A couple weeks ago I moderated a panel and roundtable for Austin Venture portfolio companies on Web 2.0. As many of the companies were not in the "Web 2.0" bullseye, the discussion focused on the what, why, how and who of Web 2.0. I’ll skip the "What" question…here are the some of the other notes: Why? * Analysts read blogs. Reporters read blogs * Empowers customers * Blogs are turning into a trusted media outlet * 78% of online customers trust brands more that have reviews