. In the Web 1.0 tech cycle, the Netscape web browser debuted in the mid- 1990s and the market peaked in March 2000, but the return on capital only turned positive in the late 2000s/early 2010s as consumers were slow to embrace the technology. The payback period was much shorter in the Web 2.0 tech cycle that began in 2006, with most companies calling themselves mobile-first companies by 2012/13.