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ZDNet: Web 2.0 Drives Venture Capitalists Crazy

If it is really true, this is good news.

“Web 2.0 is devilling venture capitalists — they can’t invest in these companies because they were profitable from day one. VCs want to give them capital, but the companies don’t need it,” said Basta.

Not sure whether Web2.0 companies are profitable from day one. But it is true that they do not need much money to launch a product and get initial customers.