From a list of the worst venture capital investments of all time: Kozmo.
Kozmo "promised free one-hour delivery of anything from DVDs to Starbucks coffee" to residents of major cities and metro areas. Founded by New York City investment bankers Joseph Park and Yong Kang in March 1998, the company found itself unable to profitably serve the customers it attracted.
I was going to write something mocking like, Haha, they thought "enjoy our costly product for free, forever!" was a business strategy. Haha, those losers! Then I remembered that I work in online journalism.
Read the full story at Focus.