Speaking at the European NetMedia 2001 conference in London this month (July 2001), he said some small, locally focused online publications are not only staying afloat but are actually thriving.
Mr Yelvington's topic for his address was "what's gone wrong with online publishing". He savaged the venture capital culture that saw multi-million dollar start-ups based on nothing more than business fantasy.
"We've seen a lot of companies go down the tubes that genuinely deserved to go down the tubes," he said, referring to a clutch of sites that were based on "stock-market manipulation dreams".
When the bubble burst last year many other companies also experienced pain. But he says the 'dot-bomb' effect should not be confused with the wider picture.
There is no internet collapse, he said. Internet usage has gone up and the internet has become more central to more people's daily lives.
Mr Yelvington was the founding editor of the Star Tribune online in Minneapolis which went on to become one of the most successful and profitable online publications in the US. He is now responsible for the online strategy of the publishing company Morris in the US which owns dozens of local daily newspapers among other major media interests.
Mr Yelvington quoted figures from two online versions of these newspapers. The Topeka Capital-Journal online edition - Cjonline - has reported and increase in revenues of 165% in one year while revenue for Lubbockonline has increased by 110%. Others, he said, have nearly doubled their revenue.
"They are building real businesses by going after genuine brick-and-mortar customers and not trying to invent a new economy that is built entirely on hot air," he said. "They are creating real value for their communities."
All the sites have developed several revenue streams. Advertisers can pay a premium for online adverts and three groups of advertisers are targeted by the sites - car dealers, real estate agents and those looking to recruit staff.
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