With so much reporting on Web 2.0, it would’ve been easy for BusinessWeek editor John Byrne to forget that his magazine should get in what’s arguably the future of his business model. Especially since, you know, BW isn’t doing so well in the ad pages department.

So, good news: John is getting excited about the Internet! He’s got a great idea to bring the brand online is an awesome new way. So awesome, in fact, that his idea is already an old one.

John is thinking about launching a YouTube-esque off-shoot of the magazine, “essentially an online video hub for wannabe moguls to post short pitch videos for a new ventures or companies,” says Mediaweek. “The site is also exploring the launch of an online-video-based contest that would invite anyone with a idea for a new business to submit a plan on the site with the chance to land $500,000 in venture capital funding.”

While we’ll question the revenue potential of something like this, we’ll admit, it’s a reasonably smart-y idea. So smart, in fact, that John’s been beaten to it.

Bambi Francisco is already doing all this on Vator.TV. Sure, the site is launching a new version that’s only available to beta users, but she’s not kidding around here — she exited a position at Marketwatch to helm the start-up full time.

So good luck, John, competing against someone who actually might understand the Internet. You can count on us … to submit phony start-up pitches that we’ll use to draft lame posts on this site about.

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