According to a New York Times article, MySpace is getting in to the incubator business. The new company, tentatively named Slingshot Labs, will be financed by MySpace parent News Corporation. Chris DeWolfe, co-founder and CEO of MySpace, anticipates that Slingshot will nurture four or five companies at a given time.

The idea is similar to a move that Facebook made when they announced fbFund. fbFund provides capital to startups building application for the Facebook platform. The difference being that the MySpace startups will be in-house therefore giving them more access to the MySpace world. Facebook funded startups are external companies.