The emergence of collaborative tagging systems with their underlying flat and uncontrolled resource organization paradigm has led to a large number of research activities focussing on a formal description and analysis of the resulting “folksonomies”. An interesting outcome is that the characteristic qualities of these systems seem to be inverse to more traditional knowledge structuring approaches like taxonomies or ontologies: The latter provide rich and precise semantics, but suffer - amongst others - from a knowledge acquisition bottleneck. An important step towards exploiting the possible synergies by bridging the gap between both paradigms is the automatic extraction of relations between tags in a folksonomy. This position paper presents preliminary results of ongoing work to induce hierarchical relationships among tags by analyzing the aggregated data of collaborative tagging systems as a basis for an ontology learning procedure.