Interesting post by Robert Young over at GigaOM today. Robert points to a key challenge that I've seen first hand -- Some of the most successful social media start ups to date have succeeded by focusing on meeting one need (MySpace tackled community, YouTube video sharing, Flickr photo sharing, Blogger blogging, etc.) Most of these have stayed true to their focus and this paid off in the form of big media acquisitions. Others, like MySpace have expanded into new areas but only after nailing their core focus (a strategy that also worked.) What doesn't work? Trying to tackle too much, too soon. Yet, many of the latest social media start-ups that call on me at Digitas (and apparently on Robert as well) present a vision that reads like a social media grab bag that in trying to satisfy EVERY need actually satisfies none.
Sure, innovation often comes from bringing together two successful models to form a truly unique new model. But does the world really need "a new destination that combines social networking, video sharing and blogging, presented in a Second Life style 3-d environment with an integrated gaming and prizing platform?" (True story - I've heard that pitch...)
