> But for virtually the first time in the history of capitalism, the internet bubble permitted early-stage companies with no tangible assets to raise significan

> But for virtually the first time in the history of capitalism, the internet bubble permitted early-stage companies with no tangible assets to raise significant capital based on a plan – but without property, franchises, revenues, patents and certainly no profits. This sounds plausible, but is it actually true? What were the railroad, oil, electrification, automobile, and aviation booms like? Zuck in 2004 had his laptop; Google at the same time had 1e11 dollars or more. But a similar capital difference separates the Wright Brothers' initial contraption from the cost of the planes made by Boeing. Anecdotally, it seems that many industries got their start with garage scale tinkering. How did those old school entrepreneurs raise the capital to build their businesses, back before VC? Probably has an interesting answer.