A Kodak moment for mobile apps.
It’s a story for these times. Young geek collaborates with Silicon Valley network to build simple but popular product. Engages customers with social media to get rapid market traction. Risk-taking venture capitalists provide cash while user base grows to 30 million customers. Within two years, with a total staff of 13 and zero revenues, the business is sold to Facebook for a billion dollars.
To put the story in stark relief with the old economy, that’s more than the value of The New York Times, a newspaper which has been around since 1851. More too than the closing market value of fading photographic giant, Eastman Kodak.