With "Marketing 2.0" in full swing, it's a good time to reflect as we move forward...

It was in early February over six years ago when I truly began to feel the dizzying effects of the dot-com economy first-hand. I began working in the online space back in '97, but it was in 2000 that the internet industry seemed to hit critical mass. Everyone I knew was buzzing about their newfound stock options and career opportunities. The potential of the internet seemed bottomless.

I joined agency.com (see photos) at around the same time.

Back then, we were just another professional services firm positioned to help guide our clients through the interactive space. The company was founded by two "Silicon Alley" entrepreneurs before there even was a bubble.

But when the bubble burst did hit us—it hit hard. Our high-flying stock was instantly reduced to a fraction of the initial price, we closed one office after another, and our numbers dwindled to less than a third of our peak size. It all happened in real time, and I had a front row seat. The only reason I survived was because we still had a handful of good clients—and we quickly re-focused our efforts on relentlessly demonstrating ROI to clients in tangible ways.

There is a point to this nostalgic tale.

As I look around at the business climate lately I'm reminded of those heady dot-com days. I'm not the only one. A recent article in Businessweek captured similar sentiments. So, to be clear—we're in a different time now vs. back then, but what can be learned from this kind of experience? I'll try to take a crack at it using a fitting metaphor for the "wild west" we once knew as the dot-com era:

The Good:
the bubble wasn't all bad. In fact, there was a great deal of creativity and positive thinking that permeated the atmosphere. People weren't afraid to take risks, if you had an idea, it was pretty easy to be heard. We were willing to try things, to experiment. As an employee, you felt an investment was being made to see you grow. And many of us worked our tails off, forging strong bonds in the process. There were some really positive side effects around all of this.

The Bad:
I've always been a creative—but what I noticed about the dot-com era was that I was working with a lot of people who had little former experience in what they were currently practicing. Folks seemed more motivated by stock options and perks than by the work itself. It wasn't uncommon to find yourself working alongside someone who was doing something completely different at their past job, or they were fresh out of school with little to no real-world experience. Meetings easily got derailed and there was a lack of focus. And lets not forget the salaries. I knew some people who still aren't close to the short lived salaries they had back then.

The Ugly:
In a word—arrogance. We thought we knew better than our clients, that somehow we were “enlightened”. How quickly that changed. Even the “poster boy” of dot-com arrogance, Jeff Dachis of the original Razorfish changed his tune by 2001. But all of us played a role. For my part—I’m sorry too. We should have all known better.

So back to present times—does anyone else feel just a hint of that “wild west” climate again?

Certainly much has changed since the late 90’s. The internet is a finally a respectable business model—and many brands understand this. Advertising is being turned on it’s head—the 30 second spot is slowly losing the unchallenged influence it once enjoyed. Product Design has experienced an all-out renaissance. Consumers control how they choose to interact with brands—they now have the power. Technology no longer drives—it enables. Design has gone mainstream—companies like Target and Apple have seen to this. I could go on...

Wow. It’s 2006 and I can’t believe I survived the downturn only to have continued working in the same field as I was back in 2000. And here’s what I’ve learned:

The creative spirit was good.
The arrogance was bad.

Let's re-capture that creative spirit, mix it with the wisdom we've all gained since—and do some things for people that somehow makes life just a little bit better. Hmmmm... humility+innovation. That could be an interesting combination.