Kurt Cagle lists out 12 traits of most Web 2.0 companies.



1. Mashups.

2. Extensive Use of Syndication.

3. Preferential Use of Open Standards and Open Source.

4. Diversity of Platforms.

5. Asynchronous Messaging vs. Synchronous RPCS.

6. Distributed Documentation/Data.

7. The Editable Web.

8. Identity Management.

9. Social Networks.

10. Metadata Rich.

11. Community.

12. Rich Clients.



And I would like to add the 13th trait:

13. No VC money at First.