It’s dotcom boom-time again — but can Soho really be the new Silicon Valley?

The heady days of 1999 are back. Once again it’s fashionable to work for an internet start-up, even more so if you’re a part of the so-called ‘Web 2.0’ bonanza. (For those who may worry that they’ve missed some kind of software update, Web 2.0 refers to second-generation internet developments based around user-generated content and social networks, such as YouTube and Wikipedia.) Hopeful entrepreneurs are chasing venture capital money with the dream of becoming the next Skype or Google. There are differences, however. Europe — and specifically London — seems to have a more pronounced buzz than in the first boom, yet there’s also a definite recognition that another bubble may be in the making. I’ve spent the past week immersing myself in the internet’s second coming.

Supreme networker Oli Barrett invites me to tea with London’s internet mafia — all extremely bright and ambitious. Conversation turns to comparing London with Silicon Valley as a place to start a dotcom business.