Yes i have done networking online and it surely helps.Initially i started for the sake of fun but soon realised the importance of it.Believe me, you never know where the help can come from.
Recently i was looking for some information,but due to shortage of time i was not able to search the net,so i asked a friend of mine whom i have not meet,for it, and he did it for me in a instance,i m here in Mumbai and got help from a friend in Kolkata.
This is the power of networking,use it sensibly to your advantage.
