E-business is the new rock'n'roll, according to Bob Geldof, rock star and co-founder of online travel company deckchair.com.

Speaking at the Internet Summit in London, Geldof explained that he set up deckchair.com with James Page, a partner at computer games company Eidos Interactive following "his irritation at being ripped off for tickets to Florida for me and my kids."

He said he was not impressed with the Internet when he saw what was on offer and decided he could do better. He now believes anyone can become an ecommerce upstart.

"Like rock'n'roll, the general ethos is anyone can do it and should do it."

He criticised the City for not understanding how fast technology and ecommerce is moving. "The potential for this morning's titans to be this afternoon's dinosaurs and this evening's dodos is immense," he said.

"The Net is like pop - it's now," he explained, predicting that many old business models will disappear.

The way forward, he said, for any ecommerce start up is to prioritise and work on an organic growth pattern, even if it's an accelerated one.

He pointed out, however, the importance of being ahead of the game. He likened it to a Cartegian, Darwinist theory. "I think, therefore I am, I don't think fast enough, therefore I was," he said.