Many public dot-coms cracked under the pressure. Had they stayed private, they might still be around today. Besides misspending money, the dot-coms failed to reserve any cash for a rainy day. So when their investors got nervous and failed to hand over more money, the dot-coms failed. Many dot-coms ended up in bankruptcy because their owners failed to hire experienced business types.
Patience is a virtue.
Guiding Your Business to Success in the New Economy . They'd run out of money and that would be the end of them. Everybody's doing this, so let's go do this. In this case the dot-coms were right about marketshare. The company who went first in a niche generally had the best chance for success.