The failures site is just the latest marker which suggests that the much of the IPO boom is over. There are other markers, as well, and as the old expression goes, we are in for interesting times.

It used to be that newly-minted firms could count on rising stock values to induce contributions from venture capitalists and perhaps even purchases from individual investors down the road. But with tech stocks significantly down during the last several months, and with many IPOs substantially below initial values, momentum and buzz no longer assure rising prices or continued venture capital interest.

While rising Wall Street values put just about everyone in a party mood for the past few years, that's no longer the case. Folks who expected fortunes overnight are miffed because their hopes are being undone by reality.

The concern is not with companies, sites or services that attempted to find a marketplace niche and failed. The nature of a free marketplace is that it guarantees risk and not reward. Companies, sometimes very good companies, fail even when operated in good faith and the best of circumstances.

But to sort good faith efforts from those which are something less, we now have a careful re-reading of stock offerings, business plans, company comments, and news releases by legions of trial attorneys. They're looking for unfulfilled promises to venture capitalists, inaccurate accounting, and insider trading. The idea is to extract massive class-action remedies when fault can be proven.

"As with other measures of Washington's burgeoning technology community," reports The Washington Post, "this recent spate of shareholder litigation pales in comparison to what Silicon Valley has endured, but knowledgeable participants and observers on both sides of the bar agree that it represents just the tip of an iceberg. As Washington-area technology companies continue to be born, grow and inevitably sell stock, angry investors will take their grievances, some legitimate and some not, to court in increasing numbers. It's a process that has been accelerated by the recent roiling in the market." (See: Investors Increasingly Take Anger to Court, May 22, 2000)

And it's not just investors who are beginning to look with curiosity at online ventures.

Real estate brokerage is an activity licensed at the state level which functions within a web of rules and regulations. Sites and services which have embraced the idea that the Internet has no boundaries -- and thus no rules -- are likely to be shocked as regulators become more active. In particular, look for state action regarding such issues as false advertising and deceptive practices.

Look also for an increasing number of individual consumer complaints. If it's not right for a local business to make an unfounded service claim or price quote, why is that okay online? Answer: It's not.

The rising securities marketplace which made online fantasies possible is being replaced by a marketplace where reality counts. This is a change which should surprise no one, the only question is why it took so long.

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Question Of The Week

Q I would like to consider a career in real estate, but am concerned that as an individual with a physical disability I will be at a disadvantage when competing for listings and buyer clients. Any suggestions?

A You point to a real issue in every industry and profession: What steps can be taken to assure a full and fair opportunity for those with disabilities?

Real estate should welcome your participation, industry, and intelligence. Speak with local brokers to see what options are available to you, and frankly discuss your interests -- that is, you want to be competitive and make a living.

Temp brokers with the business benefits you represent. For instance, you may have a large circle of influence or a unique expertise which can lead to business opportunities. Sell yourself, keep trying, and if some people cannot see past your disability then work with those who can.

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