GEt BaCk to wORk
Ok just made this on 8tracks.com
Powered by Qumana
« August 2008 | Main | October 2008 »
Ok just made this on 8tracks.com
Powered by Qumana
Yammer, a twitter for corporate use has won the TechCrunch50. Yawn.
I get the hard work the yammers did, nice concept, interesting, alot like twitter, and be wary when twitter announces twitter for corps and groups, but overall to me its not the winner.
In fact none of the companies presented win in my opinion. For me the real winners of the conference were the VC panel sessions and the Q&A. These were the moments of the conference where you got hard questions and tasty insights into the world of venture capital and real bits of wisdom from folks that risked it and won, to risked it and failed.
Having just pitched spotWurk at TechGenesis this past Monday, it was even more errie and kind of wow, that could of been spotWurk up there in front of that panel at TechCrunch50. At TechGenesis panel was about 4 times larger and we got some great questions. Next week I'll get some great feedback on how we did and I'm super curious. I mean more curious than ever before.
Part of me really wants to know the day in the life of a VC or angel. I want to know what makes them tick. In my minds eye I see them as renegade astronauts, they been to the moon and then had to ride a tricycle back to earth. They got to where they are because of mix of choices, outcomes and guesswork... well maybe make that guttwork.
Another thing I'm rather puzzled about is the clear difference between Angels and VC. Angels appear to the gardeners of seemingly alluring and wonderful gardens. They recognize yards, like my yard, and say "ya know, thats a nice garden.. you mind..?" and then they start pimpin out your garden. I assume they start to make it badass looking so much that a VC, a garden lover, would love to hang out in it, take a stroll in that garden, heck maybe even acquire that garden.
That may be a bad analogy, simply put, do angels prep startups for VCs? I don't really know. Angels seem obviously more angelic and less frightening than the rep of a VC. VC's have a rep of nodding to your face like hannibal, and while you nod back you also have that weird tinge going up your spine... "this guy sees me like a lamb chop.." But this is all I know from the web and media, which is why the researcher in me really wants this day in the life capture of a Angel and VC.
What do they eat for breakfast? What brands do they like? What do they aspire to? What do they get out of checking out yards like mine? I know theres that obvious carrort o cash out there in the distance.
Listening to the VCs and experts at TechCrunch50 was by far the most rewarding part of that entire conference for me. I wanted to know more. Some of these guys come across battle worn, they've seen great deals but most of the time have seen so many bad deals. They're like vegas veterans that know the game and are hopelessly addicited to it. They also have all the inside tracks. They know where to get prime ribb for 1.99 on the strip. You me and the other guy, we gotta pay $4.50.
Its true that google can tell me the difference between Angels and VC, but part of me really doesn't want that perspective. I want the interview, I want that side by side discussion. TC50 gave me a slice of that, and thats the real winning aspect of that conference for me.
Powered by Qumana
msn money looking ahead
55% of all sales come from online
1. targeted, personally relevant experiences
- relevant personal experience online (content and touchpoint perspective)
- it cannot be one size fits all content
- personalized touch point exp, targeted to me, specific to me
- dual value proposition, consumers will opt in to share if the return/reward = a product/service that helps them authenticly
2. software + services
- ton of opportunities in leveraging the power of what software can do for clients and the web, services that are useful, example- msn money + product is a hybrid software+web service client app,
-
3. XBRL (IDEA - interactive data) revolution
- a coming revolution of totally redoing the edgar system
- fcc says edgar is outdated
- fcc is going to start requiring all public companies and mutual funds to implement XBRL data format
- this will impact companies reporting
- this enables consumers, it gives them so much power, to research anything they want about your company, click the button and it makes it easy for them to search, compare and interact
- this is a huge, huge impact on how companies report
4. social networking/UGC integrated multi-media
- huge growth in the finance place
- stock picking, not sure who to trust
- personal finanice ideas, less risk
5. alternative delivery mechanisms
- world is getting smaller
6. componetizing, partnerships made easier
- bank websites, sharing data
Consumers will...
1. seek more info/content, all forms
2. regularly/repeatably engage with services
3. share experiences online with each other, web lifestyle becomes a key aspect of their lives, web lifestyle is becoming their oxygen
Powered by Qumana
I tuned into the streaming boardcast of #tc50 today. So far its hugely interesting to listen to. At one point I started taking notes when they starting asking the investor panel questions on why and how they do what they do. I find all of this stuff really interesting. Especially since hours ago, the spotWurk team pitched our idea to the TechGenesis board.
Anyways, on to my notes from the TC50 investor board. Each #(1,2,3,4,5) represents a seperate panel members response to the question. See the web site to know who on the investment side of things responded in this panel.
Q: What's the best way to get to investors, get to the pitch?
1. good references to people i already know and have invested in, someone who can vouch for you that i know and trust, you need to project honesty, realness, the more attractive the biz model the less attractive you are
2. through referrals, i will something interesting and i reach out to them, mainly thru referrals, i may do outbound calling,
3. roles of interaction place the bet and leave vs active onsite mentoring
4. i work with teams where i will be helpful, i want to make a difference in their company, better ux, better distro, better marketing
Q: When do you know you’ve gone too far or not far enough?
1. locality comes in, i sit with teams and we work on stuff, we fight for every pixel and find out why its there, 75% of my portfolio is an hour from my house, geolocation is key for me
2. local nature is critical, for hiring, local is insanely leveragable
3. a good angel will be the one to intro the company to all the vcs out there, once the company has traction, then angel helps to move that process toward liquidity
4. i advise but in the end the founder made it, its their call, one investor isn’t going to solve all your issues, they gotta make it work, we advise
5. its not the mbas pitching any more, its the hackers, my role is the mba for these teams, i helped manage the acquisition
Q: How do you handle valuations?
1. create a forcing factor to require funding, train is in the station are you on it or not, creating a forcing factor is key, you make a beta, establish it exists, then go to the vc, you are stronger with you, drive accountability for both the founder and the investors, if you come to the table with no record, you need to prove you need money, show them the forcing factor that requires their participation
Talk about missing opporunities.
1. i turned down salesforce, that sucks
2. i have a huge list of stuff i missed out on
3. you want to be with a team that has purpose and momentum, if they come to you with a big question and have no idea how to solve it, that’s a red flag, we should see them thinking and needing our next step efforts
4. you have to bet, you don’t want to be anxious about it, but you need to take educated guesses, its blind 90% of the time, but you gain exp based on what you've invested in so far, you will miss out that happens, you know the marks of a company making from one step to another
5. i try and pick 6 high grow sectors that’s cloud computing, social networks, user based content, gaming etc, and those are all huge multibillion dollar segments, you try and to pick ones in those areas and go
6. spray and pray
Q: Question, all you guys don’t need to work, don’t need to money, why do you do it? Why invest in startups??
1. its interesting, meeting entrepreneurs who are inventing something its interesting, when you meet an entrepreneur they are inventing the future, talking to them is interesting
2. for me its amazing to see how far 20-50k can go these days, i usually get pitched with a live url, 50k goes a long way, even devices, 100k goes a long long way, it feels amazing to see people building shit
3. all these reasons and i had to raise money after the dot.com bust, that sucked, i was stressed out all the time it was super hard, i really get alot of satisfaction to help entrepreneurs start their biz, i want to help people make it
They are talking about how to define success
1. i put more pressure on terms and less on numbers, we lose the company to series B funding not A, B round makes or breaks, if you raise a big A and then you cant perform to that price, then you hurt your credibility, its important to have transparency and accountability, so we took less money, you want to get a great W,
2. b round you lose the board, and you lose say, at B your handing yourself over
Q: What do you look for in an entrepreneur?
1. i like to be involved where they are working on proof of concept, 1. top tellers, not interested in good guys, i want hands heart and soul with good tellers, and they need to be nice people, because in this stage many investments are not working, if we do lose i want to give money to someone i liked, 2. very focused, 3. nimble, 4. end user facing internet, 5. good references, - I don’t care what they do per say, my best deals are because of the people i met and trusted not in good biz opportunities
2. i look for good chemistry, enjoyable people, flexible people, understand their idea is going to morph all over the place and admit what areas don’t work and realize where to go next, if they are anxious over valuation because their eyes are off the ball, passionate, core IP that comes with the company that the insurance policy
3. a really good listener is what I’m looking for, someone that is willing to listen, no BS, don’t BS me, if you BS me on competition that’s not good, don’t think I’m an idiot, it shows that you don’t know the space and I’m wasting my time
4. like personal traits, no assholes, people who have studied abroad, people who play sports some athletics shows they have healthy self respect, have worked really shitty jobs at someone point cause it gives them perspective that’s critical, realize how lucky you are, admit failures revel in them and show how you bounced back,
questions from audience
Q: How do you feel about cold callers and cold emailers?
1. ive never put my biz # on a biz card, calls are impersonal, well crafted emails are key with clear thesis statements and action statements are key, what should be in that email? - one paragraph and one page exec summary, and a statement that says this is non confidential info, concrete next action steps, background info is nice as well, do your homework as well,
Q: Do you ever ask companies to move?
1. if i like the company and i want to invest in you, i will ask you to move, and but there are angel/vc folks all over, and you can go to any of these incubators like techstars and ycombinator
Q: How do the angels pick vcs?
1. we create a top ten list of who vcs would be interested, and we target the best partner in that firm, we make introductions and act as a bridge
2. vcs are mostly driven by fees, i work hard to keep my entrepreneurs out of harms way from vcs, i really try and avoid pushing entrepreneur too hard, i usually pick local vcs, and go with people i trust the most, were they good coaches of us, is the board member joining us ever built anything ever done anything, are they intel+emotionally aligned with us, do they meet our psyhcographic profile, is every board member in the A a former operator,
3. how to juggle board chemistry, that’s key
Powered by Qumana
Today I got my beta signup notice from XtraNormal, a beta I completely forgot about but like all betas, I checked them out again.
Its a 3D movie creator tool / social network, thats a bit like Noodle Flix on the Mac or like the automated cool music video maker Animoto.
So how's it work?
Well think of it as MadLibs. You start off writing a script of what your character would say. You then add cameras, expressions, sounds, etc to this script. Its pretty simple and fun to do. You then compile or render your test, continually tweaking camera placement, expressions, changing backgrounds etc. When your ready, publish and you're done- presto 3D movie. I'll give a full review later. Here is my first creation.
What I like about it right away is that its a fast fun way to express yourself on the web. This is key. This is what made Noodle Flix alot of fun at first but laborsome later on when I tried to edit it and turn it into the Sexy Beast series.
Already I can see myself ranting about and idea on XtraNormal letting it go and spawning some virtual critter to express and amuse me. Thats fun. I like that. Seems like other folks can then remix what you made, more interesting stuff. I'll have to really see what all it can do, but if you like making stuff, this could be a great site for you to play around in.
Powered by Qumana
Now I'm a huge fan of locative media, location based awarness, you name it on the locative scene I love it. I love that future reality slowly revealing itself every passing day on the new mobile scene these days. Yet I've also taken the first dip into the locative social apps on the iphone, the first real playground for me or anyone I think and I can tell ya, some of it makes sense, lots of it doesn't.
Tonight I came across another one of these "locative media will revolutionize everything..." I hate those blog posts, cause nothing ever really revolutionizes anything, it just mutates the experience a bit. People take the slices of pizza they like and leave you with the crust.
First its completely opt in experience. Its great if you're in it.. well wait a sec, I'd debate if its gonna be great really. It will be great if you are opted in for the ride and plan to participate. Lots of people opt into social media now with no real clear intention of participating in it. Its a passive encounter on the web, whimsical, you may check out facebook tonight, maybe myspace tomorrow, maybe you do, maybe you dont. Opting in the mobile experience means its gonna travel with you, from home to work to sitting on the jon. Luckily we haven't completely reinvented going to jon, that hasn't changed much, but I'm sure that revolution is coming, be prepared for the three sea shells! (lemme know if you get that movie reference!)
But seriously, theres too much hype on this killer app of locative media, cause I'll tell ya its here now on the iphone and I hardly ever use it in town. If I was traveling then sure. If there was a more compelling reason to use it maybe I would it. I love the idea, ya'll just havent figured out the right hook yet. The phone simply needs to be smarter, and its not there. Even GPS you are here, starbucks is near is kinda old school lameness in my opinion. Its too obvious, its too forced, how do you know I want starbucks, or even like it.
Creating that compelling reason to use locative media is key. I suspect locative media will take off big time in new york and silicon valley but everywhere else it will take a lot longer. While the social network is key in friends with like app goodness to spring off of and show you things like hey Judy, Dan is near by biking is nice and all, again I feel like that is not compelling enough.
And then of course they gotta go into the advertising angle, and that sounds nice and all until you are wearing ads around your neck and the minute that happens, guess what, the customer has either killed your app or ditched your mobile experience. You cant spring ads on people unless they opt in for that experience and expect it, at least you cant spring and hope for positive reactions, its not gonna work.
I think the real story behind locative media is how its going to tie into the new data set of augmented reality whereby where you stand now has a data layer you can't see, and yet with the right pair of shades or mobile device a new world is presented. This is the next real opportunity that locative media can present and hook people on, that data layer though will go through considerable mutation as everyone attemtps to make it their own. We need an open source augmented reality data layer thats robust enough to support core locative aspects, and serve as a bridge into web and physical realities. Google is already far ahead of anyone in building that layer simply with its google maps and google earth app. Their android phone will be their first wand of interaction into that world and then its up to everyone to see where it goes next.
Powered by Qumana
I needed some new tunes, and as result of that, I created a new PBS, primary beat selections, a show I used to do on Operator11 and other sites. Here's a taste of what I picked up.
Powered by Qumana