There is a lot of discussion that
Social Media is done, what with
Facebook,
Twitter,
Google+ and your Mom wanting to start a
social media company. I don't think so, I think like everything else there are leaders and followers. Here is a
Techcrunch article titled "
Beyond Facebook: Rise of Interest-Based Social Networks" Where the main idea is that there are interest groups forming around specific areas that define the new depth in
social networking. I see this possibility with many things. In my view, this is the play of the
Long Tail on
social media networks. There is going to be a long tail whether we like it or not, will these special interest social networks be as valuable? Not so much but they will derive value for the network that it is defined by and for new members to find them and become part of it. We have already seen this form in Photo Sharing (
Instagram.com) Fitness (
RunKeeper.com) Finance (
StockTwists.com), Gaming (
GameHub.com), etc It used to be called User Groups but then again the idea of sharing
rich media has made each of these networks more value and the ability to bring the value propositions from the main stream into special interest has also made the margins more valuble. We are starting to understand how all these connection really drive value to traditional
businesses as well as new businesses. We can actually measure and validate all our business hypothesis without having to spend tons of money in building things. I have written about this learning before as
Validated Learning,
Business as a Hypothesis, it is probably the most fascinating time to be an entrepreneur and start a new business because you have so much data to learn from. We never had that! thats why I believe we are not done yet! we are just getting started. Just think about how long it would have taken a
new Media company like Techcruch to get started?
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