Friday, April 15, 2011

Business networking start-up aims to break LinkedIn stranglehold

By Michelle Hammond

A new business-oriented social network has launched in an attempt to break the increasing stranglehold of LinkedIn, which has hit two million users in Australia alone.
The new entrant, titled, was born from the founding member’s frustration at being unable to connect with like-minded people while away on business, not only on a professional level but on a social level as well.

Based in the United Kingdom, WTMO chief executive Stuart Dawson says the site provides an environment to “epitomise our time online”.

“It’s not designed for the Facebook generation of soul-baring wall writers, but for professionals that require a purpose-built social network to enhance their work/life balance,” he says.

However, Foad Fadaghi, research director of market analyst firm Telsyte, predicts it will become increasingly difficult for new entrants to compete with the likes of LinkedIn, Facebook and Twitter.

“Maybe the horse has bolted in the sense that the big guys have shown their market dominance,” he says.

Fadaghi estimates around 40% of professionals in Australia use LinkedIn.

“There are many non professionals on the site as well... LinkedIn has the critical mass that other sites don’t have,” Fadaghi says.

Read the rest of the StartUpSmart article   

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