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Most of the development on the web is bootom up and will be regardless of google or even the money involved. There are over a billion people on the we and even if a small percentage of hobbyists are working on bottom up semantic search this dwarfs google. I am currently adding a sparql to my own project that has yet to turn a dime:
http://localhero.biz/
Semantic search kills one of google advantages (accuracy) but it doesn't really have trust or relevance built in so time will tell......
If someone is looking for rugby teams in Melbourne a search of Petes semantic store would probably return the website of the Old Xavs rugby team here:
http://shawcup.localhero.biz/
This is 100% precise in that I do assert that the old xavs are a rugby team in Melbourne. Its probably not relevant to most people nor is my assertion neccessarily trustworthy (I could be lying). A perfect search mechanism would nail all three aspects.
Top-down and bottom-up can work together in clever ways. By inserting non-disruptive prompts when content is being generated (e.g. "Wordpress thinks this is an event. Yes/No?") we can create microformatted content for the basics and leave the heavy lifting such as the "Gash" problem to to the AI geniuses.