May 11, 2012
CAMBRIDGE, Mass. — If you’re sick of hearing about Facebook’s IPO and Mark Zuckerberg’s hoodie, you’ll be glad to know the social network has some stiff competition in emerging areas. One of them is social commerce. A number of Boston-area companies, including CustomMade, Daily Grommet and Krush, are trying to give consumers new ways to shop for, discover and even create new products online. They’re not Facebook competitors yet, but their progress suggests the social-networking giant will face big challenges as it looks for new revenue streams.
In other innovation news…
Shares of Vertex Pharmaceuticals hit a 52-week high after the Cambridge-based biotech indicated its cystic fibrosis treatment could benefit many more patients when combined with another experimental drug.
Speaking of drugs, Eleven Biotherapeutics and mobile advertising startup SessionM have more in common than you might think. Each company has just raised $20 million in venture funding this week.
And finally, what do you call startup founders who did exactly what they set out to do? Liars, says Len Schlesinger, the president of Babson College and co-author of a new book called "Just Start." Schlesinger said if entrepreneurs told their company stories the way they actually happened, it would lead to “less hero worship.” And maybe, just maybe, less hoodie-wearing, too.
The weekly roundup of business, technology and life science news from our partners at Xconomy.com airs every Friday on 89.7 Boston Public Radio.