In 1997, Gary Winnick founded Global Crossing, a company with the bold vision of laying undersea fiber-optic cables to build a global IP-based telecommunications network. It was a massive infrastructure play, designed to form the core transport layer for the internet, connecting data centers and network hubs worldwide.

But as visionary as the plan was, none of it mattered without one crucial component: the last mile. That final connection to consumers and businesses determined whether the network could fulfill its promise.

Global Crossing became one of the most hyped companies during the dot-com boom, peaking at a $47 billion market capitalization. The demand for internet bandwidth surged – just as predicted. But by 2001, the bubble burst. The company had overbuilt its capacity and couldn’t generate enough revenue to cover its debts. In January 2002, it filed for bankruptcy with $12.4 billion in liabilities.

The lesson? You can be early and

Keep reading this article on Financial Samurai.