Fast Company magazine launches ambitious business/social network

Fast Company magazine is launching an ambitious social networking site for its business readers. Its an initiative that will doubtless be watched closely by tradtional publishers and competitors, who continue to wonder how to integrate web and print publishing. Edward Sussman, president of Mansueto Digital (a division of Mansueto Ventures, which publishes Fast Company and Inc. magazines) wrote:

"Starting today, we become the first major media website to tackle the following problem: Can a business publication blend journalism and online community to create something better than either by itself? We think so. If done right. That's what we've been thinking about and working on at FastCompany.com for more than a year now.

The site will complement the online video news network launched in March covering business and technology under the direction of Robert Scoble, a leading technology blogger. That network already receives about a million page views a month, according to Mansueto Ventures, which owns Fast Company and Inc. magazines.

Fast Company created a readers' network called Company of Friends back in 1997, and that same name is being used for the new social network, which will make extensive use of user-generated content from some 95,000 business professionals organized into 200 chapters around the world, as well as its own original content, carried on FastCompany.com.

Contributing professionals are to be organized into 200 chapters around the world. Members of the network will be able to maintain their own blogs, answer daily "Fast Talk" questions and engage in online discussions. Each member's contributions will also be displayed in a personalized profile, creating individual portfolios of user-generated content.

Sussman says this is not a pure social networking site like Facebook or MySpace, aggregating people who already know each other.

We're an entirely new community of people brought together because we want to share ideas about business. We like business. We think it's important. Work gives more meaning to our lives. We believe business profoundly helps define our culture.

He also dismisses the idea that the site is the end of professional journalism.

We're still the website of one of the most influential business magazines in the world. Journalists like Robert Safian, Ellen McGirt, Chuck Salter, Linda Tischler, Will Bourne, Charles Fishman, and Adam Penenberg will continue to produce thought-provoking, ground breaking stories.

Sister magazineInc. is launching IncBizNet.com, a sort of social network and user-generated company database for privately held companies, according to a story in MediaDaily News

IncBizNet.com will function as a directory with data updated by the companies themselves, with a press release newswire, blogging functions, local community groups and a marketplace for products and services....The network will be pre-populated with all the companies featured in Inc.'s recent list of the 5,000 fastest-growing privately held companies. However, the magazine is inviting all senior managers from all privately held, U.S.-based companies to participate. This includes PR directors, CMOs, and CEOs. Overall, the site hopes for 1 million company-members.