The development of the internet witnessed a frenzy of IT initiatives. Newly created companies, launched on stock exchanges globally, were formed with dubitable revenue generation or cash flow. When the dot-com bubble eventually burst in 2000, early Gen Xers who had embarked as entrepreneurs in the IT industry riding the Internet wave, as well as newly qualified programmers at the tail-end of the generation (who had grown up with AOL and the first Web browsers), were both caught in the crash. This had major repercussions, with cross-generational consequences; five years after the bubble burst, new matriculation of IT millennial undergraduates fell by 40% and by as much as 70% in some information systems programs.