Innovation and Creativity: Case Study of Facebook
"FACEMASH TO FACEBOOK: AN INNOVATIVE JOURNEY FROM UNIVERSITY SOCIAL NETWORKING WEBSITE TO BILLION DOLLAR Business"
On 28th October, 2003, Mark Zukerberg wrote Facemash in order to create a social networking website for the students of Harvard. At that time he was not aware that he was starting a whole new era of social networking innovation and creativity. What was started as a tool of social networking for the students of university became the biggest social networking hub. The reason behind this unexpected and surprising success is the innovative and fearless attitude of the Facebook leader. In this rapidly changing world, it has become necessary for each and every business to innovate and change in order to survive and operate profitability. To create examples of this kind requires leadership hype in innovation, creativity, and change.
BACKGROUND AND HISTORY OF FACEBOOK:
Thefacebook.com, as known at that time, was launched on 4th February, 2004 by Mark Zukerberg. Initially it was limited to the students and faculty of Harvard University, later it was extended to other universities located in Boston and then to all Universities of United States. In August 2005 it was named facebook.com, and from September 2005, the different High Schools of United States were also added into the network. Next milestone for Facebook was going global and it reached to universities of United Kingdom a month later (Phillips, 2007).
The network was further expanded and extended to other people who had email ids, apart from different educational institutions, in September 2006. The site is free of cost from the very start. Advertising is the main and major source of revenue for Facebook. In 2010 the company reported revenue of around two billion dollars (Womack, 2010).
Facebook is used by around 78% online households of United States (Hofstetter, 2009). In the year 2010 the Facebook reported around 500 million active users which is a big number (Chapman, 2010). Google and Yahoo are one of the companies which are interested in purchase of Facebook, but the founder and CEO of Facebook, Mark Zuckerberg is not interested in selling Facebook.
REASON OF FACEBOOK SUCCESS: INNOVATION AND CREATIVITY:
The main reason and cause of success of Facebook is the innovation and creativity. The approach of Facebook towards innovation and creativity is the key of its success. The leader of Facebook is ready to take risk for bring new ideas and concepts into practice. The creation of Facebook itself is the biggest example of innovation and creativity of part of its leader. Facebook is an innovative organization and it keeps on bringing creative changes and innovation irrespective of their implications. The approach of Facebook is to first do it and then see what happens (Blodget, 2010). This approach is very much important for the success of any business in this changing world.
In the last five years, Facebook is believed to be the most successful online innovation. Facebook's idea of innovation is aggressive but at the same time smart (Blodget, 2010). Mark, as a CEO, has the ability of coming up with new ideas and has the guts to implement them and take the risk. At the same time he has smart and clever enough to observe, judge, and predict surroundings and conditions effectively and correctly and bring innovations accordingly.
This approach towards innovation of Facebook has given the company a competitive edge over all other social networking websites. The Facebook has been started as an innovative organization and is still proving to be a pioneer and leader in bringing in and trying new ideas and concepts.
INNOVATION, CREATIVITY, AND CHANGE -- NEED OF TIME:
Innovation, creativity, and change have become essential to survive and succeed in today's world. Everything is changing at a rapid pace, and in order to adopt and adjust to changing surroundings the organizations have to come up with new and innovative ideas and concepts. In order to bring in continuous improvement and changes there should be a strong leadership (BlessingWhite, 2007).
This kind of approach...
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