"Mainstream culture" collapsed about a decade ago -- did you know that Seinfeld was the last TV show watched regularly by 50% or more of the American population? As the article notes, memes are increasingly where we get our culture. And hoaxes are an integral part of the meme landscape.
Anyone who can find a way to modify the Internet (not the Internet itself, of course, but people's use of the Internet) to better resist the spread of hoaxes could significantly change society. Think not just hoaxes, but outrages like #amazonfail. What a huge social cost (on attention, reputation etc) these things impose. http://www.shirky.com/weblog/2009/04/the-failure-of-amazonfa...
Now that might not seem like a great startup idea -- users are just having fun spreading links around (or getting outraged), and if you can't even monetize content then how can you monetize crowdsourcing the truth?
But then I noticed that Fox News and other media outlets fell for this hoax. Surely there's a significant monetary cost to that, which provides an opportunity for a business model?
The old Snopes way of doing things isn't working so well any more -- these things spread in minutes, so the fact checking mechanism needs to use channels similar to the ones that the hoaxes themselves do.
One possible idea is a prediction market (that pays out real money). If it is successful, it might become a standard part of media fact checking policy to check the prices there. A news organization probably be willing to actually wager a few thousand dollars -- a fraction of what the story is worth to them. Coming back to this example, that would give a tremendous incentive to one of the many people involved in creating this hoax to make a decent pile of money through the prediction site (anonymously, in fact). In effect, it would be a way for anonymous tipsters to leak out the word (in addition to aggregating third-party analysis and intelligence), except it would be far more streamlined and effective because it's a market.
Anyway, just a thought.