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NOTE: Since 2009 the title of the International Journal of Entrepreneurship Education (IJEE) has been changed to the title above. ISSN numbers: IJEE 1649-2269 and IRE 2009-2822
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Web 2.0: New World or Old Hype?
IRE Vol 7: Issue 1, 2009 (formerly IJEE)
Author(s): Des Laffey (University of Kent)
Web 2.0 was added to the complex vocabulary of the Internet in the first decade of the new millennia. It is a nebulous term which has been used to describe some of the most prominent recent entrepreneurial ventures of the Web; social networking such as MySpace and Facebook, user generated video with YouTube, the micro blogging service Twitter, and virtual worlds such as Second Life. The term, however, is controversial being described as “hype” by the founder of the Web, Sir Tim Berners-Lee. This article analyses what Web 2.0 means in the entrepreneurial context, drawing on a range of examples. The paper identifies a lack of revenue streams in Web 2.0 as a fundamental problem, drawing parallels with the dot com boom. A further contribution of the paper is the connection made to the rivalry of Google, Yahoo and Microsoft, who have provided exit opportunities for Web 2.0 entrepreneurs and funders, in the absence of a Web 2.0 IPO market.
Keywords: Web 2.0, entrepreneurship, revenue models.
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