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Silicon Valley angel investor Jason Calacanis just announced the "Openbook Challenge," a competition to create a replacement for Facebook.

"Over the next three months, 20 finalists will compete for seven $100,000 incubator grants," explains long-time Slashdot reader reifman. "Their goal is to find startups with a sustainable business model e.g. subscriptions, reasonable advertising, cryptocurrency. etc. And they want it to be 'good for society.'"

Jason Calacanis writes: All community and social products on the internet have had their era, from AOL to MySpace, and typically they're not shut down by the government -- they're slowly replaced by better products. So, let's start the process of replacing Facebook... We already have two dozen quality teams cranking on projects and we hope to get to 100...

This is not an idea or business plan competition. We're looking for teams that can actually build a better social network, and we'll be judging teams primarily based upon their ability to execute... Keep in mind, that while ideas really matter, Zuckerberg has shown us, execution matters more.
Calacanis has even created a discussion group for the competition...on Facebook. And his announcement includes a famous quote from Mark Zuckerberg.

"Don't be too proud to copy."

wh0pper writes "Digital Trends has a great opinion piece about how Netscape has lost its identity again in regards to their wanna-be Digg portal. One interesting fact I was not aware of is that Jason Calacanis is the person behind the new beta Netscape portal. A choice quote: 'If this business model sees the light-day and it looks like it will, Netscape readers will change from the baby-boomers of yester-year to a younger audience more interested in Jessica Alba's Bikini or Britney Spears than real intellectual news.' I've tried using the new beta Netscape site, and personally hate it. The little link to the external site and the frame to keep you on Netscape's site are deal killers for me. Does the general audience think it can compete?"