By making our phones and computers more powerful, they are becoming instant millionaires. And rather than running off to Silicone Valley, the computing centre of the world, they're things up from right here at home.

A new social networking website has made three Brisbane boys overnight millionaires.

Kondoot is a social network that centres around live video, and it's already in 137 countries.

• Tweeting celebrity twits
• Over-sharing on social media
• Model's image trashed via Facebook

Mark Cracknell is hoping to take on World Wide Web and the likes of Facebook, Twitter and YouTube at their own game.

Cracknell and two university mates literally hatched the idea for Kondoot over pizza one night.

The young entrepreneur believes that what sets Kondoot apart is that they've worked out a way to make money from it that's not based on advertising revenue.

More stories from reporter Rodney Lohse

But the boys aren't alone in their entrepreneurial ways. Australia is a hotbed of internet entrepreneurs - and though we’re not in the caliber of the United States Silicon Valley, where Google and Facebook are based, it's certainly a start.

Zeryab Cheema is another wonder who's captured the attention the world’s internet giants with a very simple iPhone application for taxi companies called Taxi 24/7.

“It allows drivers to talk to other drivers, to other friends, and it allows them to make announcements to all the drivers in one city. So it’s actually competing with the current system and it's a cheaper solution,” Cheema explained.

The app also allows customers to talk to drivers directly as well.

Steven Viller from the University of Queensland says more and more young Australians are making their mark in this field. However he also makes it clear that a good idea alone is not enough to guarantee success.

Viller has watched Kondoot from its inception.

“I think there's always a risk that something else will come along and take the wind out of your sails,” he said.

But for these guys right now it's four sheets to the wind, and they’re armed and ready to take on the world.

• Kondoot - www.kondoot.com
• Taxi 24/7 - www.taxi-247.com