Reid Hoffman is an American internet Entrepreneur who is well known as the co-founder of LinkedIn. LinkedIn is a social network for professionals to connect with each other. He became a very popular and successful businessman and an innovative entrepreneur within just a few years ago. He was facing some difficulties with his first start-up, a company named Socionet that users could use to connect with friends. Even though he had to detect the project within a couple of years, he learned a lot about the basics of business management from his early failures in order to become the most successful internet entrepreneur in the United States. He has been an innovative thinker and quick learner from his young age. As a bright student, he received a Marshall Scholarship while studying at Stanford University which enabled him to attend Oxford University for his higher studies. Firstly, he wanted to become a professor and public intellectual, after that, he changed his mind and decided to become an entrepreneur. After having some work experience at Apple Computers and PayPal, and experiencing a start-up failure, he found great success when he co-founded LinkedIn in December 2002 along with a few of his friends.
Childhood & Early Life
- Reid Hoffman was born on 5th August 1967, in Palo Alto, California, US. He was the only child of Deanna Ruth and William Parker Hoffman, Jr. Both of his parents were lawyers.
- He went to the Putney School where he got stuck in various other activities such as farming maple syrup and driving oxen along with his studies.
- After completing high school, he went to Stanford University from where he did his graduation in 1990 with a B.S. in Symbolic Systems and Cognitive Science. He verified to be a highly capable university student and successfully by winning a Marshall Scholarship, one of the most prestigious scholarships which are awarded in the United States.
- Being a Marshall Scholar, he completed his M.A. in Philosophy from Wolfson College, Oxford University in 1993. Reid was very much keen interested in pursuing an academic career as a professor and public intellectual. However, he came to know later on that his true interest was in becoming an entrepreneur.
After completing his graduation from Oxford, Reid Hoffman was hired by Apple Computers in 1994. One of the first projects he worked on was eWorld, which was his early attempt at creating a social network acquired by AOL in 1996. He also made his efforts on Classifieds, Global Access Assistant, and other strategic projects.
He quit Apple and started working at Fujitsu for a while. By this time, he was serving his serious thoughts in order to start his own company. In 1997, he co-founded his first company, SocialNet.com. It aims “on online dating and matching up people with similar interests”. However, he was inexperienced in business management and was compelled to abandon the project in 1999.
At the time of managing SocialNet, Hoffman was appointed as the member of the board of directors who founded the electronic money transmission service, Paypal He joined PayPal as the company’s full-time in 2000.
His duties at PayPal included managing Payments Infrastructure (VISA, MasterCard, ACH, WellsFargo), Business Development (eBay, Intuit, others), Government (Regulatory, Judicial), and somewhat Legal issues. In addition, he also took over the responsibility for PR, Strategy, Payments Innovations, and Customer Service. With his dedication toward hard work he quickly rose through the ranks and elected as the company’s executive vice president by 2002.
Reid Hoffman co-founded LinkedIn in December 2002 with the help and support of some of his former colleagues and friends. It was one of the first business-oriented online social networks which allow registered users to make professional profiles and got linked with each other.
Hoffman served as LinkedIn’s founding CEO for the first four years before becoming chairman and President, Products in February 2007. By 2009, he had become executive chairman.
Hoffman was one of Silicon Valley’s most prolific and successful angel investors. He joined Greylock Partners in 2010 and runs its $20 million Discovery Fund. At Greylock, his main areas of focus were consumer and services, enterprise software, consumer Internet, online marketplaces, payments, and social networks.
In 2012, he published his first career book ‘The Start-Up of You: Adapt to the Future, Invest in Yourself, and Transform your Career’ together with co-author Ben Casnocha. It got became both a ‘New York Times’ and ‘Wall Street Journal’ bestseller.
His other book, ‘The Alliance: Managing Talent in the Networked Age’ written with Ben Casnocha and Chris Yeh which got published in 2014. In the book, the authors discuss how the company and employees can work together toward common goals, even when some of their interests differ, and build long-term relationships in today’s volatile economy. This too became a bestseller.
Ried Hoffman launched LinkedIn in December 2002 with the support of two former colleagues from SocialNet, a former college classmate and a former colleague from his time at Fujitsu. It was started on May 5, 2003, as one of the first business-oriented online social networks. Peter Thiel and Keith Rabois, colleagues of Hoffman’s at PayPal, were the investors in LinkedIn. In November 2014, LinkedIn had over 332 million members and spread in more than 200 countries and territories. The site enables registered users in order to make professional profiles and connect with each other. Users can invite anyone to become a connection. As per Forbes, “LinkedIn is, the most advantageous social networking tool available to job seekers and business professionals today.”
Honors and awards
- In 2017 he was selected as an Honorary Commander of the Order of the British Empire (CBE), “For services in order to promote UK business and social networking and the Marshall Scholarship scheme”.
- In September 2014, the American Academy of Achievement honored Hoffman with the annual Golden Plate award, which honors accomplished individuals “for significant achievement in their fields.”
- President Barack Obama honored Hoffman as a Presidential Ambassador for Global Entrepreneurship “to help develop the next generation of entrepreneurs” in April 2014.
- In April 2014, Hoffman got the Distinguished Citizen Award from the Commonwealth Club.
- In May 2012, Hoffman was ranked on the third position on the Forbes Midas List of the top tech investors. Forbes announced Hoffman as “Silicon Valley’s uber-investor.”
- In 2012, Martin Luther King Jr. Center awarded Hoffman with their “Salute to Greatness” award.
- Reid Hoffman, together with Salman Khan of Khan Academy, was awarded by the World Affairs Council and Global Philanthropy Forum in 2012. The council sees and honors leaders who have affected and will continue to affect social change through their private enterprise and social action. The awards in 2012 were devoted to celebrating Technology for Social Impact.
- Hoffman was awarded 2012, David Packard Medal of Achievement Award, by TechAmerica for his contributions and advances within the high-tech industry, his community, and humankind.
- Hoffman achieved an Honorary Doctor of Laws from Babson in 2012.
- Hoffman and Jeff Weiner of LinkedIn shared the award called EY U.S. Entrepreneur of the Year in 2011.
- In 2010, Hoffman was ranked on No. 17 on Fast Company ‘s list of the 100 Most Creative People in Business.
- Microsoft announced to acquire LinkedIn on June 13, 2016, for $26.2 billion in cash. Hoffman became a board member of the Microsoft on March 14, 2017.
Reid Hoffman is one of the best-known co-founders of LinkedIn, which was one of the first business-oriented social networking services at the time when it was launched. The site became very famous and is today available in 24 languages including Chinese, English, French, German, Italian, Portuguese, Spanish, and Dutch. It has acquired more than 364 million users and expanded more than 200 countries and territories.
He helped the board of advisors of the Center for Citizen Media in 2006-07. The Center is a non-profit initiative jointly affiliated with the University of California, Berkeley’s Graduate School of Journalism and the Berkman Center for Internet & Society at Harvard University Law School.
Reid Hoffman serves on the boards of Kiva.org, a peer-peer microlending pioneer that helps people to lend money via the internet to low-income/underserved entrepreneurs and students. He lent Kiva $1 million in 2012.
Awards & Achievements
In 2012, Reid Hoffman achieved the David Packard Medal of Achievement Award by TechAmerica for his contributions and advances within the high-tech industry, his community, and the humankind.
In April 2014, Hoffman achieved the Distinguished Citizen Award from the Commonwealth Club. The Academy of Achievement honored Hoffman with the annual Golden Plate award, which honors accomplished individuals “for significant achievement in their fields” later the same year.
Personal Life & Legacy
Hoffman got married to Michelle Yee in 2004.
Reid Hoffman has a net worth of $4.6 billion in October 2015.
For more information, you can make a profile on LinkedIn for growing your business.
Some Important Questions to Discuss
Does Reid Hoffman have kids?
Hoffman and his wife Michelle have decided yet not to have children.
2. Who is the LinkedIn founder?
- Konstantin Guericke
- Jean-Luc Vaillant
- Reid Hoffman
- Allen Blue
- Eric Ly
3. What is the net worth of LinkedIn?
LinkedIn lost $10 billion of its market funding that day. In 2016, Microsoft acquires LinkedIn for $196 a share, a total value of $26.2 billion and the largest acquisition made by Microsoft to date.
4. When was LinkedIn created?
In 2002, Mountain View, California, United States.
5. How does LinkedIn make money?
LinkedIn (LNKD) helps to make money from the corporate recruiting departments of large companies with access to job candidates through the help of its LinkedIn Recruiter product. The company also initiates revenue from display ad sales and sales of its premium membership products to individuals.
Is LinkedIn private?
Linked In members are recruiters and business professionals. They are chosen in order to browse profiles in private mode to create leads to find candidates, sales leads, potential clients, or business partners. If you have a free account, and you choose to browse in private mode, then you won’t be able to recognize who has viewed your profile either.