Venture Capitalist John Doerr Announces $250 Mil Fund For Social Entrepreneurs

At Facebook headquarters, prominent venture capitalist John Doerr has launched a $250 million dollar investment fund aimed at social entrepreneurs. Together with Facebook CEO, Mark Zuckerberg, Amazon.com CEO Jeff Bezos and Zynga CEO Mark Pincus, the fund will be called the “sFund.” The social giants predict that over the next five years, social networking will change the way corporations do business and virtually every company will be affected by social relationships. How corporations adapt to these changing relationships will surely affect their bottom line. The sFund is designed to identify entrepreneurs with the best social media ideas and help them build successful companies. The first social startup to get funding is CafeBots. It received $5 million in a funding round Thursday. The sFund will be led by Kleiner Perkins partner Bing Gordon, also former chief creative officer at Electronic Arts. Gordon said the number of people using an online social service would grow from just over 1 billion to 4 billion in the next few years, illustrating the sFund's growth opportunity.