This past Thursday I published a post on Medium about how we acquired the .com for SocialRank. It was pretty widely read (over 15k views on Medium stats). It was a detailed account of how it came to be, the good and the bad. I’m happy we got the domain but definitely not proud of everything we did to get it. No one is perfect. I definitely made a ton of mistakes during the process (the biggest one being threatening legal action with very little to stand on). But I do believe in sharing experiences like this due to the fact that there is no blueprint for some things when building a company and by sharing this type of story it will help educate people to not make the same mistakes I made.
For the most part, the feedback was positive. People commented, emailed, tweeted nice things to me, thanking me for the details of the story. A ton of other people asked to be connected to Eric Friedman for his assistance. But as with every potentially controversial subject, there were negative comments. I saw a few saying we strong-armed the domain owner (even though his LinkedIn says he is a professional domain seller - which I only added later to clarify). I saw others saying we were assholes for launching a business knowing he was working on something with the same name. While I respectfully disagree with both, I think the second one is something interesting to be discussed.
Launching a company with a similar or same name as another company: It seems like common practice that the person with the .com is the sole heir to that company name. But why? In SocialRank’s case, we had the Twitter handle, the .co, the Instagram handle, the Pinterest handle, the Facebook handle, the Vine handle. We even were the first to trademark. Does someone with the .com without any website, with no working product, no prior trademarks have the sole right to call their company this name? I think not. I think if you let other companies dictate what you end up doing, whether it is naming your company, putting out of a product or something else, you will not go very far with your business. Also, you’ll probably have nothing to name your company as most good names are taken on the .com level!
These are just some of my thoughts on this situation. At the end of the day, we took a risk. It paid off. But it almost didn’t. If the owner didn’t come back after two weeks of being MIA, we were probably going to change the name of our company when we release version 2.0. I’m glad it worked out. I’m also glad I wrote the post and shared it.
A friend recently reached out to me about acquiring a domain for a large sum of money. I told her that instead of going after the ideal domain name- grab the name with either “get” before the name or “app” at the end of the name. Or with a .co, .me, or something else like that.
Dropping a few hundred or thousand dollars for a domain is silly and not worth it at such an early stage. Go with the name you want, get the closest domain available and once you get big enough (or raise some VC money) you’ll figure out how to acquire the domain you need.