Word: matchbid
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Dates: during 2000-2009
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Talk about a wild ride. Kristian Dicke and Richard Geibel, two Germans in their 30s who had been university roommates, launched their business-to-business exchange March 11, 2000. That was the day after the nasdaq peak, the beginning of the yearlong global tech-stock slide. Matchbid - which has since transformed itself into a software firm - has survived...
...friendship hasn't. The two former partners now only communicate through lawyers. Dicke is optimistic about Matchbid's future. Geibel has abandoned the New Economy...
...online world with Geibel. Their initial idea was to build a trading platform on the Internet to bring together buyers and sellers of industrial fasteners such as nuts, bolts and screws - the very products ABC makes. But the old-line manufacturers balked. In fact, Dicke's father was among Matchbid's foremost opponents, arguing that the Internet could destroy his business by increasing price transparency and driving down margins. Dicke tried everything to woo his father, including giving him a year's free membership in the exchange for his 70th birthday last September. "He couldn't convince his father - this...
...problem wasn't unique to Matchbid. Independent exchanges in the U.S. - models for Matchbid's business - began floundering. Internet analysts revised their predictions downward for the entire business-to-business market...