Facebook's IPO and Future Growth Strategies
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ICMR HOME | Case Studies Collection
Case Details:
Case Code : FINC081
Case Length : 14 pages
Period : 2011-2012
Pub. Date : 2013
Teaching Note : Not Available
Organization : Facebook
Industry : Information Technology; Social Networking
Countries : Global
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Background Note
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Facebook was launched on February 4, 2004, by Mark Elliot Zuckerberg (Zuckerberg), an undergraduate computer science student at Harvard University. When he was studying at Harvard, Zuckerberg was actively engaged in building easy to build websites for students. In the process, he launched 'thefacebook.com' (Facebook) from his Harvard dormitory room. The name of the site was taken from the Phillips Exeter Academy's student directory, The Photo Address Book, which students referred to as 'The Facebook'. Zuckerberg studied in the Phillips Exeter Academy before joining Harvard.
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Many private schools in the US like the Phillips Exeter Academy published photo directories of their students listing their attributes like their class years, their friends, their telephone numbers, and other related information. Zuckerberg founded Facebook as a digital extension of these directories using the internet.
Facebook became an instant hit on the Harvard campus as all the students were interested in getting to know other students. Within the first 24 hours of its launch, 1,200 Harvard students had joined on Facebook and half of the undergraduate students had a Facebook profile within the first one month. The students and faculty of Harvard could enlist themselves on Facebook with an official Harvard email address along with their personal profile. Initially, it was possible to join Facebook only after receiving an invitation from an existing member. This was done to restrict member listings and thereby ensure hardware functionality. After joining Facebook, the personal profiles of the members along with their email addresses were made visible to all others. In this way, Facebook enabled everyone with a Harvard email address to know about everyone else who shared the same email address. Many analysts attributed the early success of Facebook to two key factors - the social necessity of knowing about others on the Harvard campus and technical filtering using the Harvard email address.
Enthused by the success of Facebook on the Harvard campus, Zuckerberg introduced it on other university campuses with the help of his roommate Dustin Moskovitz (Moskovitz). In March 2004, Facebook expanded to Stanford, Columbia, and Yale Universities. Gradually, it was opened to all other Ivy League schools and Boston University, New York University, and MIT. Once Facebook became a success in these universities, it was expanded to other universities in the US and Canada which had social contacts with Harvard University. The name of the site was changed from 'thefacebook.com' to 'facebook.com' in August 2005 and the address was purchased for a reported amount of US$200,000...
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