Friendster, a new social networking entrepreneurship. Define the market sytstem, and creative destruction. Will this entrepreneurship become a victim of creative destruction.
Date Submitted: 11/27/2003 02:19:11
Category: / Business & Economy / Economics
Length: 3 pages (716 words)
Category: / Business & Economy / Economics
Length: 3 pages (716 words)
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 …
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…users to the Friendster site. Eventually, another company may try to bypass Friendster by offering a new and more exciting service, and that may cause Friendster to become a victim of creative destruction, just as they have done to others.
Bibliography
What's Friendster Selling?, John Heilemann, Business 2.0, March 2004, page 46.
Economics, Principles, Problems, and Policies, McConnell & Brue, page G-5.
Friendster.com parlays the power of Grassroots Networking, by Janet Pak,
www.detnews.com, August 4, 2003.
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