Last May, Olsen made his presentation at Facebook's campus, in front of a room full of product engineers. PT: A previous version of this story incorrectly stated where Friendster was based in 2002.
23 - Fifteen months ago, Friendster enjoyed the kind of enviable status that Silicon Valley start-ups dream of: A-list investors and millions of users flocking to its Web site to browse profiles posted by friends and friends' friends, in search of dates or playmates.
Over the past 10 years, the social network has been both prized pig and punching bag.
In an interview with Bloomberg Businessweek, Zuckerberg reflected on the missteps people make when trying to grow a young company.
Social networkers of a certain age remember Friendster, the then-Mountain View, Calif.-based site that launched in 2002 and allowed users to fill out an online profile and connect with people they knew in real life.
The site lives on today as a Malaysia-based social gaming site, but in 2004 it ruled the social-networking world.
As Zuckerberg said, Facebook has made mistakes too.
Which explains why Facebook bought Instagram and made a for Snapchat, the disappearing photo app that's so popular with teens.
And in terms of learning from the past, Facebook is aware of this danger, even if acutely.
My Space beat out Friendster, and in 2007, Facebook finally overtook My Space in traffic. So perhaps Facebook is simply not vulnerable to the up and comers nipping at its heels.
Li, from the Altimeter Group, thinks the window for usurping has closed, at least in one sense.