In the spring of 1997, during a presentation in Paris on IBM’s new e-business strategy, the CIO of a major European retail chain mentioned that his company had just spent a lot of money remodeling their stores. He was wondering if they had done the right thing, given all this new economy talk. We were in the middle of the dot-com frenzy, and the buzz in the air was that in the Internet-based new economy, brick-and-mortar businesses, like other businesses grounded in the physical world, could not possibly compete in this fast-moving digital space and were therefore headed for extinction.
Similar questions were being raised all around us. In my local library, in whose advisory council I have been serving since those days, we were making plans to leverage the new Internet capabilities, such as introducing an online catalog and providing wireless Internet access in the library building. But we were also wondering if a library building would be needed at all in the future, given the growing digitization of books, music, videos and just about all content.
As it has turned out, the Internet, along with the overall digital revolution has proven to be a transformation of true historical proportions, propelling us from the industrial society of the past two centuries to a new kind of information society and knowledge-based economy. But, it has not quite worked out the way some predicted back in those dot-com bubble days.