Social Network Idea and $10 Million - Who Wants It?

Business 2.0 recently ran an article that interviewed some of the top Venture Capitalists about startup ideas that they are anxious to invest in. Not suprisingly, one of those ideas from Jim Breyer, partner of Accel Partners, involves a social network. Jim Breyer was stated as willing to invest $10 Million in the following idea:

“Social-networking sites may be sprouting like weeds, but none yet operates as a bona fide marketplace, with members buying and selling their own creations as much as they blog, link, and post. Breyer, who sits on Wal-Mart’s board, is interested in backing an international network for indie artists, musicians, filmmakers, authors, designers, and other creative types from dozens of countries. Ideally, the site would have the download and payment features to create what he calls a “micromarket” for members’ wares.”

It is definitely an interesting idea. The state of what Breyer is talking about is currently split up between many multiple sites. For example, users can share, buy, and sell their artwork at DeviantArt, musicians can promote and sell their music at newly launched Amie.St, and those with a T-shirt knack can design and sell their own designs at Spreadshirt.com.

Additional challenges of Breyer’s idea? Each one of these areas require very special needs and features. Trying to aggregate all of them into one site with an efficient and clean design would be extremely challenging. Furthermore, sites such as Purevolume.com that allow users to listen and download full versions of artists songs, could hinder the growth of such an idea (i.e. Why buy, when you can get it for free?).

I hate being so negative though, so I will point out one huge positive of the idea. This type of site would have an unbelievable viral effect if executed well. All of the designers, musicians, artisans, etc., would do the marketing for you by promoting their own creations. Myspace got started by focusing on getting musicians to create accounts and therefore attracting their fans. Imagine the same effect multiplied across all creative subjects.
The idea is there with a well known VC publicly saying he would back it. Who will take on the challenge?

[tags]Social Networking, Social Software, Social Network, Amie St, Purevolume, Business 2.0, Venture Capital[/tags]