Some 25 years ago I was shown round a “dotcom incubator”. It was a converted office building in London’s Clerkenwell. On each floor, there were huddles of young people, all dressed in black T-shirts, jeans and Converse, staring earnestly at computers. Each group was plugging a different ecommerce idea. Up on the roof, there was a terrace with a barbecue, bar, DJ booth, pot plants and giant bean bags. So cool, so out of northern California.
One group was selling pet food. I asked why people would buy their dog biscuits directly in quantity – how much did they actually need, did they have the storage, didn’t the likes of Tesco sell it already and how could they hope to undercut the supermarkets? I was looked at askance. Clearly, I wasn’t on message.
Soon after, the dotcom bubble burst.
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