The document discusses the evolution of the web and its impact on business. It describes Web 1.0 as a transactional web where businesses went online to access a vast marketplace. However, many dot-coms failed due to not having sufficient demand, burning through cash, or not being able to compete with established brands. The concept of the knowledge economy and collective intelligence emerged. Web 2.0 is described as a social, user-generated web where users interact and share information through various platforms and applications. Location-based services also became important, allowing businesses to reach customers in the right place at the right time. Forces like open-source movements disrupted traditional business models in industries like music and film.
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