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It's good they are doing this. Facebook had no business running an incubator - they didn't have the people, the experience, or insights. They just threw money a
by andrewljohnson 16y ago
It's good they are doing this. Facebook had no business running an incubator - they didn't have the people, the experience, or insights. They just threw money at the venture and hoped for the best. The fbFund program cash really helped us get going early on, but the institutional support didn't work for us, and since the program has been shuttered, I assume that sentiment was shared. The money really is just a small part of one of these programs.
Under the fbFund incubator program, we won a $25,000 grant, and that was the sum total of their support for us. After that, all follow-up consisted of admins with no entrepreneurial or programming skills, demanding documents in the middle of the night. At some point, I got some support from a Facebook developer, but he only replied to one email, and then ignored my follow-up. The whole thing was run like a marketing campaign, and they tended to focus on getting us to go along, rather than engaging us as a partner and trying to help us succeed. I have no hard feelings about this, because the money let us write a lot of code and practice at starting up, but we might still be focused on Facebook if we had more technical and marketing help. Meeting Zuck would have been a good sign too.
Even with YC to look at for guidance, they didn't understand what made YC tick - uniting a community of the best and brightest, under the tutelage of a a great entrepreneur. If you have ever been down to YC HQ (I have once), you would know what I mean. One of the primary reasons we haven't worked on the Facebook aspects of our company for a while now is because of the experience we had as an fbFund company. Also, at the time, the API was extremely immature, as were the docs. I remember just giving up on sending out notifications many moons ago, and I never looked back. I also remember getting tripped up because I tried to follow the rules and not store user names to show in comments, but everyone else was breaking the ToS and Facebook turned a totally blind eye.
I knew some other fbFund companies from later rounds (we were round 1 I think), who got support instead of money, and they seemed to think it was worthwhile. But, I don't know that any of them has a successful business today, so they were still missing something key.
I should apologize, because Facebook helped us out, and this is a bit critical, but I think it's honest and worth posting. The program certainly had good intentions and good financing, but it was poorly conceived. Of course, they know all of this, and Facebook has a reputation for measurement and changing quickly, so that's probably why they are taking these steps to fix things now. They certainly picked the right partner in YC.
- derefr 16y ago> they didn't have the people, the experience, or insights. They just threw money at the venture Throwing money at the problem could have worked in this situation: they could have just acquired an incubator :)