i'm far away from it all, but from what I see the "build a feature for Facebook" business plan is now passe in the valley.
Look at how Pintrest comes from Iowa. I can think of more than one company in L.A. that wants to be the "next facebook" The exciting area in social networking is getting new groups of people involved in new activities and also bringing social media closer to other media. The tech skills in SV matter less than they used to and it's really an issue of marketing now... The unique perspectives that people bring from other parts of the world will be key.
People in the valley and SF seem to be more interested in infrastructure and SAAS plays, as well as transaction-oriented communities like AirBnB and stuff where you pay $X a month for a subscription. You can certainly find outrageous examples, but the better angels and VCs are (for the most part) making good decisions.
Look at how Pintrest comes from Iowa. I can think of more than one company in L.A. that wants to be the "next facebook" The exciting area in social networking is getting new groups of people involved in new activities and also bringing social media closer to other media. The tech skills in SV matter less than they used to and it's really an issue of marketing now... The unique perspectives that people bring from other parts of the world will be key.
People in the valley and SF seem to be more interested in infrastructure and SAAS plays, as well as transaction-oriented communities like AirBnB and stuff where you pay $X a month for a subscription. You can certainly find outrageous examples, but the better angels and VCs are (for the most part) making good decisions.