This is a repost from Fred Wilson from @ avc.com, instead of rewriting something on the same topic- this is a great post.
I believe that a good domain name is an important success factor in building and launching consumer web services. It's not in my top ten but it could be. It's certainly something we think about a lot when making investments and working with companies post investment.
A number of our portfolio companies have acquired their domain names in connection with or shortly after our investment. Del.icio.us purchased Delicious.com with some of the proceeds of our investment. Foursquare purchased Foursquare.com with some of the proceeds of our investment (they launched with playfoursquare.com). We've advised and assisted a number of our portfolio companies in this effort.
A good domain name is short and memorable. It doesn't need to mean anything. Etsy is a good example of this. The word etsy doesn't have any meaning in the english language. But it is short, memorable, and fits well for a handmade marketplace. As a marketing person once told me "find a name that means nothing and inject your meaning and brand into it." All you need to do is a google search on Etsy to see that is what they've done with that word.
Entire post can be viewed here http://www.avc.com/a_vc/2011/04/finding-and-buying-a-domain-name.html
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