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Facebook has been described as the Google of its generation. A new internet tool that brings accessible social networking to the masses. On a basic level, it does a fine job, it does all the things you want it to and it's easy to manage.

The problem is that it's perhaps a little too easy. We get attracted by the blinkling lights and add new applications and join groups on a whim. It's wonderful to see those groups grow and cool when new fun applications arrive, it's a little like living in an amusement arcade.

However, while all this stuff is happening we seem to be missing the powerful potential of this social network to make a difference and to do something really interesting for all of us.

Today, Time Incorporated announced it was closing its magazine Business 2.0. It was a sad day for subscribers and those of us who were fortunate enough to get free copies of the magazine.

However, for the 2,500+ members of the Facebook group that had formed to try and save the mag, myself included, it was another day on the social network, with all the usual distractions.

Many had probably forgotten they had joined the group in the first place, others had lost interest after a few days.

The problem is that it's easy to click and join and very hard to do something constructive.

It's the big weakness in the Facebook system.

For groups, it's hard to leverage, galvanize, manage and do something great with Facebook.

Facebook is attracting a ton of people and it's doing a great job with the basics, but the real "win" is leveraging the collective wisdom and power of crowds to do something interesting; to buy goods at a discount, to give loans, change the political system, raise environmental standards, reduce poverty and yes, even keep interesting business magazines afloat.

If Facebook can do this, fantastic.However, I have a hunch that a couple of kids in Mumbai are working on something that can do everything Facebook can do but will  trump it because it can harness the collective power of the crowd. 

Facebook, the clock is a ticking.

Posted by Ed Cotton