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Analysing the values theories of the nineteenth century, there is a remarkable difference between German and English theories: the idea of subjective value is a very German idea, from the beginning of the nineteenth century, ignored by textbooks of the history of economic thought. The German conception of subjective value is subjective, but not individualistic, and is different from the marginalistic conception of value later on. In the German tradition ‐ Hufeland, Lotz, Rau, Hermann, Knies, Wagner, etc. ‐ the value theory deals with “meaning”. The economic actor is able to choose subjectively, but in the context of a collective meaning. We get some new insights into the very German idea of a social economy.

This paper aims to give the reader an insight into the evolution of a fast‐growing and innovative Internet company by helping to understand the web portal business in Germany and to identify and assess strategies to transform an Internet portal to an Internet communications enterprise.

The case is based on field research accomplished together with executives of the company.

The case shows that implementing a professional management structure and a continuous strategic analysis of the competitive environment are crucial for being successful in a dynamic Internet business.

Teachers can use this case study in advanced management courses for applying methodologies of strategic analysis, e.g. M. Porter's five‐forces‐model, value‐chain analysis, concept of key success factors, SWOT‐analysis. Students are expected to know basics about financial analysis, and information technologies. Managers can take the case as a best practice example for successful entrepreneurship in the Internet world.

The paper provides insights into the strategies of an innovative Internet company.