Wally Joe Bowman

Following the lead of Internet companies around the globe, Wally has announced that his start-up company, Wally.com, will file for IPO in March 2000

Exactly what product Wally.com offers is not known. Wally said only that his company will give people "a revolutionary way to use the Net."

The Spaniel said his company will compete with Amazon.com, eBay and Yahoo, although he did not specify how.

Analysts estimate that Wally.com will lose $30 billion in 2000, including costs for advertising and promotional yo-yos. The company has not earned revenue since it was formed, and it is not slated to earn any until 2015.

Although Wally.com is just going public, competitors are well aware of it. "We have feared the moment when Wally enters the market," said Amazon.com CEO Jeff Bezos. "This could spell the end for us."