For years we’ve been hearing about inflated numbers on the NASDAQ, and venture capitalists who throw astounding amounts of money at young people with nothing more than promising ideas. Startup.com tells the inside story of one such adventure.
A pair of high school classmates, ten years out, propose to start an Internet company that will help citizens deal with local governments. They call it “govWorks.” It will enable people to go online to register their motor vehicles, pay parking tickets, and do all the other nasty little things municipal and regional governments require of them. As one of the young entrepreneurs explains, the vertical market is $585 billion, and parking tickets in New York City alone generate $500 million.
