Web 2.0 is not so much about new technologies as it is about new ways of using the internet and its associated technologies. In this article, we briefly describe the technological situation frequently referred to as Web 2.0, and distinguish it from its preceding phase, or “Web 1.0”. Then, using the distinguishing characteristics of Web 2.0, we outline a framework that we call the “U-space” that can assist in identifying and classifying the opportunities and issues that will present themselves to entrepreneurs in the Web 2.0 environment. In conjunction with this, we outline four short cases that illustrate this framework. We conclude by identifying some questions Web 2.0 entrepreneurs and those who teach entrepreneurship should answer in the utilization of the framework in the Web 2.0 milieu
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