April 2002

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engineering guy but didn't have any formal engineering

background. He had just spent eight years bumming

around the world. I think he was an English major.

JEFF tlvlNcJTOX, cofounder, Achieva.com I was working

as an investment banker in Atlanta at Merrill Lynch. My friend

Carlos Watson had gone to Stanford Law School and was

working as a management consultant in Palo Alto. Both of us

had jobs our mothers were proud of. We were making more

money than our parents ever did. But something was missing.

We didn't feel the work we were doing was important, and so

decided to go into business together. The decision to do it in the

Bay Area was partly because itt difficult for a couple of African-

Americans to start a new business among the good ol'boy networks

of Atlanta, and partly because the Bay Area was the place to

attract investment capital.

WH8

JoHN BATTELTE Let me say that Wired didn'r start in

South of Market because it was this cool, warehousey

neighborhood where all the artists lived. It's because real

estate was cheap.

KARL ,IA(OB Along with Wired and OnRamp, Dimension Xwas one of the first new-media companies in SoMa. We moved

into an old Hills Bros. building. The space rented for a dollar a

square foot. At the time, everyone thought engineers wanted to

live on the Peninsula. But there was little value placed on creative

engineering in the Valley. I was 26, and we had this brand-nevv

medium and very little raw artistic talent-we had to bring artists

into the blend. So it was a no-brainer to set up in the city. People

needed to have places to go after work to find things to inspire

and entertain them. I could never have started the companf in

St. Louis or even Redwood City. >

toHN EATTELLT was the original managing

editor of Wired and founded NewEconomy magazine the Industry Snndard.

ANDnsw BEEB! is a pioneering web designer

and cofounder of Bigstep.com, a web-

services company for small businesses.

Bltt EENroN is a vice president at CB

Richard Ellis commercial real estate. Hecofounded TekWork for dot-com clients.

ART BERLINER is an S.E native and a general

partner at WaldenVC, which invests inmany high-tech companies.

PATTY BERON took her pink slip fromSmartAge and launched sfGirl.com, once

the Net community's favorite party site.

She is now studying for the CBEST.

Ir{lcHAEt 3Rowil is a vice president at CB

Richard Ellis commercial real estate. Hecofounded TekWork.t{lcKEY BuTTt was executive editor ofthe Indusu'y Standard. He is currently

a freelance editor and writer in San

Francisco,

ct{Rlt CARlttoN is cofounder of Processed

World, a muckraking labor magazine,

and creator of Shaping San Fmncisco, a

multimedia history of the city.

tY cHouDl{uRY is difector of marketdevelopment at Wind Riveq an Alameda

software company for consumer devices.

By night, he is a lord of the rave scene.

IAATT FUKUDAT a creative director, has

worked for travel, rentals, and marketing

dot-coms.

tltA GANtltY is cofounder of Global

Network Navigator, acquired bY AOLin 1995, and Ofoto.com. She balances her

time between Groxis, Get Active, Ofoto,

and the .f ane Goodall Institute.

KARL JACoB founded the first fava start-up,

Dimension X; was an entrepreneur-in-

redidence at Benchmark Capital; and is

now president and CEO of Keen.com,

a live-advice marketplace.

loB ,UDD, a regular contributor to Road

& Tiacfr, was an auto-racing editor at

sports portal Quokka.com.cAnY KAMIYA is executive editor ofSalon.com. Previously, he was the books

editor at the San Fruncbco Exatninen

Koltl KATANo is a hairstylist at Elevations

Salon and a drummer for the rock bands

Exotic Lollipop and Chi Chi Palace.

tEttlE KArz served on the S.F. Board ofSupervisors from 1996 to 2001 and was

vice president of corporate affairs at

Petstore.com. Today, she's regional vice

president of regulatory affairs at Sempra

Energy.

JoE KnAUt is cofounder of Excite, the

once-popular web portal. He currently

works on intellectual-property issues.

sYrvlr tE lteR opened the doors to her

French restaurant Ti Couz in fune1992. They remain open.

,lff !lvlNctToN cofounded Achieva.com,

one of the first education sites.

tuttE l,tARlilo founded public-relations

firm Marino Inc., specializing in tech

and entertainment, in 1994.

cHUcK I{cBRlD; is North America Creative

Director at TBWA\Chiat\Day, the

advertising agency responsible for the

Pets.com sock puppet.

BoOTH ll.KlNNEY, sommelier, has worked

at Azie, LuLu, and Zibil:bo restaurants.

He now has much more time to devote

to his two children.

HAIJEY titlNoR, cofounder of pioneering

technology news site CNET, was

previously an investment banker at

Merrill Lynch in New York. He now

rides horses in Virginia.

ED MootE, lormer proprietor of the

Washington Square Bar & Grill, opened

Moose's in 1992. He calls himself "an

amateur urbanologist."BRAD NEtttHAlt{ has been driving for Yellou'

Cab since 1985. He is the author of Tafte

Me With You: A Round-the-World Journeyto Inuite a Stmnger Home.

tYrvla PAULL is an Internet marketingconsultant who founded GraceNet, a

networking organization for high-tech

women, in 1998.

BoB PEARL started White Rose Limousine

service in lune 1999, becoming a favorite

driver o[ the dot-com stars.pETER PLAIE is the author of a quartet ofnovels about the Mission District: Snitch

Faaory, Police and Thieues, One Foot offthe Gutter; and Angels of Catavrophe.

vARtHA nAo cofounded Eve.com, a cos-

metics site. Today, she is vice president

of category management at Keen.com.

TAXDY ROBERTjOx is the San Francisco-

based cofounder of international

investment bank Robertson Stephens.

rvAN notE is a senior associate at San

Francisco architectural, design, and

urban-planning firm SMWM.ANDnEw Rott cofounded Salon.com and

is now senior foreign editor at the Sd,

Francisco Cbonicle.TIFFANY tHLAIN is founder and creative

director of the Webby Awards.

tTUAnf tl(gRr'tAX launched Reel.com,

a movie site, and Hungry Minds, an

education site. Today, he's developing

a bricks-and-mortar pharmacy.

KAnA twltHFR is the "Boom Town"columnist at the Wall Steet Jountal.She has been reporting on tech in the

Bay Area since 1997.

FELICIA vAltNT! (Al{A FLEA) worked as a

cocktail waitress at Caf6 Mars during the

dot-com boom. She is now finishing her

teaching credentials and resides in San

Diego with her pet cockatiel.

REBE(CA WlltoN, a UC Berkeley grad, is

an exotic dancer at the O'Farrell Theatre.

She writes in her spare time.

lntroducinq ourcast-37 ri,holived to tell thedot-com drama

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e Sulurocag se^\ tI 'auo Jaqloue se,!\ srql pue 'qsn.r plo8 aql uo

prpuno; servr dlrc srq; ,fuors orsrf,uerC uug ,fue,r E s,U ItOu xvA3'srrnlnJ

PUB s3^rl

1lA3U U.lr\O Jrer.ll IJBIS ot pooqroqqSrsu 3ql ol JruoJ p?q

pue ruonUJE pue o13uy JJ3.ry\ or{Ar stuer8rururr 3o a.rezrr

e Sunuelradxa se.ry\ uorssrJ4J aqt ',{:olsrq .rea,{

-002 sll ur 3r.url lsrg or{r roJ lng ',ftI] srqt ur aq

Plnol I tBr{^tr Jo uorsr,r ,{u; 1g Pue PIro^\ aqr

J3Ao IIB urorg stuer8rruu-rr ssulc-8ur1lol{ Jodn apeu; se^{ lI 'eru prtlurlt" ter{.ry\ Erer{t puv'uorleu Jr{t ur sa^EIruJ f,ruqlerllnu '1e:nt1nr-,{1od ,Y'a3 f.ral eqr;o euo uaJq s,{.u,tr1e peq r1

'uolssl I aqr,{lprcedse-peruro;suert Suraq surrr

.{rn eqr',(1qrsr,r d:an Fllalou ,lMd UlLld

iaraqt uo Suro8 ro1 e to11

'Ired oluaIAJJo tno te8 ol pepaau I suollepr

cr19nd 'eu1 oulrpry ,rapunol ,oxluvw lsns's1red argSo a^eq r.uprp 1r '1a,( ralag 'os

JJour uela sell\ of,srf,ue:C ues tng'1n3:apuo,u

sr rlf,rr{1!\ 'uoqelnur yeraua8 pue 8ur:aaur8ue

rqeua8 )rrezlq Jo qsrp r:rad e se.tr ,{a1pn uor

-qrg uroldals8lf 'rapuno;oe 'taltg trguo1v

666t ot L66'

zsld lHl

'putut s,tpoqfuane tmon ssaccns s,toga puo !{oot

I!t,t

t,

ccon()nr\'\\'ls:l g()()(l thing. I s:ricl rt',r,as great, beclusc itunlclshe(l pcoplc's inre.qinetions. Anrl thenk (iorl r,r'c hevc thcse

pcriorls u htrr pcople c:rn clrcam encl nothing sccms inrpossible.

lJesirlcs, now'l u'us st:lrtin.q k) gct $10 tips on $10 fercs!

vice president, CB Richard Ellis commercial real

estate I nr,,r'crl to Sun Frencisco in 1997 to join nr1,brothcrs in

the rkrt-conr boonr-thcv u'orkcrl firr F,vitc rrntl lntcrshop. I.itrt I

tlccitlcrl to:rlrpro:rch thc brxltr from :r rc:rl cstiltc l)crsl)cctivc. S()

'TNrikc P,r.*.n

",.u, *,^,:: ffi;":;::-::il.:::,,

clot-corn conrpanics thut r'r'lntc(l to bc in thc citr'. We kncu tlrcv

u'ere u conrplctelv neu' kincl of clientclc. Thcv tlicln't r,r'cer fincvclotlrcs encl golf i,r'ith their clicnts. \ilr'cl show' ul) to nrcct th(prcsitler-rt <,f e $l0t) million buckctl cor-rrpun\,. unrl hc'rl bc u'r'ar

ing jeans en<l a T-shirt lncl u'orking right nrxt to his rccc|ti,,rrist.

So'"r'c tlitchccl our shirts enrl tres enrl stertctl '"r'caring custrrrl

clothes oursclvcs.

vice president, CB Richard Ellis tr.l,,rr

of thc tech compunics originellv rnigretcrl to Sorrth ol

tr'lerkct. As:r resttlt, l:tnclkrrtls lntl rlcvcl,,Pcrs c()nvcrtc(l

thcsc olrl intlr.rstn:ri builtlings into oflicc propertics. It

\\'ls ll nc\\,ol)l)ortullitv firr trs to l)cnctrilte l rnarkct thrrt

u'as besicelll' unteppcrl.

It ."r'ls :r vcrl, ir-rccstrroLrs tintc'. Thc rclson

the clot-cort-ts :rll locrrtetl in this onc ureu south of N{arkct is thrrt

crcrl'1l11tru r,r'us about Pertnerships. Not to lncntion tltct' ue rtrccruitrng fiom r:ech othcr.

Whcn I rves u'ritins thc busincss plan firr Ili.qsrcp

in (lafli'(lentro in Sor.rth Perk, I h:rd to shiclcl nrv scrcen so tlr:rt

thc pcoplc Lrchincl nrc coulcln't rcecl r,r,het I r.r'es n'riting. Itlves like :r northern vcrsion of Il F'orneio in P:rlo Alto bLrt

u'ith e hilurious nvist: The c:rf[ u:rs fllletl r.r'ith pcoplc uith

Vanture capital invested' in Bay Araa start-ups

reeT-'e8> $9.8 billion//reee-2ooo> $S0.1 billion

April 2002 59

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gt^\orE 9of t22ur ot P2P22uslrun busnoll pzrv ApB MzN

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srrrl r{tr,\\ sur:r eiit:qru8 pulroru p.rll)l)ntl y:t:rl etlt trr

rr.rLrr Irulcl palil:-elpprur rJclLurturr I 's()cloq l)utlsLrmc'l Jo-] 1.rucl ,(lr:-.reuur sltlt su.\\ tt s()1. Jtli ul

JsnuJJII'Iq]l lsrtrt)-lrqtlu;3'lur11-o.,ru srql Hutl-tocls

alcload qtr,n unrrJ,\o 'l),\\o.tJ LUoJ-lol) .tLll J(4 o.t.rz puno,tisu,u IJrrd llnor^ )urll Sutlt:utlsul '(ul:cl s.ll vAfisvll Auvit

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r{

nc,uV co|r-r1r:urics using the lntcrnct to scll <log fixrcl or r,r'hetcrcr it

r'r'es. \itr qrrntlererl, "Hor'r'in tlie hell \\,es this gorng to sorki"general partner, WaldenVC NI.no, *.ns bcc.rr-

in.q so eusv to nrisc firr cmcrging Intcrnct corlpnuics that sonrc

of thcr-rr !\'eren t looking et it es if it n'crc lctr.tell),thcirs. I)r:oPlc

u'cre saying, "You tievc t() tlkc:l tliffcrcnt l]crsl)ectivc on llrofits.What's illrportllnt is rnerkct sherc. not proflt. Wc'\'c got tobcconre the murkct lceticr, en,l thcn ',r'c'll figurc otrt hou' to tultkc

mone\' 1lt sonrc unrlcllncrl timc in thc firttrrc."

cofounder, Salon.com T'hc n-regic u,ortI r'r'us .rr:r1r'.

I'rrrt,morc m:rchincs, brrY nrrrrc servcrs! s() y()u cAn scrve ttrillions

of rcarlcrs. Spcnrl hunclrt:tls of thousenrls of tlolllrs in lrlvcrtis-

ing to rcech yolrr r.n:trkct. \iru'r'c g()t to gr()$', \'ou vc g()t t()

incrc:tsc Yor,tr :ttttlicttcc. Yott'r'c got to h:tvc -irz1c.

Pcople tolrl us, "Spcnrl morc nronc\,, collect

nrore evesj lurcl rlott't u'orr\':tlrottt profits."

Thc ,tlrscncc of :r vi:rblc busrrtcss nrrxlel u us pr:tc

ticelly' rcquirecl to r:risc vcntrlrc c:rPrt:rl. If votr ecturrllv hutl ,rrre

thet maclc scnsc. \/or.r cortlcln't have bccn u rLrt-conr.

cofounder, Eve.com Wc hecl no beckgrountl tn

thc bceutv busincss et ell. I'irrt u'c got tirntling rn ubor.rt six rvtcks.

Wc u'entcrl :r n:lnc thut tl,piliccl \\'ollrcn unrl beuut\,, enri u'e

tlitln't r.r'ent u nilnre likc I-ilrstick.c()nr ()r s()mcthing tlret nlttlc itreallv obviorrs',r'hrt r,r,c',r'crc <loing. Evc r'r'us Pcrlcct. We thotr.ght

tcchnologt,olliccr at [)inrcnsion X crcltcrl u ucb pegc orr

tcchnitlrrcs firr slecpin.g untlcr vour rlcsk: Iiccp e blenkct enrl rr

pillor'r'. anrl Irere e grxrrl untlcrstuntling oluhen thcv turn ()fTthe

frcetin.q in thc brriltling lt nlr^ht, s() \'()u crn bc prcpercrl. trliscrv

Iot cs cott-r1rln\,, untl sri n'c ell bccurnt' trLrc fiicnrls.

[)Lrring (]hristnrls ol our flrst big t,clr, ,,ur

tcchnologv lost.i.0(i{) orrlcrs. (lone.,\ ri'irc crosscrl in our

tts.r)erc()rlrr).t.rs, ,rrri thc' *crc *,,,t.. ,.r";::,1..:" ,;. ;,,;thltt, ottr u'l-rolcsalcr u es shipprng orrr Inovics in orrr cornpetitors'

borcs firr u couple ln()ntlis, untl uc tlitln't knoi.v:rbout it. So tirr

months, pcoplc c:rllctl. I'iut uc he,l n.r'cr tlonc firlllllnrcnt bclirrc.-l'his

ues thc Intcnrct. Norrr',rius Iint's sh:rt u't u'crc tloing.

editor, Ouokka.com I n:rs irr r.rr\' 50s :rntl u ntin.g tirrIlntl i:.'l)ucl1,.rntl I tr:rrl r-rcrcr hcer,l o1-Qtrokke. Ierrircrl in thc

of the nltnre, lrntl thcn '"\'c \\'cnt to scc n'hcr

ovvncrl it as e rkrm:rin. It turncrl out to bc :r

six-vc:tr-olcl girl nenictl Evc Rogcrs. Shc

tlicln't r.r'ant to sell thc n:rme, but \\'c ncgoti-

etcrl. We n'nrlc a substentral cor-rtribution

to l'rcr collcgc firncl :rntl trxrk the f:rmilv tol)isnq'lancl. She also srlt ()n thc lxrer<l firr six tnortths.

I think it r'r'r,rke<l out rcellv rvcll lirr ell o1-trs.

Wc ncvcr r.r'cnt homc. N{r, chicf

*

q

[M

April 2OO2 61

spring of '99 and always rernember one of our firstmeetings. It was with a BMW marketing guy. I took himto our conference room with its big carbon-fiber desk, and

we made srnall talk about Formula One racing. Our man,a!Jement guys drifted in, as if they had just come down from

cliffs. They were all pretty va!Jue about how we could help him.The guy didn't know what he wanted either; he just knewBMW should be doing something on rhe Inrerner. Someone

from our New York office gave a brilliant presentation, and theBMW guy says, "The one thing that puzzles me is how you'regonna make your money." And there was this slight silence

before our chairman said, "Franchise." And we all kinda went,

fianchise? Then he talked for five minutes, and it was some ofthe rnost persuasive, exhilarating stuff I'd heard in a long time.

But after :r pause, I looked around and knew we were all think-ing the same thing: "What the fuck did he just sayl" Everyone

wandered out, and the BMW guy left without any deal in hand.

II-KARA ly{[HER, tHE WAtt trnEEt TOURXAL

Two weeks later, I saw him at a desk at Quokka. They had hiredhin-r. He was doing something in marketing.5Y {!iss$t{R}r?y, director of market development, Wnd River

software Business started going through the roof, and my friends

and I, who were in our 20s and 30s, were making decent salaries,

between $80,000 and $100,000, plus options. I had a friend whoworked at Webviin, one at Critical Path, and another ar Red

(]orilla. Even my friends working at the Intels of the world were

getting great salaries, because the Intels wanted to make sure they

weren't losing these guys to start-ups. And once you make about

$60,000, you can st:rrt saving in the Bay Area.

ss ffiel*s*d co-owner, Moose's testaurant Herb Caen wouldhave liked the action, liked to see all the young people out in the

city making things happen. But it was shocking, and I think itwould have been shocking to him, to see 25-year-olds spending

rnillions of dollars on promises, on air. I couldn't believe it. I knewa couple of guys from brokerage houses and banks who financed

\ Change,in number oJ local

y [:r:i1ds earnins $1so'ooo

April 2002 63

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lrl6d

" rlt

I

tru-ll e-u il;ill si-t'

'i llfl I'l[l *i.

our Super Bowl ad, the sock puppet was on

rhe Today show and Good Morning America.

He was a Macy's Day parade character.

Charles and Diana wanted to see hirn. He

had become the Ronald McDonald of the Internet.

iir!'riMr;lii{!-l!. From the middle of 1999 to the middle of 2000,

rhe Indusny Standard had the highest number of ads-almost all

from lnternet companies----of any magazine for any year in the his-

tory of publishing. That's 7,500 ads, all full pages. That's more than

Fortune, Brides, Netustueeft,. You name the magazine, we had more.

i::,,:r. {ts,Fisi{f Beginning in the fall of '99, there was an IPO

practically every ten minutes. It didn't matter what was going

public-eGravel, Dogfood.com; people wanted to get in on it. Itwas a huge equity orgy.

r ,r,*!]:- i?i:iirf-iil'iJtilN{ Banking firrls were rnaking a ton of tloney.

It was easy to do: Put your name on a prospectus and show that

it was a live cornpany. And even though it was losing money,

take them to anywhere from six to eight

meetings throughout the day at invest-

ment banks. We had phones in the back.

At that tirne, talking on a phone in a lim-ousine was $2.50 a minute. But that was

no concern to them. If I had six people in

the back of my eight-pack, I would have one pe rson on my phone,

and the five others would be on cell phones talking to different

investors and setting up meetings. The excitement was electrifying.

$Y CHO$PfiuRY Life was like a blurry movie. I wrs rentinga condo in Potrero Hill and decided to buy a nice loft. I had a

strategy that went like this. Monday: Decided to move out and

live by rnyself. Tuesday: Decided not to look for places to rent,

xs there were none. Thought, "fust buy." Thursday: Started loan-

approval process. Friday: Met real estate agent I found on

Somapro.com. Sunday: Walked into a new building where the

units had just gone up for sale. Decided that was the place.

Monday: Made offer. Wednesday: Offer was accepted. It took rne

just over a week. No kidding. The tech life is fast and efficient.

C{St'18" K&TA}iS I was absolutely enchanted by spending a lot ofrroney. Although I was only a hairstylist, I would eat out three

times a week and easily drop a hundred dollars in a bar u'ithfriends. I felt really justified, because everybody else was doing it.

,,

take it public. The VCs, rather than putting money into r com-

pany with a $10 million valuation, were investing in con'rpanies

at a $50 million valuation and taking ther.r-r public at a $500 mil-lion valuation. The companies then went into the after-rnarket

at a $1 billion valuation. Their performance was huge, their

returns were huge.

,,'':! liili:iii Our mantra at Excite was, "Don't watch the stock

price." But it was in.rpossible not to watch it. At its peak, it hit $145.

:.::\:ii.'.,1:"::: i\lli,t{.}il I was always talking:ibout stocks with the girls

in the dressing room. Sorne of the strippers didn't know what

they were doing, and their regulerrs would tell them,

"Oh, buy Cisco, buy this, buy that."

:rl,s F[:1rt]-, president/ White Rose Limousine We

drove all the CEOs around lor their IPO road shows.

We must have done a hundred road shows in 1999.

I'd pick them up at SFO at seven in the morning and

,t-CHUCK IICBRIDE, AD.AGENCY CREAIIVE DIRECTOR

S&n't K&M[Y& I can't deny I was infatuatecl and seduced by fab-

ulous dreams of untold wealth. I had received Salon stock that

on paper made me a millionaire, but only eight years before, I

had been rolling pennies together to buy food. Nor,r' it was like,"l'rn going to get loaded and lord it over everybocly. I'm going to

buy a faguar. No, a Reggie fackson-like stable of autornobiles!"

It felt fantastic. I'd like to find some of those old envelopes I used

to scrawl notes on: "When I pay off the mortgage and bu,v the caq

will there be enough n-roney for a country house l" It's so funnv.

STt,,*llT $KSqilAN Everything got bid up. Not just real estate. I

{rem} :' -j*:r+i ltt F}*,:k*r*i

liit::'r $sfeys the name existed, Silicon Valley

wds dn dr!a of orchards and tractors. Then

\(illiam Hewlett and David Packard, who'd

met as engineering students at Stanford, started

tinkering with computers in a garage, never

imagining the corporation that was to come.

r'liii :, :li.)tri[! lii lii$r) Innovdtion has always

been about individual passion and commit-

ment, not money. "l was hiendly with

%hoo!'s David and Jerry *hen lhey were

still at Stanlord and working out of a trailer,"

says Lisa Gansky, whose pioneering portal

was eventually bought by AOL. "When we

went to AOL, the sentiment of what we

were doing changed, and it became a whole

different thing."

ffi'{uuuenrnKY

NIIMIffiN'UW

ffi fffi.

ffiEi D<f,$ft^rgh( wr 'Fi - I <Ol DtR 6ATt PAnfi LIE tnnrnnncir<OlliItfl4t\E{W{ qrulLl

wXAT "Look, you fools, you're in dangerl"

says Donald Sutherland in director Philip

Kaufman's spooLy Sun Francisco remake of

the sci-fi classic, about aliens turning humans

into conformist pod people.

?rllY lT CO&l!$ ?0 I'tlxt The dot-com years

spa*ned a second coming o[ pod people

in the city. At least that's how historian

Gray Brechin, author o[ lmperiol Son

Froncisco, sees it: "The dot-commers were

so energetic and optimistic and just sappy,

because they really belieued that the boom

would go on (orever. A bus goes by and

lhese creepy people are looking out at

you, and you kno* they're just husLs of

human beings."

\ Execs whose bg.(srornd checks in 9OOO

7 :HT:?;S :[::t 3:il:;:fJr't?::

{recz} T[* sunnm!r sf Looe lf:grry$i:i:fi,,w*,qr When hippies, yippies, and free-love

advocates flocked to

the Haisht.

w$? {? {*s{E$ ?s ${lt{D

As the heart of the

hlgh-tech *orld, San

Francisco wds once

again the place to be

for freethinkers and

artists. 'A lot of art

has happened here,

including a golden age

of rock 'n' roll, before

it got to Ne* York,"

says Gary Kamiya of

Salon.com.

April 2002 67

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avAil RO3E The boom wasn't all about Young Turks \ /-ttooling around in Boxsters. The trickle ao*r, *", \ Change in S. F.'s population

Ti:.'.,'.*.i:;,?:::f"X['",H-"*1"J,'i:llffJ[: D' K'.ooio' +46,077 (to 801 ,377) llstarbucks .t^ri.d p"yi.'g $8.25 a., hour with u.r'.n,r. 7 PfeViOUS high ,rrot'775,357My first iob in architecture in 1990 was for $5 an hour.

sTuAnT sKoRltAN We got a big phone system at Hungry Minds.

Technicians were there. I said, "How do you like all these Internet

cornpaniesl" They said, "We just love Internet companies-they

never ask us what our prices are."

rvA* ltosc A lot of these free-spending dot-corns kept me and

rny friends ernployed for a long tirne. Our attitude was, bring iton. Local architects did office improvetnents for dot-coms like

Quokka, which spent millions on their improvements ar 475

Brannan. Many srnall firms did interior renovations for dot-coms

or residential work for newly rich people. Architects and design-

ers did new restaurants like Bacar, Azie, and Gordon's House of

Fine Eats, which thrived during the boon.r.

BOOTFI *tct{l}*NfY, sommeliet, Azie W. opened Azie at the apex

of the dot-com volcano, because we realized the der-nand for a

top-end establishn"rent. We bought the best foie gras and the best

caviar we could get. The wine list was the same way, because

there was demand for it. We had quite a few bottles over $1,000

and sold a couple of them a week. We sold a whole lot more $300

to $400 botdes.

JoHx EATTILLE I don't know how it happened, but all ofa sud-

den everybody in the city was 25 to 35 years old. I think the entire

graduating class of the Harvard Business School came out here.

ED l*oOt{ I referred to thern as the Schlag.com. Scllag is the

Gernan word fbr whipped cream. If you're in Vienna, you order

coffee with schlag. So we would be having a busy night, and six

or eight of these people who didn't give a damn about money

would come in. We'd sery, "Great, here they are again!" And

they'd want the best. We're not a boutique wine house. But if we

had any that cost $250, or if we had some Bordeaux, they'd want

those; they'd always take the most expensive. They would end

up ordering $1,000 worth of wine and three hamburgers.

Sll"l" BENTON In fanuary '99, one of our clients, eGroups, occu-

pied 2,000 square feet on Third Street. By )une, we signed them

for 15,000 square feet on Brannan. And by April of the followingyear, we closed a deal for 125,000 square feet on Market Street-a $72 rnillion transaction. In three years, the city would add eight

million square feet in commercial real estate-that's l0 percent ofan 80-million-square-foot market. And six million of those square

feet went to low- to no-credit dot-com or tech companies.

JOI4N gA,?TStl"9 The Indusny Sandard ended up with a campus ofseven buildings in a seven-block range. And with every lease, the

price went up $10 a square foot. By the

time we signed our last lease in early

2000, we were at $85 a square foot for

ten years. There were a lot of people,

including those on my board, saving,

"That's insane. You're a moron. No

one signs $85-a-square-foot leases for

ten yexrs.' Well. whet were we going

to dol Move to Emeryvillel We took

a poll, and half of our editorial staff

would have quit.

CHRIS (AFLSiOX My office is in the

Grant Building on Market Street,

and in the beginning of 2000, my rent

was $860 a month. The building had

been owned by a San Francisco fan-r-

ily for a long time, and at the peak ofthe market they sold it to these carpet-

baggers who figured they could come

in and make an easy killing. The new

corporate owners then raised the rent

to $2,600. And this is Seventh and

Market. Heroin central.

TlffANY 5HLAIN We had to move

our office out of South Park, because the landlord

raised the rent. I had seen so many things happen in

South Park, and this just was like, "Shoop, shoop, out

you go." At that point, it just felt greedy.

{S}.lL I{ATANO I play the drums in two bands, Exotic Lollipop

and Chi Chi Palace. For over a year, we practiced at Yosemite

Studios in Hunters Point, at Third Street, out in the boonies.

There were at least 50 studios in this one space-all musicians.

One day we were practicing, and the next day we were evicted.

A dot-com wanted to move in. The owners didn't care who they

were kicking out-they had more money, they had more power.

I always thought there was something wrong with that kind ofgreed. Something was gonna come crashing down.

$A|{PY ROBERTION I was always saying to my old friends in the

biz, "This bubble is not going to last, so don't get too far out there

in hiring too many people."

i0,.iX BATTILIE The bottom line is, we had to grow. I had a

magazine that had grown from 56 pages to 356 pages a week. I

needed more editors, reporters, designers, and salespeople. We

ended up hiring people who had no business being in the iob they

were in. Not because they weren't smart and hardworking; they

iust didn't have the experience. You put them in charge offinance or business development or web engineering and things

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Ap"rl 2002 69

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are going to break. The system falls apart because you

don't have enough of the right components in the rightplaces. I never slept worse in my life and felt moreunsure of what the hell I was doing.

PETER PLATE In 2000, the Mission must have had something

like 200 dot-com companies in a two-mile radius. We wereexperiencing the highest residential eviction rates in the country.

You could see that entire blocks were being completely evicted.

The Mission was making news across the country and Europe

in terms of the influx of dot-com companies and the impact they

were having on our neighborhood.

ANDREW BEEBE The bottom line is that rhere were pracrically no

vacancies in the city. Bigstep moved into the Bay View Bank

building in the Mission because it had good access to public trans-

portation, cheap rents, and a lot of our en'rployees lived in the

area. It's true that we didn't move there because we thought itwas a great place for us to be a part of the cornmunity. Thatfrankly didn't factor in.

PtTtR PLATE I joined the Mission Anti-Displacemenr Coalirion

to light against gentrification. We were a few Anglo artists whojoined what was basically a Latino, working-class organization.We organized meetings and protests against the dot-com incur-

sions. We took over the Bigstep building, which had evicted

nonprofi t organizations.

ANDREW BEEBE About 15 or 20 people came in and took over one

of our conference rooms. The leader had a bullhorn. We tried to

talk to them. It was iust a media play. They got arrested. Andthat was it. There's no resentment; I understand these guys are

political activists. The fact is, we were aggressive about proving

we were good members of the community. We work with a

group that empowers women in the neighborhood to start their

own businesses and with the Hispanic Childcare Providers

Group, teaching them computer skills. We cleaned up parks and

helped paint shelters.

LEILIE KATZ Some of us at City Hall didn't want to see neigh-

borhoods change their unique makeup. But we did want to

encourage some development, because these companies were

helping to keep unemployment low. Latino mothers in the Mission

would tell me, "Thank goodness for these companies. They're

hiring my kids, so they won't get put out on the street."

PETER PTATE People were still outraged out of their minds. In the

summer of 2000, we had a near riot at a Planning Commission

meeting in City Hall. We went to the commission to discuss the

fact that they were not listening to the problems occurring in the

neighborhood and that they were encouraging illegal dot-com

and live/work developments. One member of our organization

got up to speak, and the Planning Commission head said, "Idon't need to listen to this," and called the bailiff on him. The

bailiff threw him down to the ground, twisted his arm behind

his back, and whipped out his mace canister. The whole roomjust exploded. The next thing we knew, the place was crawling

with county sheriffs, they've got their batons out, and we were

just going blow to blow. It was, frankly, a very exhilaratingmoment. And it was on National Public Radio, coast to coast.

LESLIE KATZ A lot ofnew live/work lofts had been built in the

past year, and I was absolutely on the side ofputtinga moratorium on their development. I was opposed to

Mayor Brown on this issue. They were supposed

to be housing for artists, but people were workingin them and not living, and vice versa. What San

Francisco really needs is rcsidential housing. But in classic

San Francisco fashion, all these developn-rent issucs bccamc

about politics instead c,f about policy. Thcrc was so muchfighting that the city missed an opportunity to collcct fces

fior-n the develc-,pers, who were the only ones who wcre doingwell in all of this, ancl put the n.roncy into af'flrdablc,housingfunds and iob-training programs.

IVAN ROSE I'm not one c,f those peoplc who got all upsct. like,"Oh, the gentrification t-rf thc Mission" or "Look at all rhesc lofis!"That's the nature of a city. Cities grow and rcspr.rnd tu gro'"vth

pressures. I agree that at a time whcn the city was so flush, I wish

both the governlnent and the loud public voices had trkcn a rnore

realistic look at the housing crisis. Rcnts sirnply gctt w'av too high.

A lot of creertive pe<-rple-architccts, cngineers, and graphicdesigners-moved t<,, the East Bay or out of thc Bay Area entircly.

They were part of the culture of the city, and rrow thcy'rc gonc.

iLEA, cocktail waitress, Caf6 Mars SoMa wasn't secdy and cxcit-ing anyrnore, like it was whcn I was going to industrial-gothclubs. Now, everybody secrned generic tr-r r-ne, B:uran:r Rcpublic ish.

Guys with leather jackets. Girls with their lirde updos, thcir hairin a little twist. Every drink, it seemed, was scrved "up"-,not ()n

the rocks, but up. Then therc w:rs the cigar cr:rzc. Rcmcrnbcr thatiKOHL KAIANO At our salon, we lost a lot of our clicnts: artists

and bohemians, graphic designers and illustrators-thc kind oipeople who usually end up here. That kind of ficakcd nre our.

It changed the whole feeling <,rf the city.

-fltcKEY BUTT', THE 'XDUttny

IIAXDARD

IUJIE i{ARINO There was definitely tension berwccn our industry

and artists and writers. But a lot of them wcre taking dot,conrmoney and then going to cocktail parties and puking on the

word dot-com. I'd hear that and I'd bc like, "Paging Dr. fekyll,Mr. Hyde has errrived."

SYLVIE LE MtR An overwhelming naic'rity of people had this

sense of entitlement. They were young. But even people whoweren't in the dot-corn industry took adv:rnt:rge of that tirne tcr

act however they liked. We're a fan-rily restaur:lnr. You can sir

with a book for three hours with a cup of cof'fee and you'll be

welcome. But we were pushed in a corner where everything had

to be quick, quick, quick. One night, someorlc erased the whole

board of names in front of hirn on the waiting list. It w:rs disas-

trous. The person who worked the door calne to urc in tears.

GARY KAIAIYA As you walked down the street, you saw dozens ofcars parked on the sidewalk with complete disregard fbr civility.Some of these people literally had the sensc that if they got a park-ing ticket every night it wouldn't n-rake any difl-erence to them.

They were like, "I've budgeted $600 a month fbr parking tickets."

PETER PTATE On the weekends, the restaurant crowd wouldcome to Valencia Street and park their cars on side streets. Iwould walk by and see row afier row of Lexus SUVs, CadillacSUVs, and BMW SUVs iust scraped to shit, the paint shredded

off the sides of the doors. Tires slashed. And on r-rccasion I canre

across a couple of cars that had been burned. And I thought,"People are very, very angry."

tutlE MARINO The animosity was painful. I lclt lumpcd in withthe locustlike people who rolled into town :rs fast as thc money

did and then left just as fast. That hurt. I was driving with a

lnternet jobs posted on Craig's ListFcbruary t4, !ooo> 542 /l kptemba l7,qoot> 24

April 2002 71

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a3u3H OSNfddVH rsnr rvHn

speculxtive booms in history. The real

estate rnarket is probably half what itwas two years ago. Dot-corn stocks

are down 95 percent. You rarely see

stop-and-start traffic on 280 anyrnore.

And obviously, there are fewer

people en-rployed.

SUSIE liAnlHO After the fall, it was

like being a person who goes on

vacation and has a torrid love affair.

She comes back to her apartment and

goes, "What the hell was that? What

do I do with this experience l" It's

bittersweet. It's hard to chalk it up as

either regret or bliss. It's somewhere

in between.

3OB ,UDD So rhe Titanic sank and

left a big hole in the local economy.

A lot of people had a lot of money for

a little while. They're gone, and it's

gone. But they've left behind a legacy

of technology that will continue toevolve and pay off really big for

people in the future.

6ARY I(AMIYA There's that great line

in On the Road, "h lvas the end of the

continent; they didn't give a damn"-the sense that being pressed to the

complete end of the American myth-

ological frontier triggers something

special in us. Maybe I'm clinging

to the kind of illusion you can have

only after five bourbons in Vesuvio,

or searching for the heart of a

bohemian San Francisco that doesn't

exist. But I like to think there is

something specific about the San

Francisco ethos that created the dot-

cor-n phenomenon. It did happen

here. Not anywhere else.

Cl{Rll (ARLSION There's this kind ofshallow, blind, An-rerican ideology

that says, "If it's technology, it must be

good." No wonder all of these young

people went gaga. "Hey, look!" they

said. "I'm playing with computers.

This is cutting-edge. We're helping

people shop for red wine better."

They actually thought they were

doing sornething good for humanity.

How could you possibly think thatlCHUCK McBRIDE People who acted

bravely are now seen as irresponsible.

But I don't think you can punish

everybody for having tried. Rocke-

feller didn't behave any differently.

All the East Coast empires didn'tbehave differently. The whole idea ofthe Internet as a great tool for market

expansion is real. It worked. Now itjust has to be better understood.

LESLIE KATZ This is an industry that

was founded on creativity and got

detoured by a lot of the greed. >

Ou/ "f

t6n TDnn{'

FLOWTRSlledc/rngs . Re/t'norsof d)'ruters . r.SSsec,ia/ euen/.s

7(esla,,r'ani . (')u'pot'ctle . ()ffi'c,e Je.riVn

q.rrt 7ialletV <\1r'<,el

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Ap"rl 2002 143

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ffWe've gained a little bit of dignity back.The same young people come into the restaurant now,but witfi humility in their voice". They say a nice little *oid. lt'seems to be true everywhere.fi

-tYtvtE tE mEn, nEIIAURANT oliltER

because it was a lot fun. But I got as much out of it as I could. Ifyou went traveling to Europe for 20 months, you would look

back and say, "That was so great," but you probably aren't going

to do it again. Now I'm always having people over for dinner.

During the boom, no one had anyone over for dinner.

lllCKEY BUTTT By the time it was over, I was glad to be back to

normal. I look at pictures of myself from that time and can't

believe how fat and tired I looked.

tUtlE lilARll{O If I do get back into a rat race, I want to continue

doing yoga every day for two hours. I'm not really smoking. Iwant to keep that going.

FLEA I'm finishing up my teaching credentials in San Diego. It's

a much different life. I go to bed at nine now instead of five inthe morning.

HALTEY llltlOR It's the first time in years that I'm not running a

company. I have young children whom I haven't spent as much

time with as I would like. My mother is a horse breeder, and Iown a horse farm in Virginia. It's a better environment for my

kids than the city. And I can work remotely from there.

TTUART SKORIiAN I took an l8-month vacation. My partner and Iwent swimming with dolphins. Mostly in very remote places in the

South Pacific, the Caribbean, and New Zealand. I got skinny,

strong, and healthy. I had failed, and it hurt. But now my ego has

gone out to sea with the wild dolphins. They don't care that I failed

and lost millions. They care if they can teach me how to swim,

because humans are bad swimmers. They feel sorry for you.

TANDY ROBERTIOII The entrepreneurial spirit is not dead in the

Valley or the city. Thank God.

KARA tWltHER Mistakes were made. But come on, this wasn'r

exactly brain surgery. So we shouldn't go too far in the otherdirection in condemning it. At the very heart of it, the Internetrepresents a big idea about communication, communiry and link-ing people around the world in a very profound way. It always will.tltA CAXTKY I've personally put money into entrepreneurial com-

panies in the last year. I like to support people who are smilingout of context. It's self-fulfilling.HALTEY tt{IXOR The city's come full circle. There's not a lot ofcapital, real estate is coming down, and the economy is trying toshake out of a slump. It's a great time to build companies. Itwouldn't surprise me to see another bubble in five to ten years.

ART BERIINER During the boom, it didn't seem completely far-

fetched to think that the Internet would be a catalyst for San

Francisco to have more innovative ad agencies and designers, tobecome a major creative center. It still doesn't seem unreasonable

to me. All sorts of amazing people were drawn to this. They'regoing to figure it out.

TIFFANY tHtAlX I just went ro a Wired book party and realized

it was made up of all the people who were here back in'95. Nowwe're back with people who believe in technology and its humanpotential. Itt refreshing; it feels like we can all breathe again.

KARI ,ACOB You have to laugh when you look back and see whathappened. Because now, it's back to the old gang, the entrepre-

April 2002 145

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