Internet boom 2? Is web 2.0 rising in India?
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Internet boom 2? Is web 2.0 rising in India? Well Indiatimes talked to three incubators Mr Murugavel Janakiraman, CEO, Bharatmatrimony.com (BM), Mr Glynn Willet, CEO, Tutorswithoutlimits.com (TWL) and Mr Mohit Dubey, CEO, Carwale.com (CW) and here’s what they had to say..
There was a boom and then a bust and then the internet is lifting up again over the last few years. Should we expect internet-led business to settle down a bit after all the lows and highs?
BM : E-commerce in India is set to jump 95 per cent from Rs.11.8 billion to Rs.23 billion in 2006-07 on a whopping Rs.2.18 billion advertisement-spend, a new survey says. This is largely because India’s current 38.5 million Internet users will shoot up to 100 million by 2007-08. The convenience, comfort and flexibility of the medium bring in a high degree of stickiness with its users. Also with the robust growth in the telecommunication industry, Internet will definitely continue to boom in the years to come.
TWL : Internet is booming and with online businesses coming up, soon it would become the medium of choice. Internet is similar to what happened with the introduction of electricity where the first use was lights and then an explosion of different uses as electric motors creating new washing machines, power saws, and finally electric tooth brushes. Similarly, the internet is opening a whole new world which is not only creating businesses in the consumer sector but opening up new business opportunities in the knowledge sector too. Tutors Without Limits (TWL) is a good example.
CW: I think the business models, entrepreneur, investors and primarily consumers are more mature for online business. The focus and expectations are far more realistic. Of course, this will further get more filtered and settle sometime in next 2 to 3 years.
What line of internet business (e-biz), say online shopping, social networking, news etc, do you expect to balloon more than any other line?
BM : In India, online shopping is still at an early stage. We still expect to see specialized shopping sites for books, electronic goods etc. The comfort of making payment through credit cards is catching fast and a lot more is yet to evolve.
Also the social networking sites are emerging fast but without a business model. These sites are free to access sites and we need to wait and watch its success as a revenue generating model. Also today, there is a buzz on web 2.0, social networking etc. If people get into this buzz word without a business model, they might fail. Venture capitalists are also more cautious in venture funding.
TWL : News and online shopping were Web 1.0. social networking has already blossomed in Web 2.0. The next big things are education, movie entertainment, and disbursed work environment.
CW : The models which are focused to empower consumers to make better decisions will go on to become the biggest hits. The recent success of social sites like flickr, youtube.com, linkedin.com or for that matter online shopping sites like amazon.com, or consumer focused mouthshut.com, has this commonality where they empower consumers either through information, online tools or others’ (consumers’) feedback.
Is web 2.0 the future of internet or you expect something much bigger to rule wires in coming years?
BM : Web 2.0 is a broad collection of recent internet technologies like Ajax, RSS and new business models like social networking. It facilitates a two way medium creating a platform on which applications are developed. In fact, the features of web 2.0 were available even before this name was coined. Whatever the concept, only real business models will work. So it depends on how web 2.0 features are effectively used in bringing a successful business model.
TWL : Web 2.0 is the internet and the internet continues to grow. While Web 2.0 is the current revolution in virtual space, there is always a chance of something coming better in near future.
CW : I think, in web 2.0 we will see the integration of text, audio and video for a far more improved user experience and convenience. That’s what web 2.0 is all about.
Read the entire interview here
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