Google, with its US$100 billion market capitalization represents an example of this, he said. "That"s big bling."

Companies in markets such as financial services and retail institutions must differentiate themselves based on their online presence, Schwartz said. Media companies could end up delivering financial products in the new paradigm, for example, according to Schwartz.

"It"s about creating a marketplace and creating a community and creating the technologies," Schwartz said.

Schwartz also endorsed blogs, but said that regulations haven"t caught up with them.

"The world of regulation is still trying to catch up to the Internet," he said.

For example, Schwartz said information posted on the fee-based Reuters system is considered public communication, but information put on his free blog is not.