Facebook, the social media giant, and one of the top companies in the field of Technology has been financially helping many startups across the world in the past few years by investing in them. Facebook has invested in Indian startups as well. Some of the Indian startups in which Facebook has previously invested have now become very big names such as the online teaching platform ‘Unacademy’ and Reliance Jio in which Facebook has invested huge amounts of money. Facebook recently has come up with a new venture for investing in startups and financially help them. Facebook recently posted a job opening for the role of ‘Head of Investments’. According to them, they were looking for someone who had at least 10 years of experience in the Technology field.
According to the job opening posted by Facebook, they were looking for someone who can lead and manage the multi-million dollar project that invests in leading private companies and will also propose and lead the execution of many new investments in other companies and startups. The job opening floated on the internet recently but was soon taken down. Facebook has given a statement in response to this that the job vacancy has been filled without giving out the name of the person who has been selected for the job.
Why has Facebook decided to take this step?
It is believed that this has been done to ensure that Facebook stays in close touch with the startup industry all over the world and to ensure that new startups and applications that they think will do big in the future can easily be acquired by them. The general idea of Facebook remains to try and acquire companies, generally social media platforms or tech-related companies, which are already large or have the potential to grow to great heights. For example, Facebook has acquired both Instagram and WhatsApp and tried to acquire Snapchat too, but they turned down the offer. Earlier this year, Facebook acquired GIPHY – The GIF Maker.
Facebook has been investing in many startups. Some have received huge financial help, while others have received a relatively small amount of financial help. Facebook remains interested in startups with ideas that can generate huge revenues. Facebook has invested billions of dollars in Reliance Jio. This venture, however, is intended upon many of the small startups in the ‘Tech’ industry which will receive comparatively small financial aids. Facebook is reportedly looking for the best startups in different categories and will include these into this venture. Facebook offers it ‘Accelerator’ service to those startups who have managed to get their services or products out on the market already and are trying to grow. Facebook also offers its services to small startups who have just been launched and are currently working on their products or services. Facebook also has the option for full training under mentors for such startups.
This decision by Facebook will help boost the startup culture and ecosystem in India. More and more startups will come up with many new ideas every day. Therefore, this situation is a triple win situation. Firstly, the startups will benefit as they will receive financial aids. Secondly, Facebook will benefit by receiving huge amounts of returns when these startups, which are already acquired by them, turn into multi-million companies. Thirdly, the many new ideas that the startups will come up with will prove to be greatly beneficial for the general public.
However, Facebook is competing with many big companies such as Microsoft, Intel, and Google which are already investing in many startups around the country. All these companies try to become the leaders of this field, and these types of ventures help them succeed at this mission.