‘Boo hoo: a dot.com story from concept to catastrophe’
I have just finished reading the story of boo.com, ‘Boo Hoo: $135 million, 18 months… a dot.com story from concept to catastrophe’, by Ernst Malmsten et al.
From any perspective, it’s quite a read, and I would recommend it to anyone based on its thrill factor (“reading [this] has the fascination of watching a high-speed car crash in slow motion”) and lucid, readable prose style.
Boo.com seemed to be a web 2.0 site before the world was ready for it. Tristan Louis argues this in a blog post (about two screens down the page, titled ‘Was boo.com the first web 2.0 company?’). If Boo.com had launched the same way in 2008 as it had in 2000, it would have stood a better chance — widespread broadband alone would have helped significantly with the website’s problems — but it’s hard to make excuses for the excessive spending of investors’ money. Frugality is quite topical right now: reading the story of boo.com side by side with the recent discussions about dollar-stretching in startups is quite a contrast.
It’s easy to see how boo lured interest from media and investors: the story is both romantic and convincing. Founders Kajsa Leander and Ernst Malmsten were friends from childhood, millionaires from their previous internet book e-tailing success bokus.com; and one founder was a former fashion model, the other, a poetry critic. Patrik Hedelin was the third founder, whose role was played largely out of the media spotlight.
One thing that really interests me is the level of thought that was given to the site philosophy and emphasis on “more than a brand — boo is a lifestyle”. The branding was carefully applied across the site, with visitors depositing items into their “boobag”, mixing with other shoppers at the “boo party” (encompassing a forum and chatroom), and reading their fashion and style magazine, Boom. The design of the site itself was ahead of its time: it used the rounded corners which feature as part of the standard branding of web 2.0, a rounded logo typeface, and bright colours.
Miss Boo, the character introducing visitors to the site, was anything but a one-dimensional cartoon: her personality, looks, history, and ‘voice’ were given careful consideration and thought. Unbelievable to me, they booked Eugene Soulemain, the world’s top hairstylist whose clients include Hollywood A-list actresses, Prada, and Louis Vuitton, to advise them on Miss Boo’s hair.
The depth of thought they gave Miss Boo is amazing to me, and perhaps symptomatic of the rather too-visionary nature of its founders (come on: booking the world’s top hairstylist for consultation on a website character? Is it a joke?). Focus on their business model, and being accessible to all users, would have been a better idea. Immediately after the site’s launch, there was a bug preventing Mac users from purchasing items. Unfortunately for boo, a lot of journalists used Macs, experienced this bug, and negative reviews flooded in.
It is intoxicating to learn how seriously boo took its brand, and how much money they managed to raise, and subsequently burn through, to build it. I felt a bit drained by the end of this book, and feel that as a model, the failure of boo at least leaves behind a lot of lessons.
View an archived copy of boo.com here
