Last night, Robbie and I went to a Web 2.0 meeting at Tommy Doyle's in Cambridge. We wandered over there after partaking in the delicious beer and cheese plates and pumpkin beer at Cambridge Brewing Company...yummm....
Dharmesh had told us about the meeting, and we were really looking forward to it. It had an interesting format: half an hour of mingling, half an hour of presentations, and then more mingling. The room was absolutely packed. I was very impressed by the size of the crowd.
Before the presentation, we spoke a little with Derek (sorry if the name is wrong) of Element55, a company that tracks billing for lawyers. It sounded like a very interesting project with technology that incorporated phone call length and destination into an automated biling system.
The three presenters were Reddit, Blogniscient and Kiko. All three presentations were well done, and the technologies and ideas were forward-thinking.
However, they reminded me a little too much of the late nineties, when many companies had great products, great presentations, and no business models. None of the companies mentioned business models in their presentations. One responded they were hoping to fund through advertising when asked by someone in the audience. Robbie and I assumed the other two companies were looking to do the same.
Until someone comes up with a viable strategy for actually making money in Web 2.0, a lot of these brilliant ideas and hard work may end up having been wasted.