This document discusses the key concepts of Web 2.0 and how mobile phones are adopting these concepts. It defines characteristics of Web 2.0 like user-generated content, harnessing crowdsourcing, data on a massive scale, and networks effects. Examples are given of how companies like Google, Amazon, and BitTorrent embody these principles. Case studies of Google, Facebook, and a Hong Kong startup called Editgrid.com are provided to illustrate Web 2.0 businesses. The document concludes with references for further reading and an individual assignment to design a logo for a company called CUTW.