Yesterday the NS online team (ie. Tom and I) went for a jaunt down to Kensington to take part in The Future of Web Apps Summit. There we sat with over 800 others lapping up all the latest thinking from the likes of Joshua Schachter of Del.icio.us, Cal Henderson of Flickr and the UK’s very own Tom Coates, who’s now at Yahoo!.

What came across most strongly was how lean and small you can be these days and yet still be a global player. Both Flickr and Del.icio.us both started with tiny teams and very little money, even the now mighty Yahoo started as a hippy (Stanford) dream. Gone are the days where investors expect millions to be spent simply to get a site or application up and running. Gone too is the idea that products should be developed specifically with the expectation to get bought out, rather than aim to make a profit as soon as possible (although you’ll never hear anyone complain if it happens). What was emphasised was the importance of having a good, financially viable, workable idea.

Whilst this is no news to many of us, it is encouraging, particularly when I think about the New Media Awards. Many of the projects that get nominated are created by very small teams, often made in people’s spare time, yet have a significant impact on public life, and have changed the UK for the better in so many cases.

So if you are thinking that you are not worthy because you’re making do with an old beige tower and some string, think again.

PS. Tom took some photos which you can view here.