Founded at the dawn of the Internet industry in 1995, Razorfish's pioneering technology, marketing, human resource, and acquisition strategies enabled it to become a paragon of global success in just 5 years. In 2000 and 2001, it appeared that this success would be short-lived. Increased competition, declining demand, and an economic recession all combined to threaten Razorfish's future. This case chronicles the rise of Razorfish and the Internet industry, as well as the challenges presented by a changing industry and economic context. In the spring of 2001, Razorfish management faced options that appeared as either high-risk or highly distasteful.