According to Wikipedia, mention Web 2.0 and you may get the idea that this is a new version of the World Wide Web.

However, the free online encyclopedia - itself the fruit of collaborative labour in Web 2.0 environment, suggests that "it does not refer to an update to any technical specifications, but to changes in the ways software developers and end-users use webs".

It is most popularly associated with web-based social networking sites and tools and services, such as blogs, social bookmarking, wikis, podcasts and RSS feeds.  

On the business front, the philosophies and technologies of Web 2.0 can be used by businesses to create approaches to foster innovation and responsiveness to customer and marketplace trends, while simplifying communication and collaboration among members of the extended value chain.

Related is the term "Product Development 2.0", which refers to using social software channels to solicit customers' opinions in making key product decisions. This approach can help a company give customers what they want more quickly.

» To find out more about the business value of Web 2.0 technology, click here.