This report explores current market data and trends related to online social networking, overviews business models employed to monetize online social networks, and recommends strategies to promote, launch, and/or operate successful companies in the social networking space. Despite the global popularity and ubiquity of online social networking sites, new market entrants still struggle to find the necessary information they need to implement successful social network-based solutions. Effectively, social networking sites enable individuals to connect and share interest and information. Product developers and marketers have discovered in social sites attractive portals to promote, sell and test products. However, some Ontario based entrepreneurs are still trying to decipher the online social networking market size, the best practices to implement a social-based business or what does it take to build a successful commercial venture.