What would a social network be without an incubator to power the applications that are instant viral hits within their online communities? Facebook has it so MySpace is HAD to get it. Just like how MySpace had widgets first, so Facebook HAD to get it. And I won’t be surprised if Bebo and Friendster quickly respond by setting up their own shops as well. The name of the company that MySpace is setting up is tentatively going to be called Slingshot Labs according to The New York Times.
Facebook’s incubator had $10 million in size powered by the social network, Accel Partners, and Founders Fund.Â They started this fund in September 2007 to encourage give developers an incentive to create rich applications to give Facebook more appeal and possibly make additional revenue for themselves.
Josh Berman (MySpace COO) and Colin Digiaro (Senior VP of International Corporate Development) may be the ones heading the incubator.Â Amit Kapur (VP of Business Development) may step up as the MySpace COO to fill in for Berman [source: TechCrunch].
While the two incubators may become hyper-competitive against each other,Â they both give a good enough of a reason to quickly develop widgets.Â What might be interesting scenario is if both companies want to fund the same company because the company created a successful widget for both MySpace and Facebook.Â Who would they choose?Â MySpace has mainstream clout, but Facebook is growing at a faster pace than MySpace.Â Would it be more prestigious to receive funding from Slingshot or fbFund?