
Instagram photo by Megan Miller
On Monday, the world learned that Facebook will spend one of its billions of dollars to acquire Instagram, a two-year-old, zero-revenue, mobile photo-sharing application. It’s an astounding amount of money, and the air in Silicon Valley has tasted a little different in the wake of the announcement. There’s a touch of reverence, a bit of jealousy, concern about the bubbly nature of the market (soon to pop?), but also a hefty measure of hope. As a young startup founder I met last night said, “We should all be happy about Instagram’s success. A rising tide lifts all the ships, right?”