What is this thing called Web 2.0?

By Mark Ward
Technology Correspondent, BBC News website
It has often been said by industry watchers that time flows faster when it comes to the development of the internet.
Despite this relentless pace of change, few can have forgotten the madness of the dotcom boom times in 2000.

Back then crazy prices were paid for small companies and extravagant claims were made for the way they were about to re-write the rules of so many markets.

In 2006 and 2007 similar amounts of hyperbole and cash are being lavished on innovative net start-ups playing around with Web 2.0 technology, the name given to the second coming of the web.

But has anything changed or are we about to see another crash?

“No,” said Klaus Hommels, a venture partner at Benchmark Capital and one of the first investors in Skype. “Now is completely different to 2000.”

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