I decided to attend the Mesh web 2.0 conference since it was taking place within walking distance of my place. I had better blog that now, since I brazenly left my laptop at home when I went (convention faux pas).

The question that I always have is what the hell is web 2.0 anyway? And how is it different from web 1.0?

There was a predictable mutual admiration club forming over blogs, tagging, social networking, RSS and communities. “100% authenticity” was being bandied about in a lot of overheard conversations.

Now that “web 2.0” is heating up as defined by a series of high profile aquisitions, it seems to me like web2.0 is really just “bubble v2”. Another wave of start-ups whose business plan revolves around “social networks”, “community driven”, “100% authenticity”…”and then we get bought by Google or Yahoo”. Sound familiar?

The “Does Web2.0 Need VC” panel with Rick Segal the celebrity blogstar VC from JLA Ventures and Jason Fried, of 37signals.com, the non-VC funded, profitable company from Chicago, was refreshing.

It was refreshing because both Jason and Rick recognized that profits and revenues count for something, and Rick’s “Don’t take VC if you don’t need the money” was advice well received. Rick Segal, BTW, is one of the “good-guy” VC’s in this world, and I’ve always had a very high opinion of JLA Ventures. I’ve also bought Jason Fried’s Getting Real because I was impressed with what he had to say (don’t take VC if you can help it, in today’s market its more than doable to bootstrap your business, charge for your products/services, and you don’t have to move to the Valley to be in the tech biz)

I remember the startup.com movie, where the guys were so smug and proud of their first round financing I remarked to my girlfriend (who is now my wife), “I think these guys have their first round financing confused with revenues.”

Now that the whatever 2.0 bubble is in full force, there is a little bit of that circulating still and I am always grateful when a panel throws some cold water it.

I remember during tech-wreck 1.0, when companies were failing left, right and center, VC was drying up and shareholder value was evapourating by the billions, I got an email from somebody at RobTV asking me if I would be interested in appearing on a forthcoming “venture capital” episode, where I would have the opportunity to pitch the members of their VC panel to invest in easyDNS

I replied back with a different idea. How about instead of the same old “grovel for the VCs” I bring along 4 years of company financial statements demonstrating growing revenues and profits and the VCs can pitch me on why we should take their money and let them get their mitts into our profitable company?

I never heard back from them.