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Why did Friendster and MySpace fail where Facebook found phenomenal success? It's not that the site was better marketed, designed or had fancier code, according to Sean Parker, the former president of Facebook and now managing partner of Founders Fund. "MySpace never would have existed if Friendster had been a properly managed company," he said.

And MySpace? "The only reason we won was because of the gross incompetence of MySpace systematically over a period of many years," Parker said. That's moderator and Katalyst-founder Ashton Kutcher at stage right, Twitter-co-founder and chairman Jack Dorsey at stage left. The three were speakers at Fast Company's Innovation Uncensored conference held on April 21, 2010, in New York City. For those who didn't score a ticket to the sold-out event, we're offering highlights throughout the week.

Discuss the event and submit questions to the speakers at the Innovation Uncensored Facebook page.