Facebook was started six years ago. It’s hopes to reach the stock market or a public offering are a long ways away. Some employee of Facebook are giving things like job stability, free food, and the laundry services provided up to branch off and start their own businesses. Of these individuals they are leaving early with big checking accounts. Dustin Moskovitz who was a co-creator of facebook with his roommate has resigned his position at Facebook to start a company called Asana, that assists workers calloboration with new and advanced software. Chris Hughes has also left to start Jumo, which is a social network for “people who want to change the world.” Other employees are leaving to create companies such as Path which is a secret venture and Quora which is a question and answer sight. There are about half a dozen start up internet websites or companies that can be connected to an origin of facebook. This accumulation of funds and starting your own venture after has also occurred with Yahoo, eBay, and Google. The newly formed Facebook society is different from older retirees. These earlier men and women cashed out before resigning their positions. These ex Facebook employees leave before any Initial Public Offering of that companies shares. There is a start exchanges like the Second Market and SharesPost that have allowed shareholders in private companies to trade more easily. The markets are surprisingly liquid. A Russian company bought up to one hundred million dollars in stock from employees and retirees to up its existing stake in facebook. Mr. Moskovitz owns about six percent or about 1.8 billion dollars of facebook. This only consists of a few employees and not a mass exodus. This company also has grown significantly from a few hundred to 1700 today. This makes people want to return to that small business feel as well. Mr. Jacobson was the head of International Business at facebook. He resigned and is now starting a game helping website called PlayHopper. He at 40 is taking a huge risk in opening this company. He and his wife feel it might be a financial suicide. This is a big worry for older employees keeping them with their existing jobs. Many of the young Facebook employees have the potential to work as hard as they can to make their company reach full potential. Many men like Mr. Morin express that almost everyone working at facebook shows potential or advanced entrepreneurial skills. He is currently working on a program called path with twelve other employees. Former and current facebook employees help to set up a network to aid each other with problems and obstacles they may come encounter with. This network is a vas form of resources they can all tap into. Quora created by a former employee launched, but with facebooks power, money, and experience created a similar program that was added to their site a month later. Facebook has tried to limit these conflicts by having employees agree to no-poaching agreements when they resign. “The stakes are higher if you fail” said Mr. Jacobson. This is true because you are going up against a company that can develop that you take two years to develop and develop it in a month. This increases competition and makes their entrepreneurial pursuits very challenging. In the end starting your own company only promotes the growth of our country. Also an idea can take off as facebook has and make you a genius instead of a flop.
http://www.nytimes.com/2010/11/03/technology/03facebook.html?pagewanted=1&ref=technology
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