November 5th, 2008
Web 2.0 Summit: Focus on solving problems, not overnight fortunes
updated: In opening remarks at the Web 2.0 Summit 2008 in San Francisco, Tim O’Reilly took a moment to highlight the bright side of a stormy economic outlook. Sure, there’s been some chatter about the demise of the startup world, how economic forces will impact the venture capital world and, subsequently, the startup culture. But O’Reilly, founder and CEO of O’Reilly Media and a co-producer of the three-day event, said the fate of startups isn’t as black-and-white as some might think.
Tough times tend to clear out the clutter and force the industry to focus again on solving problems. We’ve seen it before - copycat startups that tap into an idea that’s showing signs of growth - think social networks, online music businesses and so on. But the true entrepreneurial spirit has less to do with finding a pot of gold at the end of a rainbow, O’Reilly said, and more to do with solving the world’s problems.
Critics, he said, are wrong to dismiss Web 2.0 startups as being little more than ad-driven companies and ideas. Web 2.0 is a mindset that focuses more on the network as a platform. Under that umbrella, there are still plenty of opportunities available in areas such as cloud computing and mobile apps, he said.
Web 2.0 will be instrumental in changing more than just business. In the U.S., a new government will soon have to tackle change and reinvention, a effort that will have global implications. There are problems that need to be solved - and this is Silicon Valley’s time to rise to the occasion, not let itself be buried under fear of an economic crash.
updated: Mary Meeker, Internet analyst at Morgan Stanley, had her 15 minutes on stage to offer snapshot of the Internet’s financial health. No one knows how long the recession will last but things are not as bad as they might seem. There’s growth in social networking properties such as Facebook and YouTube but advertising remains uncertain. There’s also still plenty of excitement around mobile and electronic devices, everything from the Nintendo Wii to the iPhone 3G.
Sam Diaz is a senior editor at ZDNet. See his full profile and disclosure of his industry affiliations.
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