In every boom there are great companies born and fortunes made. In the first dot-com bubble, Google, Alibaba, Amazon, eBay, Expedia, Priceline and Saleforce.com were created. In the Web2.0 era, we saw the likes of Facebook, LinkedIn, Uber and YouTube rise. But bubbles are also known for the less successful businesses -- like Pets.com and webvan. These are often started by entrepreneurs with the best of intentions, but whose businesses fail due to management incompetence or simply having a product that people don’t want (or often, both).

Australia has incubated a number of successful e-commerce businesses in recent years, led by Catch of the Day and Gray’s Online, as well as OzSale and Kogan (disclaimer: my business AussieCommerce is an e-commerce retailer). But with the successes come the failures. At one stage, the group-buying sector had more than 80 participants (there are now about five remaining).