LOS ANGELES TIMES: … Kevin Systrom won the start-up sweepstakes this week when Facebook Inc. said it would pay $1 billion in cash and stock for his photo-sharing app maker, which has a loyal following of 30 million users but never made a dime.
Facebook Chief Executive Mark Zuckerberg called Systrom to personally negotiate the deal for the social media giant, which is expected to fetch a valuation of $100 billion as soon as next month when it begins selling shares to the public. Zuckerberg promised Systrom that Instagram, which has just 13 employees, could operate as an independent company.
It was an unusual concession, but it was also the third time that Zuckerberg had tried to woo Systrom. The first time they crossed paths was in 2004, when Systrom was a Stanford undergrad building a photo-sharing service. Facebook was working on its own photo-sharing feature and asked Systrom to join the company. Systrom wrestled with the decision but turned down the job offer… (more)
EDITOR: A word of caution for those young and ambitious. Most successes come incrementally, not all at once. But once a good direction is found, run like hell with it!
