What's Next for the Net?

It's crunch time. On Wall Street and in the popular imagination, the new economy is facing its first big test. We gathered some of Silicon Valley's brightest thinkers and toughest executives to sort through the critical issues that are facing companies and their leaders. Just what does it mean to have an "Internet strategy" these days? Which ideas are venture capitalists stillprepared to fund? How do organizations attract and retain the best people in a brutal business climate? Listen up: Here is tough talk from a fast crowd about the changing future of the Internet economy.

The new economy is facing its first big test -- on Wall Street, where Internet share prices have plunged; on the Web itself, where fears about the growth of online advertising are jeopardizing countless business plans; even in the popular imagination. "Dot's All, Folks" seems to have replaced "Who Wants to Be a Dotcom Millionaire?" as the defining sentiment of the times.

But wait. The fundamental plotline of the Internet economy has never been about guaranteed success, even during the glory days. It's been about risk and change, twists and turns, stops and starts. The challenge for leaders and companies that want to play and win over the long term has always been to anticipate the next wave -- and then to modify strategies in order to ride it. The only sustainable form of leadership is thought leadership: generating more good ideas and making smarter adjustments faster than the competition.

In that spirit of thought leadership, Fast Company recently gathered 17 Silicon Valley business leaders, strategists, and thinkers in a TV studio in Cupertino, California to brainstorm about the future. The topic: What will it take to win in the next phase of the Internet economy?

That gathering -- our first-ever Fast Talk forum -- was the debut of a series of conversations that we'll be having every two months with businesspeople from around the world. Not all of those discussions will appear in the magazine, although they will all be available on the Web. But because the stakes of this first conversation were so high, and because the insights were so timely, we've chosen to feature highlights from the session in print.

What follows is an edited transcript with contributions from 10 of the 17 people who participated in the Fast Talk forum. To see the full transcript and to get email addresses for the participants, click here. And remember, the best way to follow up on fast talk is with swift action.

Game Over

What's next for strategy?

Mark H. Goldstein, CEO, BlueLight.com LLC: Bad news for other people can be good news for us. During the past three weeks alone our résumé flow of super-talented people has increased by something like 200% or 300%. All of the people who came to the Bay Area to join a dotcom -- even those who were the titans of their industries -- are starting to second-guess themselves. Many are beginning to make themselves available to more secure companies, seeking refuge in organizations that might have floors. At BlueLight.com, we have a floor: We are the e-commerce company for Kmart, one of the country's giant retailers. So our worst-case scenario is becoming part of Kmart again.

Paul Saffo, Director, Institute for the Future: You have to credit Silicon Valley's founders with a key decision: Most buildings here are less than two stories high, and they are surrounded by grass.

So when the market dropped, everybody jumped, sprained their ankles, took the day off, and said, "I should change companies."This is the latest chapter in the Valley's history. New industries will emerge from the rubble. People are sadder but wiser, and, fortunately, they are just as visionary as ever. So I think that this is the start of another big wave.

Helen K. Whelan, President, MyPrimeTime Inc.: Working at a big company is the kiss of death for your career. If you want to be a paper pusher, then you should work at a big company. History will note that the start of CNN's demise was when Time Warner bought it. I was there at the start. We first pitched the idea of a TV network to Ted Turner when he was coming out of the bathroom. He gave us his approval within a week. Six months later, we had created a network.

You can't do that today. With MyPrimeTime.com, we were able to create television programming and a Web site. We're into our third revision of the site, and it hasn't even been up for a year. At CNN, we did a redesign, but it took us three years. So to me, it's market, shmarket! I believe that living your life -- and having it be a very robust life -- is about pursuing your dreams, starting your own company, or working for a company that you are passionate about.