I remember we placed the first bid at $50,000 to buy it to an auction platform. Then we got a response, "No, we won't... That much". Then we placed another bid and so on, and we ended up agreeing to purchase it for about $100,000 plus the broker's fee, which at the time, when I was telling people, they were like, "$100,000 for a domain name, are you crazy?" But if you think about it, it's the best marketing investment I've ever made."
Soon after Livestream CEO Max Haot launched his live video broadcast site in 2007, he realized the power of the company's name to drive (or impede) growth.
00:00 Max Haot: I remember the naming process with the co-founders. It took probably a weekend. Well, the criteria was to find something we thought was great, but it turned out that we were wrong.
00:18 Haot: And we put that service out there called Mogulus and we were seeing bloggers starting to use it and then they would stop using it because they didn't have the content, they didn't have the audience, they didn't have the know-how. But then we found event owners were starting to use our service. And then we would see that at bigger audience, the content was more compelling because it's an event. It's already there, you just capture the event.
Continued on INC
"Once you realize that you don't like your name anymore, there is only one thing you wanna do. As quickly as possible, finish this process and have this new name that you're proud of but also you want the company to grow into."