For many in the dotcom world, 2007 was dominated by one story: the rise of Facebook. The success of the social networking service has increased optimism about the internet industry. After all, if Microsoft is prepared to buy a 1.6% share for $240m (£121m), there is evidence that good ideas can be worth a lot of money. It is no surprise then that investors are looking for the next big thing – and these are some of the favourites.

Virtual pets, video diaries and travellers’ logs could be the next stars of cyberspace

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