The new concepts and technologies of Web 2.0 attract researches in a variety of fields including education, business and knowledge management. However, while the Web 2.0 potential in the education discipline has been widely studied, in the management discipline the Web 2.0 business value has not been fully acknowledged. This research suggests an approach for teaching Web 2.0 concepts in a Knowledge Management (KM) course for MBA students, introducing the Web 2.0 potential within business context. The paper describes MBA students' perceptions and attitudes regarding Web 2.0 concepts and how they evolved while being engaged in Web 2.0 practices. The findings indicate that most of the students were only partly aware of the Web 2.0 environments benefits at first, especially within organizational context. Moreover, for some of them, participating in the course's social website required overcoming personal barriers. During the course, students gained new perspectives of the Web 2.0 phenomenon beyond its technological merits. Most of them acknowledged the potential of Web 2.0 within organizational context and embedded Web 2.0 principles in their KM final projects. (Contains 3 tables, 3 figures, and 1 footnote.)