From Myspace’s dust, a Silicon Beach: How startups rose from the ashes of a failed giant
Financial Post - over 3 years
It’s not uncommon for founders and employees of successful companies to cash in their chips and go on to start other successful companies. Perhaps the best-known example is PayPal, the Web payment service whose leaders went on to found and invest in a bunch of other companies — YouTube, LinkedIn, Yelp, Tesla — and to earn the nickname the PayPal mafia.
More recently, the alumni of another Internet company — a social network based in California — have generated an impressive number of spinoffs. But what is notable about these is that they were generated by a distant also-ran: Myspace.
It is easy to forget that Myspace started before Facebook and could have been worth billions, but a variety of miscalculations and missed opportunities turned what was once a nearly US$600-million company into an afterthought. By 2011, many of its users had abandoned it, the founding team had departed and its owner, News Corp., sold it for just US$35-million. (It is now reinventing itself as a site f
Financial Post article