Reid Hoffman

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Summary

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Reid Hoffman is one of the most influential individuals in the development of modern-day connections via internet-based platforms.

  • Reid Before Tech
  • Paypal
  • Facebook
  • Linkedin


Paypal

Before founding Linkedin, Hoffman joined an internet startup that focused on sending money electronically from person to person. This was a revolutionary idea, as credit cards were the most novel "electronic currency" at the time. However, Paypal began to grow, and Hoffman remained alongside Paypal until its eventual sale to Ebay for $1.5 billion. The group of people that were part of Paypal include some of the most impactful entrepreneurs, investors, and technologists of the 21st century, including Peter Thiel, Elon Musk, Steven Chen, and Chad Hurley. These individuals were deemed the "Paypal Mafia", as they all went on to develop major followings and influence in their respective fields of work.

One of the uniting characteristics about these men was their desire to change the world. Making connections, converting to electric vehicles, individualizing video-streaming, all of these men have played an integral role in the formation of the technologically integrated environment in which society lives.

Facebook

Coincidentally, Hoffman was approached with the opportunity to invest in a company that paralleled his vision for growing the world through mutual connectivity via an internet platform. In 2005, he had the opportunity to invest in a budding social media platform that was supposedly a hot commodity on campuses across the United States. Having a reasonable fortune from the sale of PayPal years earlier, he made a small investment in the company. Additionally, he connected the budding company with his good friend and fellow PayPal Mafia member Peter Thiel. Peter Thiel ended up being one of the largest contributors to this company's seed round of funding. Years later, the company grew and grew, netting both Hoffman and Thiel many millions of dollars. This company turned out to be Facebook. [1]

Linkedin

Linkedin

Overview of the site

LinkedIn is first and foremost a site for managing one's professional network. A profile features a photo of the individual, a brief bio, and various information about their education history, work history, and skillsets. For many, crafting an aesthetic, informative LinkedIn profile is just as important as the experiences and skills that underlay these things.

Hoffman's Impact

Linkedin is perhaps Hoffman's greatest legacy, as he is the founder of the company. Hoffman had always wanted to create a company based around connecting individuals. In 1997, he was compelled to create a website called SocialNet. This was an internet-based platform on which people could meet for anything from tennis partners to dates. Many say that his ideas were just a few years too early, as the emergence of Facebook, online dating sites, and other connectivity platforms largely started to emerge in the mid-2000s. Hoffman had the entrepreneurial itch since day one. That, coupled with his desire to connect the world via the internet made his founding of linkedIn inevitable.

How Linkedin changed the Professional World

Linkedin was intended to be a platform for professionals to connect and maintain a relationship via the internet. Instead of seeing a "hiring" poster or getting referrals by word of mouth, LinkedIn allowed individuals seeking jobs to be able to reach out to their connections or make public posts to see whet Hoffman's

Ethical Impacts of Linkedin

Recruiting

Linkedin has changed how students and others trying to change jobs interact with the job market.

Networking as a commodity

For some, it may seem natural that one's education is tied to one's professional life. As those who have experienced the rise of the internet are aware, college is known to be an indicator of one's knowledge and skills. Additionally, by affiliating with one's educational institution, one is able to connect with other alums or current students who might share similar ideals, experiences, etc and be in relatively closes proximity. However, while the connection between education and professional life seem natural to us, there is a major reliance upon the idea that education implies skills. In a world in which a higher education is becoming more and more expensive and online educational programs are beginning to standardize with university's education, the need for a "formal" or "traditional" education is becoming less important. Nonetheless, LinkedIn highlights the connections that people possess with their respective educational institutions and, instead of showcasing one's skills and projects, highlights the educational institution that one attended.

Privacy Management

As many people know, Linkedin is a great way for people to get their name out there. When you Google someone, their Linkedin page is often the first page to appear, which, for many, is preferred over a personal social media profile that may reveal some unnecessary personal information about a potential job candidate. This aspect of LinkedIn for many is incredibly convenient and a great way to put your best foot forward.

References

  1. Owen Thomas, "LinkedIn's Reid Hoffman Made $111 Million On A $37,500 Investment In Facebook", Business Insider, Sep 10, 2012