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Starting Your Own Business in a Virtual World

Boot Camp feature for Tuesday, September 12, 2006

Starting your own business….in an online world. Bloomberg Boot Camp, a report on today's technology. It's an online world that lets you bring out your inner entrepreneur. There.com is now free to join. It is a 3D social networking site….where you are represented by an on screen avatar. You can type to converse ….or pay a one time fee of about ten dollars….to enable voice conversation. There.com CEO Michael Wilson….

"What I like to call it is, it's basically a social network where you can make money. Pretty interesting statement. And the reason you can make money is in There, not only do you have a 3D world, not only do you have an avatar that can emote and talk…but you also have the ability to basically create an income in There. Either by becoming a landlord, by buying land and then renting out to other people, or becoming a developer where you actually create content for the world that other people buy. For example, people who make women's clothes for women's avatars. There are 20 thousand different types of women's clothes for sale today, which is a really huge selection."

Wilson says There has about four hundred thousand members. The company makes money by selling items and currency in the virtual world…

"What happens is we have an economy in the world which is composed of something call Therebucks and in order to buy stuff, if you want a buggy or a dog, like a pet, you have to buy Therebucks. And you buy them from us and that's how we make our money."

There has a number of competitors….some of which….like MySpace….are focused more on social networking than 3D worlds. Bloomberg Boot Camp, I'm Fred Fishkin.