Yahoo plans to invest in hackers with good ideas and technologies, "We're open to many ways of having a stake in creative young companies," said Jeff Kinder, Yahoo's svp, on Yahoo Open Hack Day in Bangalore, India. The Internet company doesn't have fund earmarked for this purpose, or definite model or set of criteria for such investments, Kinder added.
Hackers and Open Hack Days have proven to be important sources of new ideas and technologies for Yahoo, Kinder said. Meme, now a microblogging site, was transformed from an internal Yahoo product idea into a product on Yahoo's platform after Open Hack Day in Brazil in 2008. When APIs for Meme on YQL (Yahoo Query Language) were opened up for hackers at Open Hack Day in Brazil, developers built tools to help derive more value out of Meme. "In short, the developer community really helped us build this product to what it is today, thanks to Open Hack Day," a Yahoo spokesman said.
Meme has been rolled out in a number of countries including Brazil, the Philippines, Indonesia, Mexico, Taiwan, and India.