Leading Silicon Valley Venture Capitalist Puts His Money On Social Networking
SAN JOSE (KCBS) - A $250 million fund has been created to finance the development of social apps. The high profile partnership is being led by well-known Silicon Valley venture capitalist John Doerr.
He said that when it comes to social networking we're at the beginning of a new era.
KCBS' Mike Colgan Reports:
"I think there's an incredible opportunity to connect people, and to make really valuable services that can help transform how we live, how we play and how we work, along with everything from entertainment to education," said Doerr.
KCBS Technology Analyst Larry Magid said that creating social apps is a huge growth industry.
"This is an enormous social opportunity which Facebook is obviously on top of and understands," said Magid. "These venture capitalists understand it as well, Amazon can profit from it because they do some of the back-end computing power, and Zynga, which runs Farmville and other games is a shining example of how an entrepreneur built a social app that made them a fortune."
Facebook CEO Mark Zuckerberg said the web is being rebuilt around people, and we're at a point where any application or website can be designed to be social from the ground up.
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