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"If ever there is a moment to join or start up your own company, this is it," says Smith. "To be the little nimble startups that can run rings around the major corporations and move faster than them and be more innovative than them, the moment is now." Moshi Monsters is already a $100 million multi-platform children's game, toy and book franchise, and one of the Toys"R"Us hot toys of 2011 , but I was skeptical about the company's "transmedia" ambitions.

One major drawback to e-books is that there is no easy way to share text among friends. And there's little incentive for Amazon or Apple to solve this problem.