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Friendster, A New Social Networking Entrepreneurship. Define The Market Sytstem, And Creative Destruction. Will This Entrepreneurship Become A Victim Of Creative Destruction.

709 words - 3 pages

A new social network startup, Friendster.com, is one of the most promising new Internet companies, founded by Jonathan Abrams. Social networking has shown a lot of promise, with other startups, such as LinkedIn, Spoke and Tribe Network, being backed by large venture capitalist firms pouring out a lot of money, almost $ 40 million.Almost five million Internet users have accessed Friendster, but surprising enough, Friendster hasn't made a cent in revenue. What makes Friendster different from previous Internet companies, is it's no frills approach: small offices and no marketing or public relations budget. Friendster had avoided taking venture capitalist's money for the first year, but now that they have accepted the $ 13 million dollar investment, those qualities that made them different have long since disappeared. And, although they haven't spent any money on advertising, the founder, John Abrams says, " I don't think many social networking companies besides Friendster are going to achieve a lot of traction, we're a year old, and we've spent zero dollars on advertising, and in a year or less, we'll be bigger than them - it's a given." Friendster hopes to go up against other similar sites, like Match.com, but will allow their users to utilize their site for free, only paying for premium services, and also want to add some "value added" services, such as job referrals and classmate searches. Google.com, who tried to buy Friendster last October for $30 million, has launched their own social networking site, Orkut, which is a potential threat to Friendster. With the 20 something crowd being very faddish, its has been said that Friendster may have already reached their peak, but John Abrams is undeterred and confident, knowing that a goodexit strategy for Friendster is being acquired by a larger company, and "cashing out."Friendster.com is a privately owned company, that was founded by Jonathan Abrams in 2002, and is backed by venture capitalists Kleiner Perkins Caufield & Byers, Benchmark Capital, Battery Ventures, and various individual investors. The reason why Friendster was invented was that, "In real life, people meet each otherthrough their friends," Abrams said. "I felt a demand for these type of services and...

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