Time Magazine named it one of the 50 best websites of 2011, and it’s now considered one of the Top Ten Social Media Sites. It’s not Facebook, nor Twitter; but a business idea conceived by entrepreneurs Paul Sciarra and Ben Silbermann which has folks hooked.

What is Pinterest?

Called Pinterest, it’s a website where people can collect and share things of interest – books, toys, food, fashion, whatever – on a virtual pinboard.

How does Pinterest work?

Currently, Pinterest is by-invitation-only. You can either request an invitation from Pinterest or get one from someone who is already a member of the inner circle. Once you’re in, simply create a profile and get pinning. Similar to other social media sites, you can also follow and be followed, and like or re-pin other people’s pins.

How is Pinterest making money?

While it’s uncertain exactly how the site generates revenue, there is no shortage of funding for Sciarra and Silberman’s business idea. The founders have raised $27 million in venture capital to indulge their passion and, in addition, Google is rumoured to be interested in acquiring pinterest. The world’s biggest search engine is allegedly prepared to pay a fee ‘in the hundreds of millions’ for the hot new social media site on the block. It may turn out to be a very big pay day indeed for the two young entrepreneurs.

For more inspiration…

Pinterest isn’t the only business idea sharing things people love. There’s also:

  • Juxtapost – All your favourite things, side-by-side
  • Gentlemint – it’s like Pintrest, but for dudes
  • We Heart It – discover and share your favourite images from the web.
Image courtesy of Pinterest