Can Somebody Form A Company Through Social Networking Only?

Social Network - Copertina

Social Network - Copertina (Photo credit: marcomassarotto)

I have a fresh idea or perhaps an idea for an out of this world startup company, but even I think this idea might be too crazy to conceive and explore in the real world.  Let me pose this idea in a form of a question OK?  Since today world is so connected through the Internet, people profess their love for everything digital, is it possible to form a true company/business through social networking only?  That is, people do not need to live in one city, meet up for face to face interview, fill out applications through offline medium, get pay through offline payment systems, form meeting/conference within the same office, have face to face communication, exchange ideas through offline tools and face to face meetings, and so on.  I think you get the gist!  The thing is, had any real company/business started their business from the ground up through social networking only?  The thing is, can this form of practice of starting up a business through social networking only be practical and effective?  This whole process of forming a business through social networking only might be a bad idea too since there might be zero to very little real human contact (as in physically meeting up) between the employees and employers.  Nonetheless, this idea is intriguing to me since I don’t think there is a company out there that was formed from the ground up through social networking only — and keep it that way.  Can you imagine what if Google was started out this way?  Of course, we know Google had started out just like any traditional business…  What do you think about this very idea?