Beyond the day and long overdue (compiled from Steve Rubel):
"This is a sad time for the web. It´s as almost somber as the time
just before the last bubble burst in 2000. I was working in PR with
dot-com startups at the time and the way I feel now is how I did back
then. I wish I didn´t, but I do. Something needs to be said. Even if no
one listens or cares what I think. [...]
The bubble really began in earnest on October 9, 2006
when Google bought YouTube. That´s when every person with an
entrepreneurial itch woke up and smelled the hype and money. Prior to
then, startups were more focused on the entrance, not the exit. But the
Google YouTube deal and many others that followed really opened up the floodgates to money and it changed
the attitude of the web. [...]
The endless dot-com parties are back. So are the countless trade
shows/conferences that regurgitate the same "new paradigms" the last 10
events did - with no end in sight. [...] I don´t speak at or
attend very many Web 2.0 conferences anymore. I don´t have the heart
for it. I would be stirring the big pot of Kool-Aid.
Let´s face it, we´re skunk drunk and it´s because of money. It´s
almost like we all need to enter Betty Ford Clinic 2.0 together. This
time, it´s not stock market money but private equity, M&A, VCs and
to some degree the reckless abandonment of logic by some advertisers
who are perpetuating what is sure to end badly when the economy turns.
Hubris is back. [...]
I miss the days of 2004 when the class that includes Flickr,
del.icio.us and others started. They really were about changing the
web, not making a quick buck. [...]
Most of the rest of today´s net startups are only after the
almighty dollar and while that´s capitalism, it saddens me because it
has done little but breed hubris."