If LinkedIn closed down – would you REALLY miss it?

I’ve been wading through LinkedIn’s IPO registration document. It’s called an S-1 and can be found on the SEC site in the US. I used to spend time wading through these things when the main competitor in my photo business, Getty Images, were listing in the US. The language has got even drier and risk averse. Do have a read – but you will have to skip over a substantial part of the document that tells you why they might fail. Here’s a section I found particularly “entrepreneurial” … must have driven the “forward looking” execs mad…

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This prospectus, including the sections entitled “Prospectus Summary,” “Risk Factors,” “Use of Proceeds,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business,” contains forward-looking statements. In some cases you can identify

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these statements by forward-looking words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect” or the negative or plural of these words or similar expressions. These forward-looking statements include, but are not limited to, statements concerning the following: …………

I had been chatting to a friend about how we use social networking. He’s not a fan of LinkedIn – the classic argument of “you only go there if you are looking to find a new job”. However, he did make a good point: “If LinkedIn closed down tomorrow – would you really miss it?”

It got me thinking. Then today, I was pointed in the direction of a post from 2009 by Lea Woodward entitled “What If Twitter Went Down & Never Came Back Up?” How dependent are we on social media?

Let’s take a look at LinkedIn’s S-1 filing. The two elements that I highlighted – in amongst the legal backside watching – were:-

We believe we are transforming the way people work by connecting talent with opportunity at massive scale. Our goal is to provide a global platform capable of mapping every professional’s experience, skills and other relevant professional data to his or her professional graph, including connections with colleagues and business contacts.

and

Business Model with Powerful Network Effects. The size and growth of our member base, the number of enterprises and professional organizations that use our platform, and the amount of rich and accurate information generated by our members increase the value we deliver to all participants in our network. A larger member base provides more opportunities to form professional connections for members, as well as increased opportunities to identify and attract talent for enterprises and professional organizations. At the same time, an increasing number of enterprises and professional organizations accessing our network enhances the relevance for members who stand to benefit from professional insights and opportunities. We believe the breadth and depth of our network would be difficult to replicate and represents a significant competitive advantage.

It seems to me that in the trade for free use of LinkedIn’s platform – they are benefiting from the network effect immensely. Personally, I find LinkedIn an interesting peripheral service that helps get a perspective on who I know – and keeps me in touch with what they are doing.

Are the key relationships in my Personal Network supported or “managed” through LinkedIn. Definitely NOT!

If the doom and gloom of the LinkedIn prospectus all came home to roost – would I REALLY miss it? I got over SixDegrees.com closing down during the .com fall out over 10 years ago – so I could get over LinkedIn closing its doors too.

I’d be interested in hearing about how critical LinkedIn is to how you carry out your work. What’s your opinion?

[Have now created a LinkedIn Poll. Please take the time to vote –
http://linkd.in/gaeWb1]