When Facebook's Mark Zuckerberg announced in April that his company would pay $1 billion in cash and stock to buy Instagram, the deal put an exclamation mark on the shrinking ambitions of our inventors and entrepreneurs. Instagram has 13 employees and zero revenues. Its claim to fame is a free smartphone app that reformats photographs to look as if they were taken by an old Kodak Instamatic. Providing yet another means for people to fiddle with snapshots is super, but it's hardly a moonshot.

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