Toronto's CN TowerLast week, I had the pleasure of going to Toronto for FacebookCampToronto. I already knew a little bit about Facebook, but I didn’t realize that I was only scratching the surface of this site that is yet another revolution in social media. MySpace isn’t going to disappear any time soon, but Facebook is definitely where the real action is happening. Facebook may very well supplant LinkedIn as the social network for professionals, and that has already happened in Silicon Valley, London, and Toronto.

Having been involved with social media since 2000 (only we didn’t call it social media back then), it’s readily apparent to me that the hype surrounding Facebook is not hype– it’s real. Facebook has the potential to change the way many people conduct their online lives. No wonder Facebook’s founder has turned down an offer for $1 billion to buy his company.

The highlights of what I learned at FacebookCampToronto: Toronto rocks, and in general, Canucks kick our butt when it comes to culture. Toronto is delightfully international in flavor. There are now 44 million people now using Facebook, which is about double from where it was back in May when they announced the open application interface. Canada and UK are two of the fastest growing countries using Facebook– even faster than the U.S. London has the most people using Facebook with 1.1 million. Toronto has the second most with 800,000, and 11 of the top 30 FB cities in the world are Canadian.

Like all social media, success in Facebook comes from empowering the user, and enabling people to share and make connections with each other. New applications are being developed at an amazing rate. People who are on Facebook use it a LOT. The developer of MyAquarium grew his installed base to 8 million people — in three months. There are numerous way to conduct marketing within Facebook. By far the best, most effective way is to have your application send messages to the user’s mini-feed, some of which will then make it to the main news feed. The mini-feed and main news feed concepts are they keys to what make Facebook successful, and keeps its participants coming back. And with imagination, you can tap into these feeds. We humans are social creatures, and when we see our friends doing something, our instinct is to check out what’s going on too. Facebook allows you to see what your friends are up to….brilliant!

Two financial applications were discussed during the various presentations. FacebookCampTorontoLending Club was briefly mentioned, and Split It (covered in detail by William Azaroff at Net Banker) was discussed as an example of a large corporation sponsoring a useful application targeted especially at college kids.

I also met some new friends, some from Montreal as well as Toronto, at the party afterward. They are all great people, fascinating characters, and are working on some pretty amazing projects.


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2 Responses to “FacebookCampToronto”

  1. PodCampBoston 3 « EverythingCU.com World 2.0 Adventure Says:

    […] 3. This was my second PodCamp, both in Boston, and my sixth ‘camp’ of any type. (FacebookCampToronto2, PodCampBoston2, BarCampBankSF, BarCampBankNewEngland, BarCampMoneyNYC). I first heard about […]

  2. PodCamp Boston 5 tomorrow! « EverythingCU.com World 2.0 Adventure Says:

    […] FacebookCamp Toronto […]

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