With its frenzied initial public offering on May 18, 2012, Facebook raised $16 billion, set a record for trading volume, and began life as a public company with a valuation of $104 billion. Now, what's next? In the wake of the most hotly-anticipated IPO since Google, Alan Patricof, founder and managing director of Greycroft Partners, and David Kirkpatrick, tech and business journalist and author of The Facebook Effect, discuss the implications for the social network, the investment community, and the broader tech-media sector."
David Kirkpatrick, longtime senior editor for Internet and technology at Fortune Magazine, has written for two decades about the computer and technology industries, as well as the impact of the Internet on business and society. His book, entitled The Facebook Effect: The Inside Story of the Company that is Connecting the World will be published by Simon & Schuster in the U.S. June 15, 2010. The book describes Facebook's history and how this newly-dominant Internet force is changing behaviors across societies worldwide.
Kirkpatrick began writing about computing and technology for Fortune in 1991. He wrote cover stories and features about almost every major tech and Internet company. Known for his weekly Fast Forward column on a wide range of tech topics, Kirkpatrick is regularly ranked one of the world's top technology journalists.
He created Fortune's Brainstorm conference series in Aspen starting in 2001. Now, with a group of former Fortune colleagues, he is launching a new conference, Techonomy, at Lake Tahoe August 4-6.
Kirkpatrick appears regularly at conferences worldwide and on TV, radio, and Net video. He is a member of the World Economic Forum's International Media Council and the Council on Foreign Relations.
Alan Patricof, a venture capital pioneer, founded Greycroft, LLC in 2006. Greycroft is a venture capital firm, with offices in New York and Los Angeles, focused on the digital media sector. The firm has two funds, Greycroft I, with committed capital of $75 million, and Greycroft II, which was initiated in 2010 with committed capital of $130 million. Prior to founding Greycroft, Mr. Patricof was the founder and chairman of Apax Partners, Inc. (formerly Patricof & Co. Ventures, Inc.), the U.S. arm of Apax Partners, Worldwide, LP, now one of the world’s leading private equity firms with $41 billion under management or advice.
During the past 40-plus years, Mr. Patricof has participated in the financing and development of a large number of public and private companies. Companies that he has been involved with at the initial stages are Apple Computer, America Online, Cadence Systems, Office Depot, FORE Systems, Cellular Communications, Inc., IntraLinks, Audible, Inc. and The Huffington Post.
Mr. Patricof is active in the New York and Washington communities as a board member of TechnoServe, Trickle Up Program, Global Advisory Board of Endeavor, Applied Sciences NYC Advisory Board, and the Initiative for Global Development (IGD) Leadership Council. In 2007, he was appointed to the board of the Millennium Challenge Corporation by the President of the United States; he is currently serving his second term. From 1993 to 1995, he served as Chairman of the White House Conference on Small Business Commission.
Mr. Patricof holds a BS in Finance from Ohio State University and an MBA from Columbia University Graduate School of Business. He is married to his wife Susan for over 40 years and he has three sons, Mark, Jonathan, James, as well as seven grandchildren, Lily, Nina, Jack, Chloe, Lila, Riley and Sawyer.