MySpace Faces Challenge From KPCB's sFund

Emphasizing the challenge that faces Los Angeles-based MySpace in taking back the initiative in the social networking industry, competing social network Facebook has seen a significant boost to its efforts to dominate social networking, as it aligned with, Zynga, Comcast, Liberty Media, and Allen & Company in funding a new venture fund from Kleiner Perkins Caufield & Byers Thursday. KPCB announced its new sFund, a $250M fund which will invest in entrepreneurs in the social space, specifically highlighting Facebook as "the best place to build the next generation" of social businesses. KPCB said its new sFund will focus on the next generation of social entrepreneurs. John Doerr, Managing Director at Kleiner Perkins, said, at a press conference announcing the new sFund, that the world is in the "third wave of incredible, disruptive innovation," in the social space.