Before WeWork, Theranos, and Fyre Festival, there was GovWorks—a dot-com darling that raised $60 million… and lost everything.
It’s like “The Social Network” meets “WeCrashed”.
I’ve started three tech companies (including one big failure) and this is the best documentary on startups I’ve seen (“E-Dreams” would be a close second.
Trailer for “Startup.com”
Watch “Startup.com”
You can watch “Startup.com” for free on YouTube here:
Here’s a backup:
…and here it is for free on DailyMotion:
If the above don’t work, you can find the latest streaming options at https://www.justwatch.com/us/movie/startup-com (though last I checked (March 4, 2025), there’s no streaming option listed).
Ratings:
- My Rating: 91/100
- IMDB Rating: 7.3/10
- Rotten Tomatoes Ratings: 73/100 (Users); 94/100 (Critics)
Release Date: May 11, 2001
My Review of “Startup.com””
The Setup
“Startup.com” is a 107-minute docthat follows the rise and fall of govWorks, a tech startup trying to revolutionize online government services.
The doc is shot in real-time during the late ‘90s dot-com bubble—capturing ambition, friendships, and millions of dollars vanishing before our eyes.
The film opens with co-founder Kaleil Isaza Tuzman walking out of Goldman Sachs, officially leaving his high-paying job to become the CEO of govWorks. From the start, he seems uneasy about the company name, preferring Newtown Technologies or UntoCaesar, but after some reflection, he agrees to stick with govWorks.
Director’s Note: It’s directed by Chris Hegedus (“The War Room” and “Down from the Mountain”) and Jehane Noujaim ( “Control Room” and “The Vow” (“The Vow” is in my list of The Best Cult Documentaries (up to 30+ now!)).
You Can’t Make This Sh*t Up
- $60 million gone in a flash – GovWorks raised $60 million from major investors like Goldman Sachs, but despite all the cash, the website was barely functional.
- A childhood friendship shattered – Co-founders Kaleil and Tom Herman had been best friends since childhood. But as the company collapsed, Kaleil forced Tom out of the business.
More Highlights from the Doc
- They get torched by top VCs – The founders pitch 12 of the top 15 venture capital firms, but most don’t bite. At Kleiner Perkins, one of the most powerful firms in Silicon Valley, Kaleil admits, “They tore us apart.”
- A panicked $17M deal – GovWorks gets a term sheet from Highland Capital for up to $17 million, but their lawyer, Isaac at Wilson Sonsini, is nowhere to be found. He finally calls back from a printer after four days, and they scramble to decide what to do.
- GovWorks eventually raises money from heavyweights like Mayfield Fund, KKR, the NYC Investment Fund, Hearst Interactive, Sapient, and Vignette.
- The third co-founder, Chieh Cheung, becomes a problem. He could wreck GovWorks’ ties to Goldman Sachs and a possible IPO. They buy him out for $700,000, sacrificing another friendship in the process.
- Tom and Kaleil have a painful falling out – Tom tells Kaleil he knows he’s no longer seen as the right guy to lead technology. Near tears, Tom says he’ll take a two-week vacation, but instead, GovWorks forces him out.
- Tom is escorted out of the building, and suddenly, GovWorks requires ID badges for employees to enter. Kaleil, now alone, prays at the office.
- Six months later, GovWorks is down to 60 employees and looking at bankruptcy or a sale. Kaleil tells Tom, “We’re getting nothing. Zero.”
Lesser-Known Details from the Doc
- Some former execs were later charged and sentenced to prison for financial crimes, with fines in the millions.
- The filmmakers had insane access, filming over 400 hours of private meetings, investor calls, and personal moments between the founders.
- Noujaim actually worked at GovWorks before making the film, which explains why they got so much inside footage.
- The movie became required viewing in business schools as a lesson in how not to run a startup.
Wrap Up
“Startup.com” is the best doc I’ve seen on the life of a startup. It captures a startup disaster as it happens.
Thanks for reading!
Rob Kelly, Chief Maniac, Daily Doc