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Boo.com founder warns of new net bubble

Sweden among top ICT countries
Angels give Swedish app maker new muscles

Financial Times writes that the Swedish founders of Boo.com, the sports fashion website that became one of the most high-profile casualties of late 1990s dotcom excess, have warned of a new bubble in internet investments.

Ernst Malmsten said valuations being placed on some technology groups at the moment were “crazy” and “fuelled by greed”.

Still, he said there were clear differences between the internet environment now and a decade ago.

“It’s very easy for someone to come up with a brilliant idea now,”  Ernst Malmsten told the Financial Times. “In a couple of months you can have hundreds of millions of users.”

Boo.com was a British Internet company founded by Swedes Ernst Malmsten, Kajsa Leander and Patrik Hedelin that famously went bust following the dot-com boom of the late 1990s. In June 2008, CNET hailed Boo.com as one of the greatest dot-com busts in history.

Ernst Malmsten is now chief executive of the London-based luxury accessories group Lara Bohinc. Later this week he will launch a website for Lara Bohinc, his first new e-commerce venture since Boo collapsed in 2000.

Last Updated (Monday, 11 April 2011 15:46)


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