Evening Press leader

News that two young East Yorkshire men are set to become dot com millionaires will provoke a myriad of reactions.

Some will be jealous at their new-found riches, seemingly plucked at will from cyberspace. Some may scoff: the Internet? It's a passing fad.

Others, including the Prime Minister, can barely contain their excitement. Because it is exciting. A social and economic revolution is happening before our eyes.

Young people, like Michael Bennett and Stuart Avery, are driving that revolution. They do not fear the new technology, they are inspired by it. The opportunities on the Web are literally infinite.

E-commerce is business, but not as we know it. Entrepreneurs once needed substantial capital before setting up on their own. Now merchant adventurers like Michael and Stuart can make their fortunes simply with a computer and a good idea.

Their idea has certainly caught the imagination of the right people. Major corporations including Lloyds TSB and Motorola are lining up for a slice of the action. Doom-mongers who are convinced that the bubble is about to burst may be surprised to learn that such established names are involved.

Investing in dot com companies is undeniably risky. The flotation of lastminute.com, where the shares rocketed, flared and fell like a firework, shows how little the City knows about the true value of the new economy.

But there are historical precedents for what is happening today. Those who invested in the spice trade never knew if the ship that set sail to the East Indies would ever return. In the 19th century, small businessmen rushed to put their money into railway stocks.

The pessimists laughed at their folly, suggesting that the new transport system would never last. In fact, the railways powered Victorian Britain's industrial world dominance. Meanwhile their story may inspire others to come up with their own Web winner.

see also 'Internet pair set to make a fortune'

Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.