This morning mediabistro.com kicked off another in its series of summits geared toward the technology and media communities. Web 3.0, aka Semantic Web, aka Linked Data is the next generation of how we gather, share and connect all that information that exists on the Web. Think of it as a smarter Google.

As this morning's keynote speaker Thomas Tague of Thomson Reuters told the crowd, if media companies don't start understanding the value of Web 3.0 now, they will regret it later. Of the more than 450 attendees, about 25% said they work in technology, but another 20% said they work in media. For those not in the know, Tague suggested reading through this Wikipedia entry for a primer on Web 3.0.

The first panel gave an overview of the state of Web 3.0. Adaptive Blue CEO Alex Iskold told the crowd this technology will "change the way people connect." Primal Fusion CEO Peter Sweeney called it "an industrial revolution."

"In 1996 Web 1.0 was just about getting us online," said Sweeney. "Web 2.0 was revolutionary. Getting consumers involved in content was absurd until companies started doing it."

"What we need to do is move to the next level," he said. We'll continue to cover the conference which is being held at the New Yorker Hotel, today and tomorrow.

• Earlier: What is Web 3.0?