Alex Tew, the 21-year-old who raised $1m with milliondollarhomepage.com, plans to launch a new online social networking business which he believes could become a billion-dollar company.

Mr Tew has been bombarded with emails since January, when he reached his target by selling a million pixels for $1 each on a static webpage to advertisers.

Most of the emails ask for advice on setting up a business, investment, and what he calls straight-out “begging emails”. But the young entrepreneur has also received advances from about a dozen potential investors interested in what ideas he has next.

Find out more about Alex Tew's new business venture at http://news.ft.com/cms/s/00293e0e-a48c-11da-897c-0000779e2340.html.