Sunday, May 20, 2012

NYMag: The Maturation of the Billionaire Boy-Man

Just read this excellent NYMag article The Maturation of the Billionaire Boy-Man. Before Facebook, there were more established social networks like MySpace and Friendster.  There were also other competing services on college campus like Columbia, Yale, Stanford.  What Facebook and Zuckerberg to stand out from the crowd? 

Key lessons applicable to our business and possibly other start-ups:
  • Focus on product innovation rather than on financials which was the mistake MySpace made.
  • Instead of “packing it so full of features that people couldn't figure out how to use it”, build cool & easy- to-use product.
  • Move fast, strong execution with data-driven tight feedback loop
  • Sound engineering fundamentals (e.g. up-time, performance)
  • Set a clear direction and build the best team.
  • Create societal value – “we don’t build services to make money; we make money to build better services.”  Well said!

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