- • Facebook’s Building 8 operation shows that the company has an eye on innovation for the future.
- • Facebook has a partnership with sharp minds from 17 top universities.
- • The most interesting thing about Building 8 is its hiring of neurological-related experts.
With over 4 million advertisers, it is no secret to what is driving Facebook's (FB) growth right now. Facebook is also demonstrating that they are not resting on their laurels. Facebook has an eye on the future, which is evident with the company's somewhat secretive operation known as Building 8.
Facebook has its share of non-believers who think the company will run out of growth. I think that Building 8 shows that Facebook is likely to pave the way for future revenue beyond advertising. The initiatives from Building 8 may take many years to materialize. However, the existence of the Building 8 operation shows that the company wants to continually innovate. So, the company can evolve into something more than just social media and advertising when looking 10 or more years down the road.
The key aspect to Building 8, which is run by former Google (NASDAQ:GOOG) (NASDAQ:GOOGL) executive, Regina Dugan, is that Facebook secured a deal with 17 universities to speed up research for hardware and software. The agreement allows Facebook to get new research projects launched within weeks, instead of the standard 9 to 12 months that it usually takes.
Under the deal, Facebook pays a fee to each university and gets access to smart minds from the following universities: Harvard, MIT, Stanford, Rice, Princeton, Caltech, Johns Hopkins University, Johns Hopkins Applied Physics Laboratory, UC Berkeley, UC San Francisco, Northeastern, University of Illinois at Urbana-Champaign, Arizona State, Texas A&M, Virginia Tech, Georgia Tech and the University of Waterloo.
The Building 8 project focuses on advanced hardware development. This is part of Mark Zuckerberg's 10-year vision for Facebook. Some of the hardware being developed includes the areas of connectivity, artificial intelligence and virtual reality/augmented reality. However, Facebook didn't elaborate on what specific products were under development or planned for development.