Venture capital these days is far easier to earn than a few years ago, especially if you are planning to start a real time social networking service. The investors nowadays are more than willing to invest their money in such start ups, that virtually guarantee big returns in short periods of time. Such as in the case of Twitter, the micro blogging sensation, that was able to earn investors’ trust and their money, a whopping $150 million in venture capital. The steady and continuous growth of Twitter has been of the primary reasons, why the website is currently valued at $1 billion and has grabbed serious attention from Microsoft and Google.

Witnesses the success of Twitter, an all new real time social networking website is all set to hit the online world. Known as, Hot Potato, this start up company is the brain child of Justin Shaffer, a legend in the Major League Baseball Advanced Media unit and has already earned more than a $1 million in venture capital from First Round Capital and RRE Ventures among others.

Hot Potato headquarters are in New York and as of now has a staff of just five employees. Inspite of the fact that, Hot Potato is still in developmental stages and that, the website isn’t fully operational yet, did not become a hindrance for the company to raise the funds required for completion and expansion of the networking service.

The company is all set to submit an Apple iPhone application to Apple for approval and, after the iPhone app is released, Hot Potato will be officially launched. Speaking on the inadequacies in Facebook and Twitter, Shaffer said,

“They break at scale–there’s no good way to filter the chatter so that you, your friends, and a group of strangers with something relevant to say can all connect. Hot Potato. will offer a curated stream in real time of all the data coming out of the event in real time. What we’re really focused on doing is bringing together the entire audience of an event, whether they’re at the event or watching at home.”

Via Media Memo.