Facebook to buy Instagram for $1 billion, Ryerson DMZ turns two.
Here’s what’s making headlines in the startup world today:
Facebookto buy Instagram
Social media juggernaut Facebook Inc. is buying photo sharing startupInstagram for $1 billion, a tidbit of news that Facebook founder MarkZuckerberg broke on his own page thisafternoon. The deal will be done through a combination of shares andcash changing hands in a transaction expected to close later thisquarter, according to a news release cited by CNET. Instagram seems intent ontrying to maintain some semblance of its own identity after the papersare signed: in a blog posting from this afternoon,Instagram CEO Kevin Systrom insists “it’s important to be clear thatInstagram is not going away.” Instagram says its user base has zoomedfrom 100,000 in 2010 to 27 million last month.
Waterloostartups get rental digs
The startup scene in Waterloo, Ont. is in the spotlight today with TheKichener-Waterloo Record reporting that thecity’s former LCBO store downtown will become a low-cost rental spacefor 12 to 16 studios to house emerging businesses in four fields:graphic design, Web site development, fashion design and visual arts.The facility is being converted by Creative Enterprise Initiative, alocal program created by the area’s largest business group, TheProsperity Council of Waterloo Region. An application form will beposted on Tuesday at creativeenterprise.ca.
KYFAlaunches matching tool
Vancouver-based Know Your Financial Advisor (also known as KYFA) haslaunched AdvisorMatch, a free Web-based tool to help Canadians find afinancial advisor based on their own personal investment goals anddemographic profile, according to TechVibes. The company was foundedin 2009 and now has over 50,000 investment advisors in its database.
Ryerson University’s Digital Media Zone turns two yearsold tomorrow and there’s a party from 1-3 p.m. E.T. at the DMZ’sdowntown Toronto campus to celebrate the occasion. Cake isn’t the onlyreason to drop by. Michael Carter, coordinator of Ryerson’s brand newDigital Specialization program, will be there to answer any questions,and some of the startups residing at DMZ will be demonstrating theirwares on site as well. DMZ has grown from eight startups to 32 since itopened in 2010 and eight companies have now graduated.