Major Silicon Valley Players Invest $250 Million in Social Networking

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    NEWSLETTERS

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    Facebook CEO Mark Zuckerberg is one of the few big wigs betting on the future of social media.

    Love social media? Need money?

    If so, some serious backers are offering some serious cash for your ideas. 

    Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers announced a new $250 million fund to push entrepreneurs to develop business ideas that build upon social networking.

    The announcement Thursday was made fittingly enough at Facebook headquarters and even more fittingly enough, CEO Mark Zuckerberg was on hand, along with Amazon CEO Jeff Bezos and Zynga Games Network CEO Mark Pincus, according to SF Gate.

    "The opportunity is there in the next five years or so to pick any industry and re-imagine it in the social web," Zuckerberg said.

    Kleiner Perkins partner John Doerr said "there's never been a better time than now to start a new social venture" and that a third wave of innovation is coming to the web.

    The money is an investment in the future importance that social media will play in the development of the web.