The tech blogosphere is dominated by posts on a phenomenon called Web 2.0. There is no formal definition for Web 2.0 ⎯ the definition itself being part of the debate.
But after spending several months reading blogs that focus on it (TechCrunch, Om Malik’s Broadband Blog, Solution Watch to name a few), I being a non-techy sum it up as follows:
Web 2.0 consists of lots of new web applications,
With most in beta form,
Most are free,
All use the same simple font with pastel color schemes (Times New Roman is definitely not part of Web 2.0)
All employ social collaboration as a distinguishing element,
Most use something called AJAX – which as I understand it allows some functionality to be embedded in the HTML that resides on the client rather than a need for constant updates from the web server,
Most rely on user feedback to determine enhancements,
Most are named something cutesy or nonsensical (Kaboodle, Rollyo, Riya, etc.)
Most either make money through Google Ads or have no idea how they are going to make money,
And some are quite useful. I suppose all are useful at some level. The problem is there are so many new applications, it’s impossible for a typical user to sort it all out.
Call it Web 2.0 Application Overload.
To date, there are four Web 2.0 applications I use daily that make my life easier:
1. Socialtext – This WIKI software has been around for a few years, and breaks some of my tenets for what defines Web 2.0 (i.e., they charge money, I don’t believe they employ AJAX, and Socialtext is not a cutesy name, but then again they named it before Web 2.0 was officially inaugurated). My colleagues and I use it as the collaborative workspace for our investment firm. We jointly edit documents, store important files, hold portfolio discussions, and dramatically cut down on e-mail. Socialtext needs a more attractive user interface, but it’s still worth the $500 annnual charge.
2. Backpack – This is where I track all my projects I don’t place on Socialtext. It’s simple, flexible, and the ability to have text reminders sent to my cell phone is phenomenal. My success rate at e-mailing my Backpack site from my Treo has been spotty, particularly compared to e-mailing my Socialtext site, but it’s still worth the $5 monthly charge.
3. Remember The Milk – I use this to store To Do Lists. I hate To Do Lists so I don’t like to clutter my Backpack and Socialtext sites with such minutia, and I hate keeping lists on my triad of Treo/Outlook/Entourage because I always forget to sync. Remember the Milk has only been up a few weeks and it lacks the functionality to access the site from mobile devices, but all in all, I am better organized with it.
4. del.icio.us – I have to admit, it took me a while to see the value of this whole social bookmarking concept, and I’m still not sure I totally get it. Since I keep most of my day-to-day bookmarks on my Safari toolbar, I couldn’t see why I needed to post bookmarks to Del.icio.us. I occasionally view LiveMarks to find out what other people are bookmarking on del.icio.us (that is how I found Remember the Milk). Recently, though, I’ve found del.icio.us useful for storing links to news items and journal articles that are too specific to place on a toolbar. The question is whether my tagging system is good enough to ever find them again.
So will Web 2.0 have a significant impact on the general populous? As of right now, I’d say probably not. Most of the Web 2.0 applications are trying to replace solutions that have existed in the market for 7 years or more, and while the interfaces are nice and there are a few new bells and whistles, the functionality isn’t dramatically improved over what established companies, such as Microsoft , Apple or Google already offer.
I’ve attended several private equity and hedge funds conferences this year, and from what I saw, venture capitalists and other institutional investors are not abuzz about Web 2.0. I don’t think it’s an issue of institutional investors not understanding Web 2.0. I think it’s a realization that there are so many me-too applications with so little added functionality, coupled with an extremely slow adoption rate by the general public that while a few individuals will make a nice living creating niche businesses, there will not be the dramatic wealth creation that characterized the original internet boom and bust.
And that’s okay. Sometimes incremental improvement is nice. It still doesn’t solve the VC overhang issue, but to date, Web 2.0 has made my life a little less cluttered.