Can you build a better Facebook? This company will pay you $100,000
Facebook has been facing tough time ever since the news broke that the Trump-linked data-mining firm Cambridge Analytica had gained information on up to 87 million users. While Facebook users are still debating over whether they should discontinue using Facebook and delete their account from the popular social media network in light of the Cambridge Analytica scandal, a startup company dubbed Launch Incubator is offering seed money — $100,000 to around seven companies, to create a successor to the Facebook via its OpenBook Challenge.
“All community and social products on the internet have had their era, from AOL to MySpace, and typically they’re not shut down by the government—they’re slowly replaced by better products,” Jason Calacanis, an angel investor and the CEO of Launch wrote in a blog post. “So, let’s start the process of replacing Facebook.”
As per the website, the OpenBook Challenge claims to be "not an idea or business plan competition," but rather a contest which will fund teams based on their "ability to execute," with privacy at the forefront.
"We are looking to fund seven purpose-driven teams that want to build a billion-user social network to replace Facebook — while protecting consumer privacy," said Calacanis. He further stated that "we want to invest in replacements that don’t manipulate people and that protect our democracy from bad actors looking to spread misinformation."
Additionally, he also claimed that they already have two dozen quality teams cranking on projects and he hopes to get 100 entrants before applications close on June 15.
Calacanis added in his blog post that the main goal is to create a “billion-user social network to replace Facebook” and entries must meet five main criteria — protecting user privacy, protecting democracy from “bad actors,” "stopping the spread of misinformation," "not making people addicted to the service," and “protecting freedom of speech, while curbing abuse.”
“No one knows exactly how Facebook will be replaced,” Calacanis wrote. “In order to beat Facebook, many believe the winning team will have to not only build a base functionality that is familiar to users looking to switch, but also provide new experiences that will make users passionate about the new product. Other’s believe it will be a completely new paradigm.”
After June 15, the company will announce 20 finalists and after three months, seven startups will be invited to join the Launch Incubator to build their site with $100,000 in seed money each.
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