The power of attraction
The nature of a group of people is that they share common values. Any social media works because of this principle, and that is something that large corporations just don't get.
For small business owners they can share beliefs and community values with their market and they can be found by those values.
One of the first social networks, if you remember, is the newsgroups. Advertising was forbidden because advertising breaks the flow of communication where people want to share what they value the most, at least within a specific group. Social networking today has not changed in this core belief in sharing a common value.
A new social media, whatever that may look like would do well to keep this principle of sharing beliefs and values. Indeed, it must, but how it would organize and keep a focus through channels, or threads, or topics, or, or... is what will make it useful, or not.
Would anyone care to pay an annual fee to be part of a social network that has no advertising and provides connections with global groups of people that share a common interest that they value?
I suspect not. No matter the level of quality connections. And yet people join clubs and pay their dues.
The moment you bring business into the picture things change. Business people are more willing to pay money for quality connections because they have professional ambitions. It is no longer a matter of social networking for personal interest.
When you focus on one or the other (personal vrs business) then the parameters change. A business club makes much more sense, but the raw market is seen as the masses in social networks. Businesses go to social media because they are chasing down this market, or because they think they need to be there.
If your company is not sharing values within a social network then it, literally, has no business there.