One of the earliest Internet community sites, Theglobe.com was started at Cornell University by two students, Stephan Paternot and Todd Krizelman, in the mid-1990s. It quickly became one of Silicon Alley's hottest companies when it moved to Manhattan and secured $20 million in funding from Alamo-Rent-A-Car former head Michael Egan.>p>But the company's fortunes turned with the decline in the Internet business. Messrs. Paternot and Krizelman stepped down from the co-CEO post in August 2000 and new management has been unable to buck the downward trend in online advertising, which has been the site's main revenue stream. -- Catharine P. Taylor
Copyright August 2001, Crain Communications Inc.