Web 2.0 growing pains

I’ve been noticing more commentary lately that it’s time for Web 2.0 to grow up. This may even be inevitable since the economic meltdown is forcing numerous companies, including startups, to take a hard look at their business plans. There are still a lot of people, especially in the social networking space, jumping in with yet-to-be-decided business models. As the first dotcom bust taught us, focusing on gathering users and worrying about how to survive later doesn’t really work.

In a way, the current economic climate may be a good thing. Just like the great dotcom bust, the current conditions will likely lead to a shakeup that wipes out a lot of ‘me too’ strategies, leaving serious companies with realistic business models standing.

Today, in an interview with publisher Tim O’Reilly in the Los Angeles Times, the creator of the Web 2.0 Expo talks about the next wave of Web 2.0 and argues that it’s time for young developers to get serious about the potential of technology, and move beyond the frivolity of much of social media apps. Wired also takes a look at the potential Web 2.0 shakeout and the areas that could be hit hardest. Expect to see a lot more coverage on this topic.