At the Summit
Thanks to our friends at Intel, I maintained a perfect three for three attendance at this the Web 2.0 Summit. It was the perfect venue for our big announcement and it generated terrific publicity. I think this is a watershed moment in bringing Web 2.0 to the enterprise.
This year’s event was different than the previous two versions. While huge (and Tim O’eilly claimed they turned away 5,000 people), the mood is more businesslike. Gone is the “everyone is getting rich but me” frenzy of the second year and the “I’m not the only one who thinks there might be something here” attitude of year one. VC attendance was way down. Corporate business development attendance was way up.
Day three was the most interesting. Below are a few highlights.
Ram Shriram on the current environment “While there is venture money for early stage companies, the number of billion dollar exits are very few and far between. There have been two internet IPOs this year and both are languishing at a sub $500m valuation and suffering from a lack of research coverage.”
Note to all journalists trying to sell more of their publication by saying we are in a bubble. A bubble is when companies with no chance of profits are sold for over a billion dollars or go public on a daily basis. Thus, we are not in a bubble. Clear enough?
More from Ram “There will continue to be many sub $100 million exits, but this is threatening to venture capital IRRs.”
Roger McNamee (whose hair cut shows he is spending too much time with Bono) on content “Media guys say that user generated content is just an appetizer, people really want Hollywood movies. that’s just bullshit.”
McNamee to along winded entrepreneur whining that he could not raise venture capital. “Entrepreneurship is not for lightweights.”
Eric Schmidt flatly denied that any of the uTube consideration was going to copyright holders.
Barry Diller on company building “Equity is built by holding on.”
On the Teen panel (which was not nearly as good this year). Question “ How much time do you spend on MySpace? Unanimous response, “2-4 hours a day” “because I want to get my profile just right” and “I like it when people tell me they love my MySpace page” and “When I check my MySpace page it is like Christmas morning with the presents under the tree.”
Question – Who do you trust more Yahoo or Google? Unanimous response, “Google.” They will regret that.
Best eye candy came from Microsoft labs.