For those interested in the digital economy’s genealogy, the year 1995 represents something of a prelude—a period dense with experimentation, hesitation, and the kind of entrepreneurial activity that would, within just a few years, become known as the dot-com boom. Yet, these early digital startups, the “precursors” to the wave of late-90s internet companies, are difficult to pin down statistically. ISIC 6201—computer programming activities—offers a necessary framework, but one that is too broad and, at the same time, not nearly descriptive enough for the nuances of a changing market.
The first step is to build a roster of all firms registered under ISIC 6201 in the United States as of 1995. The population is large, and the boundaries are porous. Many software houses and IT consultancies that had operated for years suddenly began experimenting with web-based services, while a smaller but growing set of pure digital startups were founded with the internet itself as their central offering. Business registry records, when matched to founding dates, are a starting point, but they tell only part of the story.
To separate true digital startups from the rest of the software sector, analysts need to dig deeper. Contemporary press coverage, archived company websites (where available), and early business plans—all provide clues. Companies referencing “web-based,” “internet-enabled,” “online service,” or “digital platform” in their earliest public descriptions are likely candidates. In some cases, even the simple fact of operating a public website or offering email-based customer service in 1995 is a meaningful indicator of an early digital orientation.
Validation of this early growth is possible, if imperfect, through venture capital activity. The mid-1990s saw the first major influx of VC money into internet and digital technology startups, although the reporting standards were less formalized than they would become. Trade publications, financial news archives, and the occasional venture capital firm newsletter can yield lists of funded companies, sometimes including deal size, investors, and even brief notes on business model or sector. Matching these reports to ISIC 6201-registered firms creates a smaller, more focused dataset: companies that were both legally recognized and sufficiently ambitious or promising to attract outside investment.
The process is rarely seamless. Company names change. Mergers, pivots, and stealth launches were common, and many of the most innovative startups operated for a year or more before appearing in any press or VC record. Careful documentation is needed at every step: record each source, each match, and each case where a company was included or excluded based on available evidence. In some instances, a promising startup may appear in venture reports with a “stealth” label—no product, no public web presence, just a business plan and a few employees. These, too, belong in the broader narrative.
Analysts may also wish to consult patent databases and trade show directories. Some of the earliest digital startups filed for intellectual property protection before they ever launched a product or service. Participation in pioneering tech conferences, where companies pitched “online” products or services to investors and partners, is another signpost—especially in years before the digital economy had a clear vocabulary.
Measuring growth is, of course, the persistent challenge. Revenues were often negligible or even negative in the early years, and headcount growth could be erratic. The presence of repeat funding rounds, prominent investors, or early acquisition interest may serve as indirect validation of market momentum, even if public financial figures are unavailable.
By triangulating ISIC 6201 registration, digital orientation (via business description or web evidence), and documented venture capital interest, it becomes possible to sketch the population of digital precursors that set the stage for the dot-com era. The boundaries remain a bit fuzzy—some consultancies morphed into dot-com leaders, while others faded without leaving much trace. Still, for those who follow the trail patiently, the outlines of early digital entrepreneurship begin to come into focus, illuminating a moment when the future was already taking shape, just out of sight.