look up any word, like cleveland steamer:
 
1.
The act of a company/start-up being acquired and summarily shut down with the apparent goal being to acquire the talent of the instapotatoed company.

Originated from the $10M acquisition, and subsequent instant shut down, of check-in service Hot Potato by Facebook
Sam: Dude did you hear that Gowalla got instapotatoed by Facebook?

Max: Yea I lost all my check-ins... it was like I was never there and I have to start all over again =(
by gameb0y April 11, 2012