Outstanding essay here by Paul Graham; definitely covers the most important trends in business. The part about standardization is huge; we'll see business networks emerge, and they will compete on the set of standards they offer. When I say "standards" I am referring to every sense of the word: legal, technical, cultural. These standards transcend national borders, which introduces a whole new slew of issues. -- KM

ADDED: Dave McClure has great commentary on this.

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There's something interesting happening right now. Startups are undergoing the same transformation that technology does when it becomes cheaper. It's so cheap to start web startups that orders of magnitudes more will be started. And if the pattern holds true, that should cause dramatic changes...

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