This seems pretty silly. Facebook will probably die at some point, but you need an opportunity, some need that they are not meeting. If you look at the things that were serious threats to Facebook: Instagram, WhaptsApp, Snapchat, they weren't just Facebook clones, they did something fundamentally different that was still social, where that different something was not a good part of the core Facebook experience.

If the thesis is that Facebook's privacy issues are an opportunity, I think all the previous attempts to replace Facebook over privacy concerns should make it clear that it is not.

I think this competition's focus on teams with "ability to execute" is falling right into this trap of thinking if you just make something a little bit better it will siphon users away, but what you need it something that is social, but still fundamentally different, something you can't really achieve on Facebook at all.

And even if you are building the next Instagram, I think the recent travails with Snapchat should be illuminating, if Facebook can't buy you, they will try to copy you, and that will make your life very hard because then you no longer have a differentiator.

Facebook is not asleep at the wheel the way MySpace was.