Most industries do not begin on a single day, but it's easy to see Facebook CEO Mark Zuckerberg's presentation on May 24, 2007, as the starting gun in an entrepreneurial race that some have dubbed "the Facebook Economy."
On that day in May, Zuckerberg announced that the privately held social networking site he founded in 2004 would open to third-party developers, transforming itself from a popular website to a platform on which other businesses can operate. Eight months later, more than 14,000 applications from third-party developers are live on Facebook, allowing users to do everything from flirt to browse for books. The most successful are raking in profits from ad revenues.
Is Facebook becoming the social operating system of the Internet, poised to support a whole new generation of businesses? Or is this new industry of applications leaning too heavily on the quixotic popularity of a single website? Industry leaders and Wharton experts see major opportunities ahead for those who can manage the risks.
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