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Two pieces of advice:

1) plan to never monetize via ads, if you don't want to turn evil.

2) plan to gain traction in universities.

Good advice. These two points are already in our startup plan.

I often wonder how well ads work for social networks in general. I don't have problem with ads like facebook,twitter uses - promoting the apps on their platform.

Yeah, but if someone intends to monetize using ads, which are out of context or just plain annoying, probably just to get better CPI, that seems evil enough for me not to use the website.

Facebook ads are usually creepily relevant because they feed off keywords in your chat logs and interests.

Even if they are creepily relevant most users ignore them. I got some ads for something that was only mentioned in my Facebook chat with another person, not posted on a wall or anywhere public.

It annoyed me that they were scrapping my Facebook chats for keywords in an attempt to get me to click on their advertisements.

I've had better results with Facebook Ads than with Google AdWords... but that could be due to any number of things.

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