Word: linkedin
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Though the market is small, estimated at below $50 million, social-networking companies are suddenly attracting attention from the ultimate Silicon Valley networkers, venture capitalists. VCs are throwing money at broad-based public networks such as LinkedIn, as well as at specialized, closed systems like Visible Path, used by companies to share employee contacts behind the corporate firewall. Spoke Software, which offers both kinds of networks, already has more than $20 million in funding. Ryze, a public network, and Interface Software, a closed system used mostly by law firms, are out of the VC loop but in the money--both...
Such identity protection is the cornerstone of public networks like LinkedIn, which operates much as Friendster does; most people join by invitation, in turn inviting their friends (and so on). The personal information of everyone but your direct contact remains hidden. Todd Defren of SHIFT Communications, a p.r. firm, has used this social pyramid to close $200,000 worth of new business. Instead of the usual 3% response rate he gets from direct-marketing calls, Defren has elicited a beefy 50% rate courtesy of LinkedIn's referenced referrals. But Defren is careful not to ask for too many favors...