A new wave of startups, as well as giants such as Google and Yahoo, is trying to tap the multibillion-dollar potential of what is often called “the local Web.” reports The Indy Star.

The local Web is rapidly evolving amid the converging forces of online social networking, location-savvy smart phones and an array of new business models.

The trend represents new opportunities for small and medium-size businesses — and new challenges for stalwarts such as the Yellow Pages and newspapers. Many of the new startups are certain to fail, but venture capitalists are betting hundreds of millions that some will succeed.

“The local space is on fire,” said Jennifer Dulski, a former Yahoo manager who is the co-founder and CEO of Center’d, which uses search technology to create online guides to 50 American cities. “It’s one of these nuts people have been trying to crack for a long time, and now all these elements seem to be coming together.”

Continue Reading: “Web Needn’t Be World Wide To Be Successful”

Photo by ilco.

Originally posted by Rich Whittle on April 6, 2010 in Ideas.

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