Talk about being in the right place at the right time.

A few years ago, documentary filmmaker Chris Hegedus wanted to make a movie about the Internet boom but didn't know where to start. At the same time, aspiring documentarian Jehane Noujaim just happened to have a former college roommate who was starting an Internet company.

The two women met through friends and quickly realized they had the same goal.

The result: "Startup.com," the riveting and tragic tale of two childhood friends who shared a dream of Internet success, saw their star rise and then watched it plummet even faster.

The story has inherent human drama. And in the sure hands of co-director Hegedus and her husband-producer, groundbreaking documentary maker D.A. Pennebaker - the team who received an Oscar nomination for chronicling Bill Clinton's first presidential campaign in 1993's "The War Room" - they've created a poignant, insightful snapshot of our times, a personal look at our economy (and society).

In late 1998, Kaleil Isaza Tuzman and Tom Herman create govWorks.com, a New York-based Web site designed to make it easier for people to interact with local government. They envision people buying fishing licenses at 3:15 in the morning - convenience a click away.

Kaleil, who left a stable job at Goldman Sachs to become govWorks.com's chief executive officer, is a bundle of nerves, uptight and hypercritical.

"I'm so tired, I'm nauseous," he complains on his cell phone in the back of a cab. "I'm on the verge of collapse."

And this is just 20 minutes into the movie.

Tom, who focuses on the technical side, is more laidback - probably too much so for this business. He flubs the name of the Atlanta mayor while introducing him during a banquet and shrugs off Kaleil's tirades.

But they share the tingly thrill of possibility and paralyzing fear of failure, and both sensations are palpable.

We watch these twentysomethings endure the agony of cold-calling heads of billion-dollar corporations, seeking investments. It takes a lot of time, rejection and long hours, but they raise millions and appear to be on their way.

Kaleil appears with Clinton on a panel about the economy that airs on C-SPAN. GovWorks.com makes Forbes magazine's list of Internet startups to watch. Everything is clicking.

The staff grows to more than 250 by the start of 2000, but they run into some technical glitches, and competing Web sites offer the same service faster and better. GovWorks.com starts laying off workers in April 2000, and key investors pull out in November. The company files for Chapter 11 the following January.

The real story, though, is the friendship between Kaleil and Tom, which nearly collapses beneath the pressure of the business. Despite their dreams and strategies, these are just a couple of kids, playing hardball in a grown-up world.

Much of what makes the film work is one key thing these filmmakers relied on before: total access. The audience is one giant fly on the wall as the digital, hand-held video cameras follow Kaleil and Tom in cars, in elevators, at the gym.

Hegedus and Noujaim inject small, intimate moments that make us relate to these people instantly: Tom pulling his daughter's hair back into pigtails in the bathroom, Kaleil telling his mom over the phone that he's not sure whether he loves his girlfriend.

Since their Web site fell apart, Kaleil and Tom have created a new business that helps other people whose Internet startups stopped.

And they're still friends.

"Startup.com," an Artisan Entertainment release, is rated R for language. Running time: 103 minutes.

Motion Picture Association of America rating definitions:

G - General audiences. All ages admitted.

PG - Parental guidance suggested. Some material may not be suitable for children.

PG-13 - Special parental guidance strongly suggested for children under 13. Some material may be inappropriate for young children.

R - Restricted. Under 17 requires accompanying parent or adult guardian.

NC-17 - No one under 17 admitted.