A few years ago I wrote a paper regarding social capital and facebook, and drew largely from this essay done by some scholars from UT Austin. And its awesome if you take the time to read the study...and I'm not being biased just because it is from Texas!
http://online.journalism.utexas.edu/2008/papers/Valenzuela.pdf
Check it out! Civic duty and social activism have increased because of FB...look at the Obama campaign and all of those grass roots activities that got him the presidency...couldn't be a more perfect case study to prove the capabilities for social media to spark social capital

Plus building social capital is fun! And it's usually much easier than raising venture capital...
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