no product needed http://www.businessinsider.com/pre-...o-fund-smart-people-with-startup-ideas-2015-4
I remember near the top of the tech bubble, we found a company on the Naz that literally had no sales, no revenue, no business plan other than something to the effect of "We plan to find a company and buy it." I kid you not. And none of this was hidden, all this data was available from basic (and free) websites. Yet shares still traded. Not many, but the market cap was something like 30 or 50 billion. I've come to consider that a sign of the top. I wonder if "here's a napkin, can I have half a mill?" is also such a sign. Who can tell. But it sure sounds crazy.
The only difference that I can see is that in 99-00 the Fed still carried the pretense of "normalizing rates" and we weren't near the "ZIRB or NIRB"...Nowadays, these clowns can't even touch the "normalizing rates" discussion without another temper tantrum sell-off...ala these bubbles will have to implode on their own weight as opposed to an aggressive series of rate hikes.
Those blank check companies were happening in 2007 as well. Now you have MBA grads running around starting search funds.
"93% of the companies that get accepted by Y Combinator eventually fail ... More alarmingly, the companies accepted by Y Combinator are only a tiny fraction of the companies that apply. Some have estimated that Y Combinator's acceptance rate is 3-5%." http://www.businessinsider.com/startup-odds-of-success-2013-5