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Editor's letter.

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PositionBrief Article - Editorial

Has the dotcom bubble burst? Are we all internet-weary, having got over-excited by anything that started www? Of course not.

What we have realised, or at least what investors are now realising (the prospect of huge financial gains emerging out of thin air is enough to make people who should know better lose their judgment), is that just because a company's name ends with .com, it won't necessarily be a huge success.

Business is business -- good ideas, along with strong management teams, adequate funding and all the other essentials (enthusiasm, belief and good customer service, to name a few), will probably result in successful companies. Good ideas with lots of money and weak management may do OK for a while, but will eventually hit problems. Good ideas with no money, or bad ideas with lots of money, are probably doomed.

This is not intended to be a basic lesson in business management but, in an environment where dotcoms are proclaimed as the saviours of the economy one week and a waste of space the next, it becomes necessary to state the obvious. And what is becoming increasingly certain is that good financial management is the key to success.

Raising money, wooing the city and keeping investors on board requires experience, professionalism and trustworthiness. Which is why financial managers are among the true winners in the dotcom game -- they are the ones commanding the huge salaries and the large number of share options ("The bucks . here", page 96). They are also the ones who know that another...

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