The hidden face of a down-turn

Arisem is a software editor created in 1996 by specialists in information filtering systems using a software engineering specialist together with Jean Ferré, who worked in commercial development and was a strategic management consultant. The company grew quickly and was self-financed thanks to its initial contracts. It established itself as a pioneer in the field of knowledge management at the end of 1999. In the midst of this euphoria, Arisem raised three million Euros and went from about twenty to nearly one hundred employees. When the market experienced a down turn in 2001, the associates and investors delayed agreeing the necessary action, and postponed the increase in capital which eventually led to the voluntary liquidation of the company. Can one attribute this failure to the Internet bubble which burst, or is it due to classic mistakes made by young entrepreneurs who are particularly influenced by libertarian and romantic ideas ?