Pandora’s recent IPO is a good reminder that the tech industry is sometimes a game of attrition.The company was founded in 1999 and struggled for years — founder Tim Westergren went through more than 300 failed pitches to VCs and the company was essentially broke for more than two years. But Westergren and his investors persevered and Pandora is now worth more than $2 billion on the market.
But Pandora is not the only example: here are 10 companies that were founded during the Web 1.0 era and have survived long enough to cash in on the current boom.
Founded in 1997 as Jomax Technologies, hosting service GoDaddy.com got its current name in 1999 and is probably best known for its racy Super Bowl ads with online tie-ins. The company filed for an IPO in spring 2006, but canceled the offering a few months later because of uncertain market conditions. Could we be ready for a repeat?
Founded in 2000, this short-term car rental company went public earlier this year and is now worth more than $850 million.
This competitor to CafePress was also founded in 1999, although it didn't really get off the ground until 2005 when Kleiner Perkins and Google invested.
This online streaming music company launched in December 2001, just as the tech landscape was imploding, and was snapped up by RealNetworks a few years later. Real hit its own rough patch and spun Rhapsody off in 2010. It's still operating on thin margins, but there's been a resurgence of investor interest in cloud-based music -- plus big companies like Apple and Google getting into the game -- and with the most users of any U.S. subscription service, Rhapsody may be poised to take advantage.
Things were once so bad for Priceline that the company did a 1:6 reverse-split in 2003. But the last couple years have been golden, and share prices are up nearly 8 times since their $51 bottom in October 2008. Thanks William Shatner!
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