News Corporation is highly interested in building a LinkedIn competitor. That specific task has been delegated to The Wall Street Journal and The Wall Street Journal is now requesting the services of Slingshot Labs. Slingshot Labs is another News Corporation subsidiary. Slingshot is part of News Corp’s web research and development arm. The about page of Slingshot’s website says “Our mission at Slingshot Labs is to be a fast-mover in the quickly evolving Web2.0 landscape.”
In 2008, The Wall Street Journal launched a professional social network called the WSJ Community. But that social network was hardly noticed so now its back to the drawing board.
Slingshot built a service for News Corporation called the Daily Fill and also launched MySpace events for the large social network. There are about 40-50 people on the Slingshot staff and the subsidiary has their own funding and operations. WSJ Connect seems to be still in the planning stages but there is a “strong interest” in moving the project ahead.