The rapid rise of online social networks is both a social and business phenomenon, the impact of which is only beginning to be understood. The consumer-powered Web 2.0 creates innovative ways for businesses to operate and people to communicate. 1. What is driving the emergence of virtual communities? Is the rapid rise in their valuations justified? 2. How are companies beginning to use social networking strategies for product and market development, as well as for communication? * Caterina Fake, Founder, Flickr, USA * William H. Gates III, Chairman, Microsoft Corporation, USA * Chad Hurley, Co-Founder and Chief Executive Officer, YouTube, USA * Mark G. Parker, President and Chief Executive Officer, Nike, USA * Viviane Reding, Commissioner, Information Society and Media, European Commission, Brussels Challenger * Dennis Kneale, Managing Editor, Forbes Magazine, USA Moderated by * Peter Schwartz, Chairman, Global Business Network, USA