The Smell of Good Business

There is a great deal of hype and mystique surrounding Web 2.0 and myriad of 2.0 terms that now exist as a result, such as Work 2.0, Enterprise 2.0, Office 2.0 and so on.

The hype is as loud and as significant as the last dot com boom where 2.0 has replaced “e”.

However, what is different today is that this revolution is focussed squarely at collaborative technologies and information sharing, as opposed to primarily transaction exchange of the dot com era.

Are you in a capacity to provide a leadership role in the emergence of Web 2.0? For it is as certain as night follows day that your staff are using these technologies without you knowing or seeking your consent – all in the name of getting the job done quicker.

Over the next series of posts I will outline the following:

• Outline the facets of Web 2.0 and compare and contrast to dot com
• Explain some of the technologies that underpin Web 2.0
• Show you some great tools you can take advantage of new technologies
• Explain a myriad of terms used including RSS, Mashups, Web 2.0, Enterprise 2.0, blogs, wikis and you show you tools such as 37 Folders and tagging approaches
• Outline how you can start to incorporate these types of tools and approaches into your Information Management Strategies
• Outline some of the moves the larger vendors are taking to support these types of collaborative technologies

Could this be EDRM nirvana – an opportunity to tap into content – or is the animal out of the cage threatening everything done before it?

I look forward to your feedback…..

Back in March 2000, I discussed the idea of setting up a First Tuesday group in Western Australia with Stuart Hope, then CEO of Software Engineering Australia (SEAWA). We also brought in Peter Morris of Telesis, and got ourselves underway.

First step was to review the licencing model for First Tuesday – which read something like – “bear all liability personally, but we can take your assets – database, networks, dealflow and anything else for that matter – without recourse”.

We said, “I don’t think so” and set up our own meeting group called Entrepreneurs2business. The group was established as a dynamic meeting place for entrepreneurs, advisors and investors, with a view to commercialisation of these technology ideas to bring business growth, export revenue and to further grow the technology industry in Western Australia . Nothing particularly new in these types of forums other that the financial fuel of IPO fever.

The group was founded in May 2000 and held its first event on July 4, 2000. The group went on to hold 30 events, meeting monthly using the format of a speaker with commercialisation experience sharing their knowledge with the group. First Tuesday had long since died by the time we closed E2B.

Some interesting observations:

1. In networking events like this, the VC’s lean against the bar waiting to get picked up

2. The advisors all talk to each other and tell each other how well they are doing

3. The entrepreneurs stand nervously in the corner refusing to divulge their IP to anyone

(This is a little exaggerated of course – but seeing this in action the only thing you can do to get interaction is introduce people to each other and make sure they both understand why you are trying to connect them together).

Do you feel the market feels like that again? Fueled this time by trade sale and private equity, booming economies, and escalating salaries and expectations? Smells like it to me, love to get your feedback

The interesting change with Web 2.0 has created a sense that the internet is all new again. There are some truly amazing success stories – witness www.utube.com as the largest, most recent couple of guys and an idea turned into millions. And may similar success fall to www.wordpress.com – this is truly a great offering.

But there is something in the air that smells funny…. and it seems we have a new generation of people coming through who have:

• Never witnessed a recession
• Never seen businesses lose a f…ing frightening amount of money
• Never been paid so much for so little experience
• Starting discussing “eyeballs” as inherently adding value

Am I cynical (or jaded as it didn’t work out last time – I was supposed to be driving a Ferrari to my own private golf course right now!) or does something smell funny?

Today, as it did at the time of the crash, it stills comes down to “show me the money”. At least now, advertising models are well established and easily quantified.

What piqued me to write this was a pic of Malcolm Gladwell on the front of the Australian Financial Review with him saying that business needs to get over itself and recognise the power of snap judgements.

I have read the Tipping Point, and did find it an interesting read. Gladwell may well be onto something – and I share a view that making snap decisions in the heat of business is often very sensible. You are closest to the action, best in the position to make the decision – so you should be able to make it without having to engage in endless email / other approvals – and analysing it may make you change your mind against something that makes sense.

However I also remember vividly hearing similar tones around the time of the dot com crash along the lines of, “if you are looking for a standard business model, you just don’t get it…”. You should be very concerned if anyone wont be specific on:

1. Who wants it?
2. How much for?
3. Who says so?

At the end of the day business is about the exchange of value. Part of value creation is really thinking about things.

For more about thinking, please see my posts Talk to me in numbers and 3 Reasons why smart people in organisations do stupid things

So, what do you think? I look forward to any feedback….

I’m sure you have read time management and other business quotes where the dialogue starts. “imagine you are at your own funeral….”

This week I attended the funeral of a friend that died of cancer. Many beautiful things were said about his success in his career and business interests, his devotion to his family and his love of cooking – and his vege patch. He was universally liked by everyone that met him.

Tragically his decline from good health took a very short 6 months. For those people whom work tirelessly seeking a way to treat and avoid cancer I wish you the best in your endeavours.

What can we learn from this? Live life, love your family as much as you can, enjoy everything you can, and make sure you end your day exhausted not bored.