MySpace to Give Startups a Boost

The New York Times reports that MySpace is close to launching a startup “incubator” designed to help four or five growing web companies. The new project, dubbed Slingshot Labs, comes four months after Facebook launched a similar campaign called fbFund. The news has bloggers buzzing, but as Josh Catone notes, there is a key difference. MySpace does not yet have a platform of its own for developers to build from, and the company requires a formal agreement with anyone that hopes to create commercial applications for the network.

Of course, there is a strong possibility that MySpace has more to reveal in the coming weeks. Many expect that the social networking site is at a “tipping point,” so keep your eyes out for news to come.