Remember Excite.com? Neither do most people. However, they were big cats in the search engine business right before the year 2000. Back then, Google was not the behemoth it is nowadays; in fact, it was still a project from Stanford Graduate students who thought it was taking too much time that would be better spent studying.
Sergey Brin and Larry Page, the creators of Google then went to Excite and tried to sell him the search engine for $1 million. Apparently this was a laughable proposal for then CEO, George Bell. He not only rejected their offer, he also threw an Excite venture capitalists out of his office when he tried to negotiate them down to only $750,000! This has gone down in history as one of the dumbest business decisions ever.
Source : WiKi