The Bulletin Magazine has a good piece on “web 2.0″ and funding in Australia, The Geeks Shall Inherit The Earth. It highlights the difficulty in gaining attention and the right valuations as an Aussie Internet entrepreneur (note how the Bulletin uses an “i” for Internet).

Josh Gliddon chatted with me the other day for the article, though I don’t get a mention probably because I’m currently sticking to Aussie turf to find funding. My buddies Cameron, Marty, Nik, and Ben get some great coverage. Good one guys!

My only question of Josh is, WTF do you mean no “business model at all.”

And nowhere is that better illustrated than with YouTube. Despite its 100 million streams per day, it didn’t appear to have any business model at all. It’s the same dilemma that News Corp must have faced when it purchased the social networking site MySpace for what now looks like a bargain price of $US580m just over a year ago.

That’s like saying the Bulletin magazine has 100 millions views a day, but I’m not sure what it’s business model is. How about 100 million views per day. How about distribution deals with media companies. How about sponsorship for firms looking to find a bunch of potential customers. I’m sure if you gave me a few more minutes I’d come up with at least another half a dozen potential revenue streams that are open to MySpace and YouTube, and several more I don’t want to share because I’ve got some in my business model for Web2Thing.

Josh, on the one hand you’ve told us that VCs aren’t funding smart Aussie entrepreneurs, and on the other you’re saying it’s hard to find a “web 2.0″ company with a business model.