First Wave: Web pages were in English on commerce sites.
Easy access to start up capital.
Overemphasis on creating new large enterprises to exploit electronic commerce opportunities.
Investors wanted to participate in the evolution of electronic commerce no matter how much it cost or how bad the ideas were.
Second Wave: Sellers doing business in many countries and in many languages.
Established companies used their own internal funds to finance gradual expansion electronic commerce opportunities.
Internet technologies