The Morning After In Dot Com Land

Nothing concentrates the mind like the prospect of being hanged. It was easy to start and run new companies when the stock market was throwing money at almost any Internet business. But with the era of cheap capital apparently over, New Economy companies are being forced to focus on the serious business of making profits. Dot-coms are closing left and right, while Internet pioneer Amazon.com Inc. has come under criticism for running big losses. Webvan Group Inc., the online grocery delivery service, announced on June 26 that it was acquiring rival Homegrocer.com Inc. to conserve cash, something that would have been unthinkable just a year ago.

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