Facebook started as a simple college project, used to connect the college body. It soon exploded outwards, as investors and businesses became interested in the future application of facebook. Many investors flocked towards this new idea, but the one that would take hold would be with Accel. Any aspects of the financing were unusual, and unprecedented. First, the valuation was so large, and it stunned people; the 98 million dollar dwarfs Google’s initial 75 million dollar value estimates. In addition, the bonus payments to the three young men of facebook were kept quit; such a bonus for company founders was rare, very rare. This marks the building up of facebook, as it now had plenty of money. It could now afford a real staff, and use real servers not held together by baling wire.
Facebook was well on its way to becoming a company. Money was no longer an obstacle, and the service continued to grow rapidly among students. Among its first priority were hiring more people, but as with any new upstart company, people are reluctant to work for. In the minds of many people, social networks like facebook were a fad, and were probably going to lose popularity in the future. Along with this problem, the company had a reputation for rambunctiousness. They had to hire recruiters and other public relations first. Interesting enough, one of the people that was hired who left after a few weeks was Steve Chen. Chen would go on to start youtube, another internet phenomenon that would dominate popular culture.
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