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From an investor point of view it's a heck of a bet if you can get it right, but we all know how many more casualties this route has versus those solely focussed on personal value, where the rewards may be lower.
I agree - the big plays are ones where there is a network effect - as an investor my feeling is that to invest in those companies pre-critical mass (and simply waiting for critical mass is one option) you need to have a very clear understanding how they are going to get there.
I completly agree with personal value before Network value. And the example of tagging is excellent (thanks for the link). I think tagging is for personal use = organize. Then you can use it for Network value (Tagging will be available in 2 weeks on U.[lik] and i think we came with a pretty good solution).
Always happy when you digg stuff in this space.
Have seen the flixster deal?