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A new social network startup Friendstercom is one of the most promising new Internet companies founded by Jonathan Abrams Social networking has shown a lot of promise with other startups such as LinkedIn Spoke and Tribe Network being backed by large venture capitalist firms pouring out a lot of money almost 40 million Almost five million Internet users have accessed Friendster but surprising enough Friendster hasnt made a cent in revenue What makes Friendster different from previous Internet companies is its no frills approach small offices and no marketing or public relations budget Friendster had avoided taking venture capitalists money for the first year but now that they have accepted the 13 million dollar investment those qualities that made them different have long since disappeared And although they havent spent any money on advertising the founder John Abrams says I dont think many social networking companies besides Friendster are going to achieve a lot of traction were a year old and weve spent zero dollars on advertising and in a year or less well be bigger than them - its a given Friendster hopes to go up against other similar sites like Matchcom but will allow their users to utilize their site for free only paying for premium services and also want to add some value added services such as job referrals and classmate searches Googlecom who tried to buy Friendster last October for 30 million has launched their own social networking site Orkut which is a potential threat to Friendster With the 20 something crowd being very faddish its has been said that Friendster may have already reached their peak but John Abrams is undeterred and confident knowing that a good exit strategy for Friendster is being acquired by a larger company and cashing out Friendstercom is a privately owned company that was founded by Jonathan Abrams in 2002 and is backed by venture capitalists Kleiner Perkins Caufield Byers
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