounder of Processed
World, a muckraking labor magazine,
and creator of Shaping San Fmncisco, a
multimedia history of the city.
tY cHouDl{uRY is difector of marketdevelopment at Wind Riveq an Alameda
software company for consumer devices.
By night, he is a lord of the rave scene.
IAATT FUKUDAT a creative director, has
worked for travel, rentals, and marketing
dot-coms.
tltA GANtltY is cofounder of Global
Network Navigator, acquired bY AOLin 1995, and Ofoto.com. She balances her
time between Groxis, Get Active, Ofoto,
and the .f ane Goodall Institute.
KARL JACoB founded the first fava start-up,
Dimension X; was an entrepreneur-in-
redidence at Benchmark Capital; and is
now president and CEO of Keen.com,
a live-advice marketplace.
loB ,UDD, a regular contributor to Road
& Tiacfr, was an auto-racing editor at
sports portal Quokka.com.cAnY KAMIYA is executive editor ofSalon.com. Previously, he was the books
editor at the San Fruncbco Exatninen
Koltl KATANo is a hairstylist at Elevations
Salon and a drummer for the rock bands
Exotic Lollipop and Chi Chi Palace.
tEttlE KArz served on the S.F. Board ofSupervisors from 1996 to 2001 and was
vice president of corporate affairs at
Petstore.com. Today, she's regional vice
president of regulatory affairs at Sempra
Energy.
JoE KnAUt is cofounder of Excite, the
once-popular web portal. He currently
works on intellectual-property issues.
sYrvlr tE lteR opened the doors to her
French restaurant Ti Couz in fune1992. They remain open.
,lff !lvlNctToN cofounded Achieva.com,
one of the first education sites.
tuttE l,tARlilo founded public-relations
firm Marino Inc., specializing in tech
and entertainment, in 1994.
cHUcK I{cBRlD; is North America Creative
Director at TBWA\Chiat\Day, the
advertising agency responsible for the
Pets.com sock puppet.
BoOTH ll.KlNNEY, sommelier, has worked
at Azie, LuLu, and Zibil:bo restaurants.
He now has much more time to devote
to his two children.
HAIJEY titlNoR, cofounder of pioneering
technology news site CNET, was
previously an investment banker at
Merrill Lynch in New York. He now
rides horses in Virginia.
ED MootE, lormer proprietor of the
Washington Square Bar & Grill, opened
Moose's in 1992. He calls himself "an
amateur urbanologist."BRAD NEtttHAlt{ has been driving for Yellou'
Cab since 1985. He is the author of Tafte
Me With You: A Round-the-World Journeyto Inuite a Stmnger Home.
tYrvla PAULL is an Internet marketingconsultant who founded GraceNet, a
networking organization for high-tech
women, in 1998.
BoB PEARL started White Rose Limousine
service in lune 1999, becoming a favorite
driver o[ the dot-com stars.pETER PLAIE is the author of a quartet ofnovels about the Mission District: Snitch
Faaory, Police and Thieues, One Foot offthe Gutter; and Angels of Catavrophe.
vARtHA nAo cofounded Eve.com, a cos-
metics site. Today, she is vice president
of category management at Keen.com.
TAXDY ROBERTjOx is the San Francisco-
based cofounder of international
investment bank Robertson Stephens.
rvAN notE is a senior associate at San
Francisco architectural, design, and
urban-planning firm SMWM.ANDnEw Rott cofounded Salon.com and
is now senior foreign editor at the Sd,
Francisco Cbonicle.TIFFANY tHLAIN is founder and creative
director of the Webby Awards.
tTUAnf tl(gRr'tAX launched Reel.com,
a movie site, and Hungry Minds, an
education site. Today, he's developing
a bricks-and-mortar pharmacy.
KAnA twltHFR is the "Boom Town"columnist at the Wall Steet Jountal.She has been reporting on tech in the
Bay Area since 1997.
FELICIA vAltNT! (Al{A FLEA) worked as a
cocktail waitress at Caf6 Mars during the
dot-com boom. She is now finishing her
teaching credentials and resides in San
Diego with her pet cockatiel.
REBE(CA WlltoN, a UC Berkeley grad, is
an exotic dancer at the O'Farrell Theatre.
She writes in her spare time.
lntroducinq ourcast-37 ri,holived to tell thedot-com drama
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PUB s3^rl
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pue ruonUJE pue o13uy JJ3.ry\ or{Ar stuer8rururr 3o a.rezrr
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-002 sll ur 3r.url lsrg or{r roJ lng ',ftI] srqt ur aq
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'uolssl I aqr,{lprcedse-peruro;suert Suraq surrr
.{rn eqr',(1qrsr,r d:an Fllalou ,lMd UlLld
iaraqt uo Suro8 ro1 e to11
'Ired oluaIAJJo tno te8 ol pepaau I suollepr
cr19nd 'eu1 oulrpry ,rapunol ,oxluvw lsns's1red argSo a^eq r.uprp 1r '1a,( ralag 'os
JJour uela sell\ of,srf,ue:C ues tng'1n3:apuo,u
sr rlf,rr{1!\ 'uoqelnur yeraua8 pue 8ur:aaur8ue
rqeua8 )rrezlq Jo qsrp r:rad e se.tr ,{a1pn uor
-qrg uroldals8lf 'rapuno;oe 'taltg trguo1v
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'putut s,tpoqfuane tmon ssaccns s,toga puo !{oot
I!t,t
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ccon()nr\'\\'ls:l g()()(l thing. I s:ricl rt',r,as great, beclusc itunlclshe(l pcoplc's inre.qinetions. Anrl thenk (iorl r,r'c hevc thcse
pcriorls u htrr pcople c:rn clrcam encl nothing sccms inrpossible.
lJesirlcs, now'l u'us st:lrtin.q k) gct $10 tips on $10 fercs!
vice president, CB Richard Ellis commercial real
estate I nr,,r'crl to Sun Frencisco in 1997 to join nr1,brothcrs in
the rkrt-conr boonr-thcv u'orkcrl firr F,vitc rrntl lntcrshop. I.itrt I
tlccitlcrl to:rlrpro:rch thc brxltr from :r rc:rl cstiltc l)crsl)cctivc. S()
'TNrikc P,r.*.n
",.u, *,^,:: ffi;":;::-::il.:::,,
clot-corn conrpanics thut r'r'lntc(l to bc in thc citr'. We kncu tlrcv
u'ere u conrplctelv neu' kincl of clientclc. Thcv tlicln't r,r'cer fincvclotlrcs encl golf i,r'ith their clicnts. \ilr'cl show' ul) to nrcct th(prcsitler-rt <,f e $l0t) million buckctl cor-rrpun\,. unrl hc'rl bc u'r'ar
ing jeans en<l a T-shirt lncl u'orking right nrxt to his rccc|ti,,rrist.
So'"r'c tlitchccl our shirts enrl tres enrl stertctl '"r'caring custrrrl
clothes oursclvcs.
vice president, CB Richard Ellis tr.l,,rr
of thc tech compunics originellv rnigretcrl to Sorrth ol
tr'lerkct. As:r resttlt, l:tnclkrrtls lntl rlcvcl,,Pcrs c()nvcrtc(l
thcsc olrl intlr.rstn:ri builtlings into oflicc propertics. It
\\'ls ll nc\\,ol)l)ortullitv firr trs to l)cnctrilte l rnarkct thrrt
u'as besicelll' unteppcrl.
It ."r'ls :r vcrl, ir-rccstrroLrs tintc'. Thc rclson
the clot-cort-ts :rll locrrtetl in this onc ureu south of N{arkct is thrrt
crcrl'1l11tru r,r'us about Pertnerships. Not to lncntion tltct' ue rtrccruitrng fiom r:ech othcr.
Whcn I rves u'ritins thc busincss plan firr Ili.qsrcp
in (lafli'(lentro in Sor.rth Perk, I h:rd to shiclcl nrv scrcen so tlr:rt
thc pcoplc Lrchincl nrc coulcln't rcecl r,r,het I r.r'es n'riting. Itlves like :r northern vcrsion of Il F'orneio in P:rlo Alto bLrt
u'ith e hilurious nvist: The c:rf[ u:rs fllletl r.r'ith pcoplc uith
Vanture capital invested' in Bay Araa start-ups
reeT-'e8> $9.8 billion//reee-2ooo> $S0.1 billion
April 2002 59
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r{
nc,uV co|r-r1r:urics using the lntcrnct to scll <log fixrcl or r,r'hetcrcr it
r'r'es. \itr qrrntlererl, "Hor'r'in tlie hell \\,es this gorng to sorki"general partner, WaldenVC NI.no, *.ns bcc.rr-
in.q so eusv to nrisc firr cmcrging Intcrnct corlpnuics that sonrc
of thcr-rr !\'eren t looking et it es if it n'crc lctr.tell),thcirs. I)r:oPlc
u'cre saying, "You tievc t() tlkc:l tliffcrcnt l]crsl)ectivc on llrofits.What's illrportllnt is rnerkct sherc. not proflt. Wc'\'c got tobcconre the murkct lceticr, en,l thcn ',r'c'll figurc otrt hou' to tultkc
mone\' 1lt sonrc unrlcllncrl timc in thc firttrrc."
cofounder, Salon.com T'hc n-regic u,ortI r'r'us .rr:r1r'.
I'rrrt,morc m:rchincs, brrY nrrrrc servcrs! s() y()u cAn scrve ttrillions
of rcarlcrs. Spcnrl hunclrt:tls of thousenrls of tlolllrs in lrlvcrtis-
ing to rcech yolrr r.n:trkct. \iru'r'c g()t to gr()$', \'ou vc g()t t()
incrc:tsc Yor,tr :ttttlicttcc. Yott'r'c got to h:tvc -irz1c.
Pcople tolrl us, "Spcnrl morc nronc\,, collect
nrore evesj lurcl rlott't u'orr\':tlrottt profits."
Thc ,tlrscncc of :r vi:rblc busrrtcss nrrxlel u us pr:tc
ticelly' rcquirecl to r:risc vcntrlrc c:rPrt:rl. If votr ecturrllv hutl ,rrre
thet maclc scnsc. \/or.r cortlcln't have bccn u rLrt-conr.
cofounder, Eve.com Wc hecl no beckgrountl tn
thc bceutv busincss et ell. I'irrt u'c got tirntling rn ubor.rt six rvtcks.
Wc u'entcrl :r n:lnc thut tl,piliccl \\'ollrcn unrl beuut\,, enri u'e
tlitln't r.r'ent u nilnre likc I-ilrstick.c()nr ()r s()mcthing tlret nlttlc itreallv obviorrs',r'hrt r,r,c',r'crc <loing. Evc r'r'us Pcrlcct. We thotr.ght
tcchnologt,olliccr at [)inrcnsion X crcltcrl u ucb pegc orr
tcchnitlrrcs firr slecpin.g untlcr vour rlcsk: Iiccp e blenkct enrl rr
pillor'r'. anrl Irere e grxrrl untlcrstuntling oluhen thcv turn ()fTthe
frcetin.q in thc brriltling lt nlr^ht, s() \'()u crn bc prcpercrl. trliscrv
Iot cs cott-r1rln\,, untl sri n'c ell bccurnt' trLrc fiicnrls.
[)Lrring (]hristnrls ol our flrst big t,clr, ,,ur
tcchnologv lost.i.0(i{) orrlcrs. (lone.,\ ri'irc crosscrl in our
tts.r)erc()rlrr).t.rs, ,rrri thc' *crc *,,,t.. ,.r";::,1..:" ,;. ;,,;thltt, ottr u'l-rolcsalcr u es shipprng orrr Inovics in orrr cornpetitors'
borcs firr u couple ln()ntlis, untl uc tlitln't knoi.v:rbout it. So tirr
months, pcoplc c:rllctl. I'iut uc he,l n.r'cr tlonc firlllllnrcnt bclirrc.-l'his
ues thc Intcnrct. Norrr',rius Iint's sh:rt u't u'crc tloing.
editor, Ouokka.com I n:rs irr r.rr\' 50s :rntl u ntin.g tirrIlntl i:.'l)ucl1,.rntl I tr:rrl r-rcrcr hcer,l o1-Qtrokke. Ierrircrl in thc
of the nltnre, lrntl thcn '"\'c \\'cnt to scc n'hcr
ovvncrl it as e rkrm:rin. It turncrl out to bc :r
six-vc:tr-olcl girl nenictl Evc Rogcrs. Shc
tlicln't r.r'ant to sell thc n:rme, but \\'c ncgoti-
etcrl. We n'nrlc a substentral cor-rtribution
to l'rcr collcgc firncl :rntl trxrk the f:rmilv tol)isnq'lancl. She also srlt ()n thc lxrer<l firr six tnortths.
I think it r'r'r,rke<l out rcellv rvcll lirr ell o1-trs.
Wc ncvcr r.r'cnt homc. N{r, chicf
*
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[M
April 2OO2 61
spring of '99 and always rernember one of our firstmeetings. It was with a BMW marketing guy. I took himto our conference room with its big carbon-fiber desk, and
we made srnall talk about Formula One racing. Our man,a!Jement guys drifted in, as if they had just come down from
cliffs. They were all pretty va!Jue about how we could help him.The guy didn't know what he wanted either; he just knewBMW should be doing something on rhe Inrerner. Someone
from our New York office gave a brilliant presentation, and theBMW guy says, "The one thing that puzzles me is how you'regonna make your money." And there was this slight silence
before our chairman said, "Franchise." And we all kinda went,
fianchise? Then he talked for five minutes, and it was some ofthe rnost persuasive, exhilarating stuff I'd heard in a long time.
But after :r pause, I looked around and knew we were all think-ing the same thing: "What the fuck did he just sayl" Everyone
wandered out, and the BMW guy left without any deal in hand.
II-KARA ly{[HER, tHE WAtt trnEEt TOURXAL
Two weeks later, I saw him at a desk at Quokka. They had hiredhin-r. He was doing something in marketing.5Y {!iss$t{R}r?y, director of market development, Wnd River
software Business started going through the roof, and my friends
and I, who were in our 20s and 30s, were making decent salaries,
between $80,000 and $100,000, plus options. I had a friend whoworked at Webviin, one at Critical Path, and another ar Red
(]orilla. Even my friends working at the Intels of the world were
getting great salaries, because the Intels wanted to make sure they
weren't losing these guys to start-ups. And once you make about
$60,000, you can st:rrt saving in the Bay Area.
ss ffiel*s*d co-owner, Moose's testaurant Herb Caen wouldhave liked the action, liked to see all the young people out in the
city making things happen. But it was shocking, and I think itwould have been shocking to him, to see 25-year-olds spending
rnillions of dollars on promises, on air. I couldn't believe it. I knewa couple of guys from brokerage houses and banks who financed
\ Change,in number oJ local
y [:r:i1ds earnins $1so'ooo
April 2002 63
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I
tru-ll e-u il;ill si-t'
'i llfl I'l[l *i.
our Super Bowl ad, the sock puppet was on
rhe Today show and Good Morning America.
He was a Macy's Day parade character.
Charles and Diana wanted to see hirn. He
had become the Ronald McDonald of the Internet.
iir!'riMr;lii{!-l!. From the middle of 1999 to the middle of 2000,
rhe Indusny Standard had the highest number of ads-almost all
from lnternet companies----of any magazine for any year in the his-
tory of publishing. That's 7,500 ads, all full pages. That's more than
Fortune, Brides, Netustueeft,. You name the magazine, we had more.
i::,,:r. {ts,Fisi{f Beginning in the fall of '99, there was an IPO
practically every ten minutes. It didn't matter what was going
public-eGravel, Dogfood.com; people wanted to get in on it. Itwas a huge equity orgy.
r ,r,*!]:- i?i:iirf-iil'iJtilN{ Banking firrls were rnaking a ton of tloney.
It was easy to do: Put your name on a prospectus and show that
it was a live cornpany. And even though it was losing money,
take them to anywhere from six to eight
meetings throughout the day at invest-
ment banks. We had phones in the back.
At that tirne, talking on a phone in a lim-ousine was $2.50 a minute. But that was
no concern to them. If I had six people in
the back of my eight-pack, I would have one pe rson on my phone,
and the five others would be on cell phones talking to different
investors and setting up meetings. The excitement was electrifying.
$Y CHO$PfiuRY Life was like a blurry movie. I wrs rentinga condo in Potrero Hill and decided to buy a nice loft. I had a
strategy that went like this. Monday: Decided to move out and
live by rnyself. Tuesday: Decided not to look for places to rent,
xs there were none. Thought, "fust buy." Thursday: Started loan-
approval process. Friday: Met real estate agent I found on
Somapro.com. Sunday: Walked into a new building where the
units had just gone up for sale. Decided that was the place.
Monday: Made offer. Wednesday: Offer was accepted. It took rne
just over a week. No kidding. The tech life is fast and efficient.
C{St'18" K&TA}iS I was absolutely enchanted by spending a lot ofrroney. Although I was only a hairstylist, I would eat out three
times a week and easily drop a hundred dollars in a bar u'ithfriends. I felt really justified, because everybody else was doing it.
,,
take it public. The VCs, rather than putting money into r com-
pany with a $10 million valuation, were investing in con'rpanies
at a $50 million valuation and taking ther.r-r public at a $500 mil-lion valuation. The companies then went into the after-rnarket
at a $1 billion valuation. Their performance was huge, their
returns were huge.
,,'':! liili:iii Our mantra at Excite was, "Don't watch the stock
price." But it was in.rpossible not to watch it. At its peak, it hit $145.
:.::\:ii.'.,1:"::: i\lli,t{.}il I was always talking:ibout stocks with the girls
in the dressing room. Sorne of the strippers didn't know what
they were doing, and their regulerrs would tell them,
"Oh, buy Cisco, buy this, buy that."
:rl,s F[:1rt]-, president/ White Rose Limousine We
drove all the CEOs around lor their IPO road shows.
We must have done a hundred road shows in 1999.
I'd pick them up at SFO at seven in the morning and
,t-CHUCK IICBRIDE, AD.AGENCY CREAIIVE DIRECTOR
S&n't K&M[Y& I can't deny I was infatuatecl and seduced by fab-
ulous dreams of untold wealth. I had received Salon stock that
on paper made me a millionaire, but only eight years before, I
had been rolling pennies together to buy food. Nor,r' it was like,"l'rn going to get loaded and lord it over everybocly. I'm going to
buy a faguar. No, a Reggie fackson-like stable of autornobiles!"
It felt fantastic. I'd like to find some of those old envelopes I used
to scrawl notes on: "When I pay off the mortgage and bu,v the caq
will there be enough n-roney for a country house l" It's so funnv.
STt,,*llT $KSqilAN Everything got bid up. Not just real estate. I
{rem} :' -j*:r+i ltt F}*,:k*r*i
liit::'r $sfeys the name existed, Silicon Valley
wds dn dr!a of orchards and tractors. Then
\(illiam Hewlett and David Packard, who'd
met as engineering students at Stanford, started
tinkering with computers in a garage, never
imagining the corporation that was to come.
r'liii :, :li.)tri[! lii lii$r) Innovdtion has always
been about individual passion and commit-
ment, not money. "l was hiendly with
%hoo!'s David and Jerry *hen lhey were
still at Stanlord and working out of a trailer,"
says Lisa Gansky, whose pioneering portal
was eventually bought by AOL. "When we
went to AOL, the sentiment of what we
were doing changed, and it became a whole
different thing."
ffi'{uuuenrnKY
NIIMIffiN'UW
ffi fffi.
ffiEi D<f,$ft^rgh( wr 'Fi - I <Ol DtR 6ATt PAnfi LIE tnnrnnncir<OlliItfl4t\E{W{ qrulLl
wXAT "Look, you fools, you're in dangerl"
says Donald Sutherland in director Philip
Kaufman's spooLy Sun Francisco remake of
the sci-fi classic, about aliens turning humans
into conformist pod people.
?rllY lT CO&l!$ ?0 I'tlxt The dot-com years
spa*ned a second coming o[ pod people
in the city. At least that's how historian
Gray Brechin, author o[ lmperiol Son
Froncisco, sees it: "The dot-commers were
so energetic and optimistic and just sappy,
because they really belieued that the boom
would go on (orever. A bus goes by and
lhese creepy people are looking out at
you, and you kno* they're just husLs of
human beings."
\ Execs whose bg.(srornd checks in 9OOO
7 :HT:?;S :[::t 3:il:;:fJr't?::
{recz} T[* sunnm!r sf Looe lf:grry$i:i:fi,,w*,qr When hippies, yippies, and free-love
advocates flocked to
the Haisht.
w$? {? {*s{E$ ?s ${lt{D
As the heart of the
hlgh-tech *orld, San
Francisco wds once
again the place to be
for freethinkers and
artists. 'A lot of art
has happened here,
including a golden age
of rock 'n' roll, before
it got to Ne* York,"
says Gary Kamiya of
Salon.com.
April 2002 67
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avAil RO3E The boom wasn't all about Young Turks \ /-ttooling around in Boxsters. The trickle ao*r, *", \ Change in S. F.'s population
Ti:.'.,'.*.i:;,?:::f"X['",H-"*1"J,'i:llffJ[: D' K'.ooio' +46,077 (to 801 ,377) llstarbucks .t^ri.d p"yi.'g $8.25 a., hour with u.r'.n,r. 7 PfeViOUS high ,rrot'775,357My first iob in architecture in 1990 was for $5 an hour.
sTuAnT sKoRltAN We got a big phone system at Hungry Minds.
Technicians were there. I said, "How do you like all these Internet
cornpaniesl" They said, "We just love Internet companies-they
never ask us what our prices are."
rvA* ltosc A lot of these free-spending dot-corns kept me and
rny friends ernployed for a long tirne. Our attitude was, bring iton. Local architects did office improvetnents for dot-coms like
Quokka, which spent millions on their improvements ar 475
Brannan. Many srnall firms did interior renovations for dot-coms
or residential work for newly rich people. Architects and design-
ers did new restaurants like Bacar, Azie, and Gordon's House of
Fine Eats, which thrived during the boon.r.
BOOTFI *tct{l}*NfY, sommeliet, Azie W. opened Azie at the apex
of the dot-com volcano, because we realized the der-nand for a
top-end establishn"rent. We bought the best foie gras and the best
caviar we could get. The wine list was the same way, because
there was demand for it. We had quite a few bottles over $1,000
and sold a couple of them a week. We sold a whole lot more $300
to $400 botdes.
JoHx EATTILLE I don't know how it happened, but all ofa sud-
den everybody in the city was 25 to 35 years old. I think the entire
graduating class of the Harvard Business School came out here.
ED l*oOt{ I referred to thern as the Schlag.com. Scllag is the
Gernan word fbr whipped cream. If you're in Vienna, you order
coffee with schlag. So we would be having a busy night, and six
or eight of these people who didn't give a damn about money
would come in. We'd sery, "Great, here they are again!" And
they'd want the best. We're not a boutique wine house. But if we
had any that cost $250, or if we had some Bordeaux, they'd want
those; they'd always take the most expensive. They would end
up ordering $1,000 worth of wine and three hamburgers.
Sll"l" BENTON In fanuary '99, one of our clients, eGroups, occu-
pied 2,000 square feet on Third Street. By )une, we signed them
for 15,000 square feet on Brannan. And by April of the followingyear, we closed a deal for 125,000 square feet on Market Street-a $72 rnillion transaction. In three years, the city would add eight
million square feet in commercial real estate-that's l0 percent ofan 80-million-square-foot market. And six million of those square
feet went to low- to no-credit dot-com or tech companies.
JOI4N gA,?TStl"9 The Indusny Sandard ended up with a campus ofseven buildings in a seven-block range. And with every lease, the
price went up $10 a square foot. By the
time we signed our last lease in early
2000, we were at $85 a square foot for
ten years. There were a lot of people,
including those on my board, saving,
"That's insane. You're a moron. No
one signs $85-a-square-foot leases for
ten yexrs.' Well. whet were we going
to dol Move to Emeryvillel We took
a poll, and half of our editorial staff
would have quit.
CHRIS (AFLSiOX My office is in the
Grant Building on Market Street,
and in the beginning of 2000, my rent
was $860 a month. The building had
been owned by a San Francisco fan-r-
ily for a long time, and at the peak ofthe market they sold it to these carpet-
baggers who figured they could come
in and make an easy killing. The new
corporate owners then raised the rent
to $2,600. And this is Seventh and
Market. Heroin central.
TlffANY 5HLAIN We had to move
our office out of South Park, because the landlord
raised the rent. I had seen so many things happen in
South Park, and this just was like, "Shoop, shoop, out
you go." At that point, it just felt greedy.
{S}.lL I{ATANO I play the drums in two bands, Exotic Lollipop
and Chi Chi Palace. For over a year, we practiced at Yosemite
Studios in Hunters Point, at Third Street, out in the boonies.
There were at least 50 studios in this one space-all musicians.
One day we were practicing, and the next day we were evicted.
A dot-com wanted to move in. The owners didn't care who they
were kicking out-they had more money, they had more power.
I always thought there was something wrong with that kind ofgreed. Something was gonna come crashing down.
$A|{PY ROBERTION I was always saying to my old friends in the
biz, "This bubble is not going to last, so don't get too far out there
in hiring too many people."
i0,.iX BATTILIE The bottom line is, we had to grow. I had a
magazine that had grown from 56 pages to 356 pages a week. I
needed more editors, reporters, designers, and salespeople. We
ended up hiring people who had no business being in the iob they
were in. Not because they weren't smart and hardworking; they
iust didn't have the experience. You put them in charge offinance or business development or web engineering and things
n*srye;de.Esdqfieeed,
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Ap"rl 2002 69
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are going to break. The system falls apart because you
don't have enough of the right components in the rightplaces. I never slept worse in my life and felt moreunsure of what the hell I was doing.
PETER PLATE In 2000, the Mission must have had something
like 200 dot-com companies in a two-mile radius. We wereexperiencing the highest residential eviction rates in the country.
You could see that entire blocks were being completely evicted.
The Mission was making news across the country and Europe
in terms of the influx of dot-com companies and the impact they
were having on our neighborhood.
ANDREW BEEBE The bottom line is that rhere were pracrically no
vacancies in the city. Bigstep moved into the Bay View Bank
building in the Mission because it had good access to public trans-
portation, cheap rents, and a lot of our en'rployees lived in the
area. It's true that we didn't move there because we thought itwas a great place for us to be a part of the cornmunity. Thatfrankly didn't factor in.
PtTtR PLATE I joined the Mission Anti-Displacemenr Coalirion
to light against gentrification. We were a few Anglo artists whojoined what was basically a Latino, working-class organization.We organized meetings and protests against the dot-com incur-
sions. We took over the Bigstep building, which had evicted
nonprofi t organizations.
ANDREW BEEBE About 15 or 20 people came in and took over one
of our conference rooms. The leader had a bullhorn. We tried to
talk to them. It was iust a media play. They got arrested. Andthat was it. There's no resentment; I understand these guys are
political activists. The fact is, we were aggressive about proving
we were good members of the community. We work with a
group that empowers women in the neighborhood to start their
own businesses and with the Hispanic Childcare Providers
Group, teaching them computer skills. We cleaned up parks and
helped paint shelters.
LEILIE KATZ Some of us at City Hall didn't want to see neigh-
borhoods change their unique makeup. But we did want to
encourage some development, because these companies were
helping to keep unemployment low. Latino mothers in the Mission
would tell me, "Thank goodness for these companies. They're
hiring my kids, so they won't get put out on the street."
PETER PTATE People were still outraged out of their minds. In the
summer of 2000, we had a near riot at a Planning Commission
meeting in City Hall. We went to the commission to discuss the
fact that they were not listening to the problems occurring in the
neighborhood and that they were encouraging illegal dot-com
and live/work developments. One member of our organization
got up to speak, and the Planning Commission head said, "Idon't need to listen to this," and called the bailiff on him. The
bailiff threw him down to the ground, twisted his arm behind
his back, and whipped out his mace canister. The whole roomjust exploded. The next thing we knew, the place was crawling
with county sheriffs, they've got their batons out, and we were
just going blow to blow. It was, frankly, a very exhilaratingmoment. And it was on National Public Radio, coast to coast.
LESLIE KATZ A lot ofnew live/work lofts had been built in the
past year, and I was absolutely on the side ofputtinga moratorium on their development. I was opposed to
Mayor Brown on this issue. They were supposed
to be housing for artists, but people were workingin them and not living, and vice versa. What San
Francisco really needs is rcsidential housing. But in classic
San Francisco fashion, all these developn-rent issucs bccamc
about politics instead c,f about policy. Thcrc was so muchfighting that the city missed an opportunity to collcct fces
fior-n the develc-,pers, who were the only ones who wcre doingwell in all of this, ancl put the n.roncy into af'flrdablc,housingfunds and iob-training programs.
IVAN ROSE I'm not one c,f those peoplc who got all upsct. like,"Oh, the gentrification t-rf thc Mission" or "Look at all rhesc lofis!"That's the nature of a city. Cities grow and rcspr.rnd tu gro'"vth
pressures. I agree that at a time whcn the city was so flush, I wish
both the governlnent and the loud public voices had trkcn a rnore
realistic look at the housing crisis. Rcnts sirnply gctt w'av too high.
A lot of creertive pe<-rple-architccts, cngineers, and graphicdesigners-moved t<,, the East Bay or out of thc Bay Area entircly.
They were part of the culture of the city, and rrow thcy'rc gonc.
iLEA, cocktail waitress, Caf6 Mars SoMa wasn't secdy and cxcit-ing anyrnore, like it was whcn I was going to industrial-gothclubs. Now, everybody secrned generic tr-r r-ne, B:uran:r Rcpublic ish.
Guys with leather jackets. Girls with their lirde updos, thcir hairin a little twist. Every drink, it seemed, was scrved "up"-,not ()n
the rocks, but up. Then therc w:rs the cigar cr:rzc. Rcmcrnbcr thatiKOHL KAIANO At our salon, we lost a lot of our clicnts: artists
and bohemians, graphic designers and illustrators-thc kind oipeople who usually end up here. That kind of ficakcd nre our.
It changed the whole feeling <,rf the city.
-fltcKEY BUTT', THE 'XDUttny
IIAXDARD
IUJIE i{ARINO There was definitely tension berwccn our industry
and artists and writers. But a lot of them wcre taking dot,conrmoney and then going to cocktail parties and puking on the
word dot-com. I'd hear that and I'd bc like, "Paging Dr. fekyll,Mr. Hyde has errrived."
SYLVIE LE MtR An overwhelming naic'rity of people had this
sense of entitlement. They were young. But even people whoweren't in the dot-corn industry took adv:rnt:rge of that tirne tcr
act however they liked. We're a fan-rily restaur:lnr. You can sir
with a book for three hours with a cup of cof'fee and you'll be
welcome. But we were pushed in a corner where everything had
to be quick, quick, quick. One night, someorlc erased the whole
board of names in front of hirn on the waiting list. It w:rs disas-
trous. The person who worked the door calne to urc in tears.
GARY KAIAIYA As you walked down the street, you saw dozens ofcars parked on the sidewalk with complete disregard fbr civility.Some of these people literally had the sensc that if they got a park-ing ticket every night it wouldn't n-rake any difl-erence to them.
They were like, "I've budgeted $600 a month fbr parking tickets."
PETER PTATE On the weekends, the restaurant crowd wouldcome to Valencia Street and park their cars on side streets. Iwould walk by and see row afier row of Lexus SUVs, CadillacSUVs, and BMW SUVs iust scraped to shit, the paint shredded
off the sides of the doors. Tires slashed. And on r-rccasion I canre
across a couple of cars that had been burned. And I thought,"People are very, very angry."
tutlE MARINO The animosity was painful. I lclt lumpcd in withthe locustlike people who rolled into town :rs fast as thc money
did and then left just as fast. That hurt. I was driving with a
lnternet jobs posted on Craig's ListFcbruary t4, !ooo> 542 /l kptemba l7,qoot> 24
April 2002 71
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speculxtive booms in history. The real
estate rnarket is probably half what itwas two years ago. Dot-corn stocks
are down 95 percent. You rarely see
stop-and-start traffic on 280 anyrnore.
And obviously, there are fewer
people en-rployed.
SUSIE liAnlHO After the fall, it was
like being a person who goes on
vacation and has a torrid love affair.
She comes back to her apartment and
goes, "What the hell was that? What
do I do with this experience l" It's
bittersweet. It's hard to chalk it up as
either regret or bliss. It's somewhere
in between.
3OB ,UDD So rhe Titanic sank and
left a big hole in the local economy.
A lot of people had a lot of money for
a little while. They're gone, and it's
gone. But they've left behind a legacy
of technology that will continue toevolve and pay off really big for
people in the future.
6ARY I(AMIYA There's that great line
in On the Road, "h lvas the end of the
continent; they didn't give a damn"-the sense that being pressed to the
complete end of the American myth-
ological frontier triggers something
special in us. Maybe I'm clinging
to the kind of illusion you can have
only after five bourbons in Vesuvio,
or searching for the heart of a
bohemian San Francisco that doesn't
exist. But I like to think there is
something specific about the San
Francisco ethos that created the dot-
cor-n phenomenon. It did happen
here. Not anywhere else.
Cl{Rll (ARLSION There's this kind ofshallow, blind, An-rerican ideology
that says, "If it's technology, it must be
good." No wonder all of these young
people went gaga. "Hey, look!" they
said. "I'm playing with computers.
This is cutting-edge. We're helping
people shop for red wine better."
They actually thought they were
doing sornething good for humanity.
How could you possibly think thatlCHUCK McBRIDE People who acted
bravely are now seen as irresponsible.
But I don't think you can punish
everybody for having tried. Rocke-
feller didn't behave any differently.
All the East Coast empires didn'tbehave differently. The whole idea ofthe Internet as a great tool for market
expansion is real. It worked. Now itjust has to be better understood.
LESLIE KATZ This is an industry that
was founded on creativity and got
detoured by a lot of the greed. >
Ou/ "f
t6n TDnn{'
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Cjlar "'/
7/lr' t i\iu I,
j-") *r'N -t7-
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Ap"rl 2002 143
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ffWe've gained a little bit of dignity back.The same young people come into the restaurant now,but witfi humility in their voice". They say a nice little *oid. lt'seems to be true everywhere.fi
-tYtvtE tE mEn, nEIIAURANT oliltER
because it was a lot fun. But I got as much out of it as I could. Ifyou went traveling to Europe for 20 months, you would look
back and say, "That was so great," but you probably aren't going
to do it again. Now I'm always having people over for dinner.
During the boom, no one had anyone over for dinner.
lllCKEY BUTTT By the time it was over, I was glad to be back to
normal. I look at pictures of myself from that time and can't
believe how fat and tired I looked.
tUtlE lilARll{O If I do get back into a rat race, I want to continue
doing yoga every day for two hours. I'm not really smoking. Iwant to keep that going.
FLEA I'm finishing up my teaching credentials in San Diego. It's
a much different life. I go to bed at nine now instead of five inthe morning.
HALTEY llltlOR It's the first time in years that I'm not running a
company. I have young children whom I haven't spent as much
time with as I would like. My mother is a horse breeder, and Iown a horse farm in Virginia. It's a better environment for my
kids than the city. And I can work remotely from there.
TTUART SKORIiAN I took an l8-month vacation. My partner and Iwent swimming with dolphins. Mostly in very remote places in the
South Pacific, the Caribbean, and New Zealand. I got skinny,
strong, and healthy. I had failed, and it hurt. But now my ego has
gone out to sea with the wild dolphins. They don't care that I failed
and lost millions. They care if they can teach me how to swim,
because humans are bad swimmers. They feel sorry for you.
TANDY ROBERTIOII The entrepreneurial spirit is not dead in the
Valley or the city. Thank God.
KARA tWltHER Mistakes were made. But come on, this wasn'r
exactly brain surgery. So we shouldn't go too far in the otherdirection in condemning it. At the very heart of it, the Internetrepresents a big idea about communication, communiry and link-ing people around the world in a very profound way. It always will.tltA CAXTKY I've personally put money into entrepreneurial com-
panies in the last year. I like to support people who are smilingout of context. It's self-fulfilling.HALTEY tt{IXOR The city's come full circle. There's not a lot ofcapital, real estate is coming down, and the economy is trying toshake out of a slump. It's a great time to build companies. Itwouldn't surprise me to see another bubble in five to ten years.
ART BERIINER During the boom, it didn't seem completely far-
fetched to think that the Internet would be a catalyst for San
Francisco to have more innovative ad agencies and designers, tobecome a major creative center. It still doesn't seem unreasonable
to me. All sorts of amazing people were drawn to this. They'regoing to figure it out.
TIFFANY tHtAlX I just went ro a Wired book party and realized
it was made up of all the people who were here back in'95. Nowwe're back with people who believe in technology and its humanpotential. Itt refreshing; it feels like we can all breathe again.
KARI ,ACOB You have to laugh when you look back and see whathappened. Because now, it's back to the old gang, the entrepre-
April 2002 145
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