Twenty years of the Commercial Internet

[Commentary] In August 1995, Netscape held its initial public offering and caught the attention of every participant in computing and communications. It was a catalytic event for the commercial Internet, and it started the beginning of a long boom in investment by private firms, households, entrepreneurs, and venture capitalists. With the 20th anniversary approaching, it’s time to look back on events and highlight the big lessons.

Looking back on these events with a wide lens, it is now possible to ask, why did the privatization of the Internet turn out so well? How could such an event unleash a wide and profound set of economic outcomes? The answer involves “innovation from the edges” -- multiple perspectives originating from multiple places in an industry with little or no concentrated decision making. Innovation from the edges played an important role in all the key events.