The topic has been discussed many times and the final definition of the term is probably still debated. The Web and Web based business has evolved slowly just like any other business. I feel after failure of so many web companies and crash of 2000, investors were scared to invest in Web businesses which forced the need of a new term to assure investors that this time is different and new and cool web 2.0 will be successful.
Web 2.0 is any web application which provides rich internet experience, reusability, collaboration and power of crowd. Wiki, Blog, Social Bookmarking, Social networking are all examples of Web 2.0 sites.
