New social media arrival Sum Zero is set to corner a niche zone of the market by offering a meeting place and sounding board for investors from around the world.
In a development almost calculated to whet the interests of the jobbing content manager and social media manager, SumZero can be considered a social network with a difference. Its emphasis is radically different to Facebook’s, as it is a platform for investors across the globe. It’s designed to be a kind of virtual salon where they can share thoughts, discuss potential breakthroughs and chew the fat over possible new projects.
No one can ignore social media any more
The world of advertising and marketing has, in a few short years, been transformed by social media platforms to such an extent that no one with a commercial interest can possibly ignore them. Google’s recent $250 million acquisition of the social media marketing start-up Wildfire is a case in point. The search leviathan is clearly aiming to extend its reach into the world of social media campaigning. Even Facebook’s recently announced pledge to place the development of a mobile platform as its highest property is driven by the need to attract social media advertising revenue more effectively.
Former Facebook friends re-unite
Intriguingly, there is something Facebook and SumZero do have in common. The new network’s founders, Divya Narendra and Aalap Mahadevia, and it’s first major investors, Tyler and Cameron Winklevoss, were buddies with Mark Zuckerberg during those Harvard student days, and they all collaborated in the setting up of what became the Facebook phenomenon.
The original partnership didn’t end happily, with the Winklevoss twins famously suing Zuckerberg over the handling of Facebook’s profits and the assertion that he’d stolen their idea. Now they’re investing $1 million in SumZero via their new investment firm, Winklevoss Capital – the very first investment the new firm has taken on.
The new site has an exclusive membership (investors can only join by invitation), but since its launch in June, numbers have risen to 7,500. It is precisely the kind of venture the Winklevoss twins had in mind when they set up their company. Cameron Winklevoss has made it clear that he and his brother are all about supporting entrepreneurs with a focus on angel investment.