For something that was supposed to be the next gold rush, the Internet sure seems to be a mixed bag. The question of the new decade is: Can you make money on the Net? The answer is yes. Not a lot of money yet, mind you. And the number of losers still exceeds the money makers by more than 2:1.

But while the corporate giants have been thrashing around noisily in cyberspace, showing how not to make money on the Net, scores of entrepreneurs have been quietly tinkering - creating new business models for retailing, marketing, publishing and advertising that work for them and could perhaps point the way to an Internet payoff.

This first wave of profitable companies is proving that electronic commerce can work, that you can sell ads on the Web and that - at least sometimes - people will pay for online information.

In a January survey of 1,100 Web-based businesses, 31 per cent claimed to be profitable with 28 per cent more saying that they would be in the next 12-24 months. That does of course leave 41% who are either not profitable or don't have a clue when they may be!

So, what is the magic formula that the successful pioneers have discovered. These successful companies have not invented unique types of businesses - they are doing what everyone else on the Net is: selling products, selling advertising and selling information. But with a difference. Instead of ploughing huge sums into their sites, most operate on tiny budgets. This has forced them to focus on how to reach and serve their customers, rather than, say, pumping money into graphics that look good in management meetings but wind up slowing down Web sites and turning off consumers.

Even more important, the successful web players are not simply replicating existing businesses in the new online medium but are taking full advantage of the unique, interactive nature of the Net. The hottest stores on the Web do not just provide convenience and low prices - although those are essential ingredients, too. Across the board, successful Web merchants have created virtual "Communities".

For now, at least, the most promising strategies seem to revolve around retailing. The best-sellers? Music CDs, airline tickets, books, and other known commodities that consumers don't need to sample before buying.

It's more common to find online stores in specialty areas. It takes more than a specialty to keep the cybershoppers coming, though. It also takes cyber-merchandising. Online merchants are making sure their shops are cozy virtual hangouts for consumers, but they're finding that contests, giveaways and "sweepstakes" also keep the clientele coming back. Just like a retail store, a web site also needs "street appeal".

More and more online businesses are trying to get surfers to pay a subscription fee. Of all the business models for the Net, this is the least well-defined - and the one most fraught with risk. Still, a few pioneers have shown that if you have the right information, the customers will pay.

Little by little, consumers are expected to become accustomed to paying subscription fees - just as they have made the move from free broadcast TV to Pay TV.

And the opportunities exist now. Some of the specialty sites we have created include Personalised Plates Qld, NRL team sites, real estate, finance and investment products, employment services and on-line education. Remember that the Internet represents a global market not a regional one and the rewards are also large for those who get the mix right. And just think this is just the start of the new age of information and commerce.