http://www.amplifierventures.comRSS feeds for Amplifier Ventures60http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/809/Default.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=809http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=809&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/809/Default.aspxLessons are to be learned anytime in life - even from a blizzard.  And an an Entrepreneur, I am always trying to learn as fast as possible for any sources available!Eric KoefootThu, 11 Feb 2010 18:58:00 GMTf1397696-738c-4295-afcd-943feb885714:809http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/806/Ten-lessons-from-20-years.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=806http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=806&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/806/Ten-lessons-from-20-years.aspxLife is full of lessons, and entrepreneurship doubles down and teaches twice as many lessons.  Here are some of the ones I've learned, sometimes the hard, painful way!Eric KoefootThu, 17 Sep 2009 17:34:00 GMTf1397696-738c-4295-afcd-943feb885714:806http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/798/Why-does-the-government-make-things-so-hard.aspx#Comments1http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=798http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=798&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/798/Why-does-the-government-make-things-so-hard.aspxBeing an entrepreneur is hard enough, so why does the government make things even harder?  You'd think they would want to grease the skids of capitalism...Eric KoefootFri, 24 Jul 2009 16:19:00 GMTf1397696-738c-4295-afcd-943feb885714:798http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/795/Twitter-Away-But-Wisely.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=795http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=795&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/795/Twitter-Away-But-Wisely.aspx How are you using Twitter? Here are some useful pointers and best practices: Twitter’s changing rules of engagement and usage, quantity and quality, The 10 Twitter Commandments from eConsultancy, and further advice on what to watch out for. Pat LovenhartTue, 14 Jul 2009 22:31:00 GMTf1397696-738c-4295-afcd-943feb885714:795http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/788/Positioning-in-Tough-Economic-Times.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=788http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=788&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/788/Positioning-in-Tough-Economic-Times.aspx By Steven J. Slater, guest blogger on Pat Lovenhart’s blog I gave a marketing presentation to Johns Hopkins University business graduate students this past summer, on how only the strong brands will survive rough economic times.  This was before the effects of the economy really hit.  I was not trying to be prophetic, just pragmatic and get the point across the importance of positioning. Pat LovenhartSun, 07 Jun 2009 16:22:00 GMTf1397696-738c-4295-afcd-943feb885714:788http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/787/Default.aspx#Comments1http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=787http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=787&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/787/Default.aspx There are so many programs dedicated to social media and web technology development in this region, it is hard, if not impossible, to keep up with everything. This includes forums for showcasing new undertakings. If you are not already on mailing lists (see info below), I suggest you check these out. You may get some new ideas and can also investigate what your competition’s doing. Even if your endeavor is unique, you’re still vying for a fixed pool of capital (and possibly some of the same target markets). Pat LovenhartSun, 07 Jun 2009 16:19:19 GMTf1397696-738c-4295-afcd-943feb885714:787http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/785/The-coming-venture-capital-shakeup.aspx#Comments1http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=785http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=785&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/785/The-coming-venture-capital-shakeup.aspx The downturn in the economy and the dearth of reliable, lucrative exits for venture investors will create unprecedented change in early stage financing for entrepreneurs. Eric KoefootFri, 05 Jun 2009 18:40:00 GMTf1397696-738c-4295-afcd-943feb885714:785http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/772/Advisors-and-Entrepreneurs.aspx#Comments1http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=772http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=772&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/772/Advisors-and-Entrepreneurs.aspxWhat should you ask from your advisors?  And what do they get in return?Eric KoefootThu, 09 Apr 2009 15:40:00 GMTf1397696-738c-4295-afcd-943feb885714:772http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/767/Our-sales-are-a-mess--when-will-this-end.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=767http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=767&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/767/Our-sales-are-a-mess--when-will-this-end.aspxThe recession we are in has hit just about every business hard.  Sales are down and customers refuse to pull the trigger on new deals.  What should you do?Eric KoefootThu, 26 Mar 2009 16:06:00 GMTf1397696-738c-4295-afcd-943feb885714:767http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/762/New-Marketing-Research-Techniques.aspx#Comments2http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=762http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=762&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/762/New-Marketing-Research-Techniques.aspx It was time to bring the role of new media (Web 2.0, social networking for business) into my marketing research course material. The course needed to include newer online techniques and resources for gathering and analyzing data. These techniques cover finding, observing and listening to the chatter, and then analyzing and learning from the vast amounts of data. Pat LovenhartThu, 12 Mar 2009 04:45:00 GMTf1397696-738c-4295-afcd-943feb885714:762http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/756/Stop-lying-to-yourself--make-the-change.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=756http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=756&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/756/Stop-lying-to-yourself--make-the-change.aspxOkay, so your revenues are not stacking up this year.  A few of your team seems to be selling, but others have numbers that are down, some a little, some a lot.  What to do?Eric KoefootWed, 04 Mar 2009 03:09:00 GMTf1397696-738c-4295-afcd-943feb885714:756http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/751/Numbers-matter-now-perhaps-mor-than-ever.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=751http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=751&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/751/Numbers-matter-now-perhaps-mor-than-ever.aspxFinance and accounting is the sleepy, perhaps boring side of a startup.  But perhaps the function is more important then ever.  Check out these 10 "must do's" for startup accounting and financial reporting...Eric KoefootTue, 17 Feb 2009 02:33:00 GMTf1397696-738c-4295-afcd-943feb885714:751http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/739/Panic-is-not-the-answer.aspx#Comments1http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=739http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=739&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/739/Panic-is-not-the-answer.aspxThe world is crashing down around us!  Capitalism is dead!  It's Great Depression 2.0!  Chicken Little says the sky is falling!  Not likely...Eric KoefootMon, 26 Jan 2009 20:18:00 GMTf1397696-738c-4295-afcd-943feb885714:739http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/732/What-determines-success-in-a-startup.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=732http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=732&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/732/What-determines-success-in-a-startup.aspxThe question comes up often, and there probably is not just one answer, but more of it is in your control than you think.Eric KoefootSat, 10 Jan 2009 16:15:00 GMTf1397696-738c-4295-afcd-943feb885714:732http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/727/Entrepreneurial-wishes-for-the-new-year.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=727http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=727&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/727/Entrepreneurial-wishes-for-the-new-year.aspxOkay, I'll jump on the bandwagon of  hopes for the new year ... here are the things I wish for as an entrepreneur in 2009Eric KoefootFri, 26 Dec 2008 18:37:00 GMTf1397696-738c-4295-afcd-943feb885714:727http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/722/Debt-is-not-always-your-friend.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=722http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=722&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/722/Debt-is-not-always-your-friend.aspxThe filing of bankruptcy by the Tribune Company just drives home a point I learned many years ago - debt is not always your friend.  Leverage can be painful.  A high forced cash drain hurts. And for an entrepreneur, it can be deadly.Eric KoefootFri, 12 Dec 2008 16:21:00 GMTf1397696-738c-4295-afcd-943feb885714:722http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/717/Default.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=717http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=717&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/717/Default.aspxGovernment statistics released just yesterday reveal that the economy has been in recession since late last year.  Is this really new news?  And what should you do now?Eric KoefootTue, 02 Dec 2008 16:05:00 GMTf1397696-738c-4295-afcd-943feb885714:717http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/713/Who-is-on-your-board.aspx#Comments1http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=713http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=713&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/713/Who-is-on-your-board.aspxI was talking today with the CEO of an early-stage startup that I know well, and the discussion turned to their board.  What makes up a good board? What should you look for as you assemble this group of experts?Eric KoefootMon, 17 Nov 2008 23:44:00 GMTf1397696-738c-4295-afcd-943feb885714:713http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/709/Health-care-and-the-entrepreneur.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=709http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=709&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/709/Health-care-and-the-entrepreneur.aspxNo matter who wins the election tomorrow, I sure hope the next Congress does something about health care.  Entrepreneurs are hurting, and Congress can fix this one fast...Eric KoefootMon, 03 Nov 2008 23:29:00 GMTf1397696-738c-4295-afcd-943feb885714:709http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/706/Mobile-Marketing.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=706http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=706&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/706/Mobile-Marketing.aspx To get on the mobile marketing bandwagon early and beat your competition to the punch, you will need to prepare yourself for a bumpy road ahead in the short term. You will need to communicate with the many different devices in use today from different manufacturers as well as different carriers and their specifications and competing protocols. Pat LovenhartTue, 28 Oct 2008 17:39:00 GMTf1397696-738c-4295-afcd-943feb885714:706http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/703/Selling-in-a-recession.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=703http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=703&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/703/Selling-in-a-recession.aspx I don’t think even the biggest optimists out there will challenge the assumption that we’re in a recession now.  Hard to look at the stock market, here or abroad, and deny that.  So what is an entrepreneur to do?  Selling can be pretty hard normally, and during a recession it can be even more challenging. Eric KoefootFri, 24 Oct 2008 15:00:00 GMTf1397696-738c-4295-afcd-943feb885714:703http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/688/Entrepreneurial-Diversification.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=688http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=688&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/688/Entrepreneurial-Diversification.aspx Have you ever thought about how an entrepreneur diversifies?  Not their financial investments, but their company.  if you've not thought about it, you should!   Eric KoefootSat, 11 Oct 2008 02:10:00 GMTf1397696-738c-4295-afcd-943feb885714:688http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/685/Branding-Whats-in-a-Name.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=685http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=685&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/685/Branding-Whats-in-a-Name.aspx Naming is integral to branding and to your overall strategy and mission, and this is no easy task. With a financial crisis looming, doing it right is critical to your success.  Before you name your business, products or services, it’s wise to have the answers to many questions – most of which you have already dealt with if you’ve written a business and/or marketing plan. You’ll need to have all your major stakeholders in mind: customers, the public, investors, etc. Pat LovenhartThu, 02 Oct 2008 19:24:00 GMTf1397696-738c-4295-afcd-943feb885714:685http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/682/TheNationsBestcoffee--Say-What.aspx#Comments1http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=682http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=682&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/682/TheNationsBestcoffee--Say-What.aspx With all the programs and conferences about social media, social networking and new media for business, one thing I almost missed, and perhaps you did too, was that on June 26, 2008, The Internet Corporation for Assigned Names and Numbers (ICANN), overseer of domain naming, announced a relaxation of its policies. Pat LovenhartThu, 02 Oct 2008 01:13:00 GMTf1397696-738c-4295-afcd-943feb885714:682http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/680/Default.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=680http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=680&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/680/Default.aspx With the markets in retreat, banks failing or getting eaten up, and global credit tighter than it has been in recent memory, what is an entrepreneur to do?  And what might the future hold for entrepreneurs? Eric KoefootTue, 30 Sep 2008 15:37:00 GMTf1397696-738c-4295-afcd-943feb885714:680http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/672/Marketing-Your-Startup--Ouch.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=672http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=672&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/672/Marketing-Your-Startup--Ouch.aspx So your startup is getting going and you need to get your marketing going.  But it sure can be expensive.  It'll cost you cash (thus equity), time, and potentially misplaced distraction.  And does it really work?  Marketing is one of the most important yet least understood management sciences.  Great marketing drives sales, increases brand perception (thus possibly giving you pricing power), and can really make a difference in your competitiveness versus the competition.  But many companies, especially early stage companies, waste a lot of money on misdirected marketing. Eric KoefootFri, 12 Sep 2008 22:47:00 GMTf1397696-738c-4295-afcd-943feb885714:672http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/663/So-What-Fad-Are-You-Chasing-Today.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=663http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=663&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/663/So-What-Fad-Are-You-Chasing-Today.aspx We all see it time and time again - companies chasing a fad.  Or maybe not a fad, but they are chasing "group think" - a broad consensus that a market is ripe for the picking, when in reality it is unproven. Take for example the incredible rise in CLEC's in the mid 90's (competitive local exchange carriers).  So many companies were formed to go after the deregulated telco market.  But in the end, the infrastructure costs combined with the reluctance of business customers to change carriers led to the demise of virtually every one of them. Eric KoefootMon, 25 Aug 2008 17:21:00 GMTf1397696-738c-4295-afcd-943feb885714:663http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/659/What-Is-Your-Marketing-Message.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=659http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=659&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/659/What-Is-Your-Marketing-Message.aspx I see it often - in their marketing and sales efforts, companies "tell" their prospects what they "need to know".  I have bad news -- they don't care. You've heard it perhaps a thousand times before:  Tell prospects about your features and benefits.  Make them understand how great you are.  Heck, you built it, so be sure to tell them about all the cool features and capabilities of your product.  But in the end, they just don't care.  I'll bet you a nice steak dinner that the majority of time that companies present their solution, many of the prospects in the room are daydreaming about their weekend plans or how much work they have to do that day. Eric KoefootFri, 08 Aug 2008 14:14:00 GMTf1397696-738c-4295-afcd-943feb885714:659http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/656/Balance-Is-Key-Even-for-Entrepreneurs.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=656http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=656&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/656/Balance-Is-Key-Even-for-Entrepreneurs.aspx I work very hard.  I work like crazy.  I work obsessively. Wait, scratch that last one.  I try not to work obsessively because it make me less productive and less effective.  Why is that? Like most entrepreneurs, part of the price (and joy) of being an entrepreneur is the challenge that comes with working in a job with no real bounds, no end point, and no finish line.  Sure, many other folks work quite hard as well (you know who you are), but as a job class, few folks work harder than entrepreneurs. But how hard do you work?  Where do you draw the line? Eric KoefootWed, 30 Jul 2008 16:11:00 GMTf1397696-738c-4295-afcd-943feb885714:656http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/654/Default.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=654http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=654&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/654/Default.aspxHave you ever thought of how a recession can help you improve your sales?  Sounds like an oxymoron, but it is very possible.  Certain conditions unique to a recession can help you in ways that good times cannot...Eric KoefootWed, 23 Jul 2008 19:35:00 GMTf1397696-738c-4295-afcd-943feb885714:654http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/649/Where-should-I-go-to-raise-money.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=649http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=649&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/649/Where-should-I-go-to-raise-money.aspxI am often asked by entrepreneurs "where should our company go to raise money?"  Good question.  And the answer is: "it depends"...Eric KoefootWed, 09 Jul 2008 16:55:00 GMTf1397696-738c-4295-afcd-943feb885714:649http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/646/Reflections-on-Web-20.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=646http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=646&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/646/Reflections-on-Web-20.aspx A friend and colleague, Steven Slater, has been focusing on the importance of embracing Web 2.0 and helping PR executives understand and take advantage of Web 2.0 services and capabilities.  His focus here is on “Taking the Mystery Out of Web 2.0” for the uninitiated. Pat LovenhartWed, 09 Jul 2008 15:27:00 GMTf1397696-738c-4295-afcd-943feb885714:646http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/644/Default.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=644http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=644&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/644/Default.aspxAs the 4th of July approaches, I was thinking about the holiday and what it represents.  It is a celebration of independence from England 230+ years ago.  But it is also a celebration of freedom.  And entrepreneurship needs freedom like a plant needs sunlight and water.Eric KoefootThu, 03 Jul 2008 15:00:00 GMTf1397696-738c-4295-afcd-943feb885714:644http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/637/NVTC-Hot-Ticket-Awards.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=637http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=637&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/637/NVTC-Hot-Ticket-Awards.aspxCongrats to all the winners of the NVTC Hot Ticket Awards. The winners are a group of amazingly talented companies with creative people, great ideas, and growing success stories. But underneath that all is a bigger story...Eric KoefootFri, 27 Jun 2008 14:51:00 GMTf1397696-738c-4295-afcd-943feb885714:637http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/630/What-Is-Missing-in-CEO-Networking.aspx#Comments3http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=630http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=630&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/630/What-Is-Missing-in-CEO-Networking.aspx The challenges surrounding DC-area entrepreneur networking continues, but there has been some good progress in the past few months. It sure seems like many folks in the area are feeling the pain -- the continued lack of networking in the DC area for up-and-coming entrepreneurs.  But it is not all gloom and doom.  Sometimes we just have to get out there and network to find help.  With that in mind, there are some people and organizations trying to do something about it, too.  Maybe it's worth sketching out some of the best programs that I have found out there (though I am sure I'll miss some). Eric KoefootFri, 20 Jun 2008 20:05:00 GMTf1397696-738c-4295-afcd-943feb885714:630http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/616/Default.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=616http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=616&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/616/Default.aspx The media link is a given. After all, what is politics without an audience? People running for political office depend primarily on various forms of media to draw attention to their candidacy, sign up volunteers, poll opinions, solicit requests for funding, solidify their base and sway the undecided to (a) vote, and (b) vote for them or their cause. Just as entrepreneurs with a new idea or product must break through the clutter of the massive numbers of messages everyone sees, reads or hears daily, drawing attention to your candidacy is an uphill battle for those new to politics who want to enter into public life and serve their region’s constituents. Pat LovenhartFri, 13 Jun 2008 02:55:00 GMTf1397696-738c-4295-afcd-943feb885714:616http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/613/Should-I-Offshore-My-Technology-Development.aspx#Comments1http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=613http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=613&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/613/Should-I-Offshore-My-Technology-Development.aspxOffshoring software development has been around for a number of years now, and in some sectors it is growing in popularity.  But is it the right thing to do?  Are the alleged savings real?  And how is the quality?Eric KoefootMon, 09 Jun 2008 21:34:00 GMTf1397696-738c-4295-afcd-943feb885714:613http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/610/The-Power-of-Word-of-Mouthor-Not.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=610http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=610&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/610/The-Power-of-Word-of-Mouthor-Not.aspx The Theory:  There are several marketing industry gurus who champion the approach of marketing to ‘influencers’ to build a brand or ignite an idea through social marketing or business networking. The premise is that some individuals in our society have more power than others. This we can all agree on. And, yes, there are those with strong networks who are activists in one way or another (e.g., in the community, in business, politically, socially). Opinion leaders, another way to refer to them, are generally respected by the people in their network and often emulated. Among those championing the influencers are Malcolm Gladwell, the well-known author of The Tipping Point, Blink and other widely read books about business and society, and Ed Keller and Jon Berry, who co-authored the best-selling book, The Influentials. Pat LovenhartFri, 06 Jun 2008 16:39:00 GMTf1397696-738c-4295-afcd-943feb885714:610http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/606/Default.aspx#Comments1http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=606http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=606&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/606/Default.aspx In talking with potential entrepreneurs looking to make the leap and with investors trying to figure out which entrepreneur to back, the conversation inevitably comes back to what are the characteristics of a successful entrepreneur? And with the Democratic primary season over – and the Democratic primary still raging on, I couldn’t help but thinking that Senator Hillary Clinton really ought to give entrepreneurship a try if she ends up needing a career change in a few weeks or months. Regardless of where you may stand politically, go with me on this one, you may end up convinced! First, it doesn’t matter how you feel about Sen. Clinton, you have to agree that she has persistence and tenacity. While the majority of pundits wrote Sen. Clinton off months ago, she is blocking, tackling, and clawing her way to the finish line. I would argue that the most important characteristic of a successful entrepreneur is persistence and stamina. And after 18 months in this campaign, she has outlasted quite a few other candidates – and she still wakes up every day acting like a winner.  Brian MurrowTue, 03 Jun 2008 17:06:00 GMTf1397696-738c-4295-afcd-943feb885714:606http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/603/Default.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=603http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=603&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/603/Default.aspx I see it time and time again - companies with great ideas not getting off the ground and just burning through cash without revenue.  More often than not, at the very bottom of the problem is an inability to sell.  But how do you know you need help?  And what can you do? I've spent the better part of the past 20 years selling.  Selling is just plain h-a-r-d.  But it is also a LOT of fun... I love selling!  In my mind, there is almost nothing that you can do as an entrepreneur that gets you to the heart of capitalism better than selling what you have created and satisfying customers.  Eric KoefootWed, 28 May 2008 14:53:00 GMTf1397696-738c-4295-afcd-943feb885714:603http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/600/Default.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=600http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=600&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/600/Default.aspx As a service to our readers, here’s a good compendium of solid and legitimate organizations you can go to for a variety of marketing-related information, including articles, white papers, terminology, etc. These organizations vary from pure marketing to functions and specialties such as research, advertising or public relations; from US-based to internationally-based; from brick and mortar to web-only; from open-to-all to level-specific such as executives; from well-known to specialized and less well-known; and from all industries to industry-specific organizatons. You’ll also notice some Washington, DC-centric organizations among these. Pat LovenhartWed, 28 May 2008 14:00:00 GMTf1397696-738c-4295-afcd-943feb885714:600http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/596/Can-a-Founder-Be-the-CEO-Long-Term.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=596http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=596&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/596/Can-a-Founder-Be-the-CEO-Long-Term.aspx A lot of entrepreneurs are coached (or required) to bring in some "seasoned management" in order to make their company successful.  Is this really necessary? Can an entrepreneur somehow maintain the CEO title? Many VCs and other investors encourage (or sometimes force) entrepreneurs to bring on seasoned executives to run their companies.  Does this make sense?  Sometimes yes, sometimes no, and the wise entrepreneur would do well to think this through before taking outside money. Eric KoefootWed, 21 May 2008 15:28:00 GMTf1397696-738c-4295-afcd-943feb885714:596http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/586/Advertising-as-a-Business-Model.aspx#Comments2http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=586http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=586&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/586/Advertising-as-a-Business-Model.aspx How many software or Internet business plans have you seen recently that rely on advertising as a business model?  Investor beware! I've been in the Internet full time since early 1996, and in advertising-based businesses on the Internet since 1997.  I've seen plenty of hype and plenty of failures, and I personally lived the rapid rise of the Internet, followed by the crash, followed by the second rapid rise of the Internet.  And now in this second rise (even more so than the first rise) advertising is being touted as the future of the Internet by many content, software, and Web-based service companies -- and the concept is being bought into by many Venture Capitalists.  But is this real?  Can it work?  Based on my experience (and I have sold Internet advertising for many years now), the answer is a simple NO. Eric KoefootThu, 15 May 2008 15:02:00 GMTf1397696-738c-4295-afcd-943feb885714:586http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/580/Default.aspx#Comments1http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=580http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=580&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/580/Default.aspx Why is it that business schools as a rule have no classes in "How to Sell", or better yet, "How to Manage Sales"?  In a startup, and yes, any company, sales are where the rubber meets the road. You can take classes in business school on Marketing, Finance, Human Resources, and even Technology Management.  You can take second-year classes on Options Pricing and Derivatives.  Heck, you can even take classes on Business Law.  But very, very few MBA programs have classes on Sales.  How should one sell?  What systems, techniques, processes and tools work best?  And even if teaching how to sell is somehow not important, perhaps they could teach future managers how to manage sales? Eric KoefootThu, 15 May 2008 12:38:00 GMTf1397696-738c-4295-afcd-943feb885714:580http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/572/Default.aspx#Comments2http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=572http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=572&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/572/Default.aspxIn a great article in the Wall Street Journal today, Rebecca Buckman wrote about how business applications are becoming much more web-like.  It's about time!Eric KoefootTue, 22 Apr 2008 13:54:00 GMTf1397696-738c-4295-afcd-943feb885714:572http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/564/Starting-a-Company-in-a-Recession.aspx#Comments1http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=564http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=564&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/564/Starting-a-Company-in-a-Recession.aspx As much as the White House likes to deny it, we're in a recession.  As an entrepreneur, perhaps you are asking, "is a recession a good time to start a business?" My vote is yes! The way I see it, any time is a good time to start a company.  Some times may be better than others, but it is all a matter of degree.  Once bitten by the entrepreneurial bug, postponing doing your startup is a very, very hard thing to do.  It's like when you have both arms full of, say, groceries, and you get a wicked itch on your leg.  The more you think about it, the more it itches.  It only gets worse, never better.  Sooner or later you need to put the bags down and scratch the itch.  Same with a startup - the itch only gets worse the more you think about it.  Caught in bureaucratic meetings?  Itch.  Watching your peers build companies?  Itch itch.  Thinking, no knowing, that you have what it takes to build a great company.  Itch! Eric KoefootMon, 14 Apr 2008 14:38:00 GMTf1397696-738c-4295-afcd-943feb885714:564http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/555/Is-It-a-Feature-or-a-Product.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=555http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=555&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/555/Is-It-a-Feature-or-a-Product.aspx Almost every time I see a series of business plans, a few of them stand out as more features than products.  Features are nice, but products make companies. So you have a business idea, and you're building a business plan.  But you keep struggling on how people are going to find, buy, and use what you have created.  Perhaps the issue is not with your business smarts or knowledge of marketing... perhaps you have a feature and not a product.  Features are almost always neat, clever, unique, and impressive.  But a business needs more than a "neat" factor, it needs the ability to engage customers and earn revenues. Eric KoefootFri, 04 Apr 2008 20:46:00 GMTf1397696-738c-4295-afcd-943feb885714:555http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/548/Default.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=548http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=548&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/548/Default.aspx As an investor, board member, and 4-time entrepreneur, I am constantly amazed by the number of business ideas that are pitched that just don't make sense.  And I am not talking about some amazing wisdom or insight that I possess (or more likely do not possess), rather I am talking about business ideas that just don't pass the test of common sense. Ideas that don't make sense are often ideas that don't scale, that have lousy margins, or that are not differentiated in any meaningful manner.  They are ideas that have not thought out sales, marketing, or overall customer acquisition and retention.  They are ideas that are features and not products (more on this one in a future blog).  And they are ideas that the team executing on it just don't have experience with in the past. Eric KoefootMon, 24 Mar 2008 17:39:00 GMTf1397696-738c-4295-afcd-943feb885714:548http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/535/Cash-Flow-Is-Still-King-in-a-Startup.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=535http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=535&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/535/Cash-Flow-Is-Still-King-in-a-Startup.aspx The discussions about saving money in your startup continues, and there are a lot of good ideas out there.  But in this thrifty environment, is the workaholic the best hire? Just a few weeks back I wrote about how cash flow is king in a startup.  And maybe you saw the recent postings by NYC Entrepreneur and super-blogger Jason Calacanis.  Jason wrote recently about how to save money in your startup, and he created a whirlwind on controversy around a few of his ideas, particularly the one about dedication.  I think he has a lot of very good ideas in his list (and there are quite a few in the posted comments below his original blog), and every entrepreneur should take these ideas to heart.  Eric KoefootFri, 14 Mar 2008 22:41:00 GMTf1397696-738c-4295-afcd-943feb885714:535http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/521/The-Entrepreneur-Ecosystem--What-Goes-Around.aspx#Comments2http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=521http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=521&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/521/The-Entrepreneur-Ecosystem--What-Goes-Around.aspx Even though the entrepreneurial ecosystem of the DC area is nothing like Silicon Valley or Boston, it nonetheless has an excellent sence of community and collaboration.  We need to keep it going... As I am have been evaluating ideas for my next company in the past few months, I have been pleasantly surprised by the willingness of fellow entrepreneurs in the DC area to help out.  I for one have always had that philosophy -- help out your colleagues, friends, and other entrepreneurs because it is the decent thing to do.  That might mean being a sounding board for ideas, helping beta test software, connecting companies to funding, or helping people find talent for their growing companies.  Eric KoefootThu, 28 Feb 2008 17:23:00 GMTf1397696-738c-4295-afcd-943feb885714:521http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/509/Mindshare-Alumni-Reunion.aspx#Comments1http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=509http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=509&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/509/Mindshare-Alumni-Reunion.aspxI've been to many networking events over the years, but few hold a candle to Monday night's Mindshare Alumni Reunion.The press have reported that attendance was over 260 people at the Mindshare Alumni Reunion at the Palm Tyson's Corner, and I believe it.  I can truly say that just about "everybody who is anybody" in the DC-area entrepreneurial-technology community was there in person -- or then had a darned good excuse not to be there. Eric KoefootWed, 13 Feb 2008 21:40:00 GMTf1397696-738c-4295-afcd-943feb885714:509http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/508/Social-Networking-Part-Two.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=508http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=508&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/508/Social-Networking-Part-Two.aspx Perhaps it’s befitting that this is Abraham Lincoln’s official birthday.  He was certainly a proponent of freedom, and the social networks that have bloomed in cyberspace are all about freedom (the citizen journalist, self-pronounced experts in numerous fields, getting information from many sources, etc.). While social networking has more going for it than not, and I wrote about it here on April 11, 2007, there are some downsides to using these networks.  Several of these are discussed below. Pat LovenhartWed, 13 Feb 2008 14:07:00 GMTf1397696-738c-4295-afcd-943feb885714:508http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/500/The-New-York-Giants-and-Startups.aspx#Comments1http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=500http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=500&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/500/The-New-York-Giants-and-Startups.aspx I could not let the week pass without a comment on the Superbowl.  No, not the game itself (Hey, I am a Bears fan), but about what it means to startups.  What, you may ask, does the Superbowl have to do with early stage companies?  Well, as a huge fan of football analogies, this is pretty easy. Eric KoefootThu, 07 Feb 2008 22:15:00 GMTf1397696-738c-4295-afcd-943feb885714:500http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/490/Great-Ideas-No-Money.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=490http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=490&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/490/Great-Ideas-No-Money.aspx I attended an angel investor "pitch session" yesterday to hear four companies present.  On balance, all four were interesting, compelling ideas presented by smart people. Whether they get funded or not, time will tell. I'd say that over the past 10-15 years of my career as an Internet entrepreneur, coach, advisor, board member, and angel investor, I've seen over 400 business plan presentations. Yet overall, so few companies ultimately get funded in any meaningful way. Why? Eric KoefootMon, 04 Feb 2008 15:30:00 GMTf1397696-738c-4295-afcd-943feb885714:490http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/483/The-Secret-of-Silicon-Valley.aspx#Comments5http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=483http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=483&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/483/The-Secret-of-Silicon-Valley.aspx Why does Silicon Valley turn out so many companies and so many entrepreneurs?  It's the network, baby. I've been spending a lot of time with startup CEOs here in the Mid-Atlantic region recently, and as a group, they continue to amaze me.  DC is not known as a hotbed of entrepreneurs.  Sure, we have companies like AOL, MCI (pre-disaster), Blackboard, and so on.  But the total number of startups is but a small fraction of the startup Mecca, Silicon Valley.  Books have been written about this.  Millions (no, Billions) have been made by those mastering the Silicon Valley startup idea machine.  But in a nutshell, I think the reason it works is the Network.  Eric KoefootThu, 24 Jan 2008 19:30:00 GMTf1397696-738c-4295-afcd-943feb885714:483http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/473/When-Should-We-Seek-Funding.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=473http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=473&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/473/When-Should-We-Seek-Funding.aspx Seeking funding later rather than sooner serves the entrepreneur well.  The simple reason is that investors will value your company based on how many unknowns have been answered; the more you answer the higher the value (and the more of your baby you get to keep!)  Think of it as a poker game, where each card that is exposed determines more clearly the value of the hand in play.  Many VC’s like to refer to the desire to “turn one more card” as they talk about learning more about the company through its success (or failure).  The more cards you turn before you seek funding, the better.  So what do VCs want to know?  Here is a good starter list of areas that you will want as much traction on as possible before you seek funding... Eric KoefootWed, 16 Jan 2008 17:48:00 GMTf1397696-738c-4295-afcd-943feb885714:473http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/467/Cash-Flow-is-King-in-a-Startup.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=467http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=467&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/467/Cash-Flow-is-King-in-a-Startup.aspx Managing cash before and after raising funds is one of the most important skills for a successful startup; here are some tips to save a few bucks. As a veteran of four startups (and working on #5 now), I am frequently asked about fund raising.  But rarely am I asked about how to make funds go further.  In reality, every dollar not spent is more than equal to a dollar raised (you are not giving away any equity).  Most startups don't shoot for the moon and most don't need to spend as fast as they do.  In fact, there is often pressure from investors to spend, spend, spend.  Beware.  Your startup, if it is successful, will most likely take twice as long and cost twice as much money as you think.  Investors are often willing to put in more money, but that's you hard-earned equity that you see going out the door unnecessarily. Eric KoefootFri, 11 Jan 2008 15:29:00 GMTf1397696-738c-4295-afcd-943feb885714:467http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/462/Default.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=462http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=462&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/462/Default.aspx As we enter 2008, I thought it would make sense to break away from the year-end top-10 lists and shift right into the 2008 Presidential election season. As I was watching the Iowa Caucus shape up, I thought it was interesting to think about applying observations from the Iowa Caucus to being an entrepreneur:   One mistake can derail you for a while, but it’s how you deal with it that will guide your recovery. At the debate in Philadelphia, Hillary Clinton was the target of the other Democratic candidates. Many think that it was not her performance during the debate that led to her third place finish in Iowa and slide in the national polls, it was how she handled it afterwards. Instead of using this as an opportunity to attack her opponents from a defensive position, she stayed defensive through the Caucus. This colored her entire Iowa campaign as defensive. For a great strategy on how she could have recovered, see Chris Matthews’ point of view.   There are countless examples of mistakes being made and handled poorly and well in the start-up world. For example, in September 2006 when Facebook automatically added its news feed feature which posted content from facebook applications, such as “The Wall” to everyone in your network’s News Feed, there was an immediate and loud outcry from Facebook users. Facebook responded quickly and listened to its users. More recently, Facebook made another mistake and added its new “Beacon Technology” that analyzes the users’ actions on Facebook and other partner sites and makes these actions public. Brian MurrowSat, 05 Jan 2008 18:21:00 GMTf1397696-738c-4295-afcd-943feb885714:462http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/453/MSN-Viacom-and-Innovation.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=453http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=453&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/453/MSN-Viacom-and-Innovation.aspx The MSN /Viacom deal was not so much about a big media deal, but more about lack of innovation from Microsoft. Microsoft (MSN) has been playing Johnny-come-lately to the Internet for 10 years now, and especially in the search and advertising arenas, they just can’t seem to fight Google (or even Yahoo) successfully. They made many claims over the past few years about how the new MSN search would combat Google and gain share.  And they were going to advertise at record levels to drive traffic to MSN.  Oops. Eric KoefootThu, 20 Dec 2007 18:26:00 GMTf1397696-738c-4295-afcd-943feb885714:453http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/452/Mobile-Advertising.aspx#Comments4http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=452http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=452&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/452/Mobile-Advertising.aspxWhat is the future of mobile advertising?  How big might it be and how soon?Eric KoefootThu, 20 Dec 2007 02:59:00 GMTf1397696-738c-4295-afcd-943feb885714:452http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/451/Social-Networking.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=451http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=451&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/451/Social-Networking.aspx How much money can chase social networking? Eric KoefootWed, 19 Dec 2007 03:11:00 GMTf1397696-738c-4295-afcd-943feb885714:451http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/434/DoitYourself-Research-Boon-or-Boondoggle.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=434http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=434&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/434/DoitYourself-Research-Boon-or-Boondoggle.aspx Have you heard of surveymonkey or boomerang?  Most likely you have received more than one email message asking you to take a survey and providing you with a link to it.  There are many options available today for conducting your own research—either for free or at a very low cost.  There are examples below this article of survey software readily available online. The first list includes products to help you create and conduct your own brief survey for no charge. All these companies also offer more enhanced survey software capability for modest fees. The second list links to survey software products with relatively low cost options. You can even add a single question to your own website for a simple poll you’d like to offer visitors. Most have varying degrees of support for the user based upon pricing packages you can select. Pat LovenhartFri, 30 Nov 2007 05:40:00 GMTf1397696-738c-4295-afcd-943feb885714:434http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/369/Attracting-Technology-Talent.aspx#Comments3http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=369http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=369&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/369/Attracting-Technology-Talent.aspx As an addendum to a blog I wrote last year, The Fight for Top Performers, I thought that the article from this past Sunday’s edition of the Washington Post, Why AOL Matters, underscores some of the issues facing the Washington DC / Virginia area job market. It turns out that Virginia has the highest concentration of technology sector jobs compared with that of any other state. Nonetheless, it seems harder and harder to higher high-quality technology talent. That’s because the federal government employs most of these high-tech workers, which results in these tech sector jobs paying 99 percent more than the average private sector job. And as a local entrepreneur starting a technology business in the WashingtonDC / Northern Virginia area, I tend to agree with the Washington Post’s conclusion that these Federal technology jobs are successfully crowding out opportunities for non-government technology resources. With so many low-risk, high-paying opportunities coming out of the Federal technology sector, it often seems that the entrepreneurial spirit of local technology talent has sold out to the highest bidder. Brian MurrowTue, 02 Oct 2007 02:30:00 GMTf1397696-738c-4295-afcd-943feb885714:369http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/289/Entrepreneurs-as-Marathoners.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=289http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=289&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/289/Entrepreneurs-as-Marathoners.aspx With the Fall marathon season approaching – and being in month 18 of my latest start-up – I am going to spend a few minutes drawing analogies between running a marathon and being a successful entrepreneur. Most people who know me well know that in addition to recently starting my third business, I am running my fifth Marine Corps Marathon this Fall. So as a part of my training, I decided recently to talk to some of my colleagues and friends who have started and ran successful businesses to discuss what they feel is critical preparation for the “entrepreneurial marathon”. Below, I distill the results of these discussions.   Have your reasons: Everybody has their own reasons for running a marathon. Some people run to lose weight and get into shape while others may run to raise money for a charitable cause. Regardless of the reason, to successfully run a marathon, you had better have a good reason for wanting to run a marathon, because if you don’t, getting up at 6 AM every Saturday to run your weekly long run will be impossible. After a long week, it is perfectly natural to want to sleep in, but to successfully complete a marathon, you have to complete your training program, which requires getting up every morning and putting one foot in front of the other – just rather quickly.   The same goes for being a SUCCESSFUL entrepreneur – you have to have your own reasons. Because much of what you will do, similar to waking on Saturdays at 6 AM throughout the summer, will seem very, very unnatural. And if you don’t have some very good reasons for putting yourself through it, it is unlikely that you will make it. Furthermore, from my observations and talking with fellow entrepreneurs, money can’t be the sole driver. The best reasons that I have heard include:   Empathy for the clients and passion for the business problem you are trying to solve Drive to build the careers and skills of the employees that you and the company has chosen to hire Focus on the bottom line goal of driving revenue Plan, plan, plan: It is an overused cliché, but I’ll say it again— nobody plans to fail, they just fail to plan. In running a marathon, you need a training plan. It usually includes daily short runs and one weekend long run. The long runs get progressively longer, up through a few weeks before the marathon. Training to complete something as unnatural as a 26.2 mile run requires significant planning, training, and preparation. Without this training, it is very unlikely that a runner will complete the marathon at all, let alone with a good time.   The same is obviously true for being a entrepreneur and starting a successful business. Just like marathoning, there are plenty of people who set out to complete the race, but very few that end up creating a successful business. In creating a business plan, all entrepreneurs seem to have their own secret at creating a business plan that aids in leading to success. As I mentioned in an earlier blog, Commercializing Web 2.0 Technology, there are multiple dimensions that are typically present in a thorough business plan. These include:   · Product (or service) development · Marketing and sales · Business and infrastructure · Consolidated financial projections   Personally, I am of the point of view that the first three elements should be tightly coupled to the consolidated financial projections. The advantage of keeping the entire business plan on a consolidated spreadsheet is that as product development or marketing and sales projections change, the business plan morphs into a consolidated operating budget   In a future blog, I’ll go into more detail regarding my preference on specific details of an operating plan spreadsheet.   Choose the right training partner. Having a supportive training partner, with the same training goals is quite possibly the single most important element of training for a marathon. If you partner’s performance goals are different from your own, then the training process will be quite frustrating. One of you will be waiting for the other and the other will be always fighting to catch up.   In addition, you need to be supportive in helping to motivate each other. No one in their right mind wants to wake up early on a Sunday morning and run 10 miles in the August heat. It really helps when you have a training partner that you enjoy spending time with and you know will help motivate you when your energy level gets low.   Similarly in starting a business, you and your business partner need to be compatible in terms of:   Complimentary Skills: Fortifying each other’s weaknesses – without creating an atmosphere of animosity. Motivation: Starting a successful business is a long difficult process full of setbacks. It is imperative that partners be supportive and are able to mutually motivate each other during the inevitable setbacks. Respect: The ability to generate and cultivate new ideas is critical and having mutual respect during this process is imperative. One of the best reasons for a business partner is to help push the envelope on good ideas and make them better. And having respect for each other’s abilities makes this process all the more effective. Run YOUR race. Finally, in running a marathon, you need to run your own race. At the start of most races, the crowd tends to begin the race at a fast pace then slow down as the crowd thins out. If you get caught up in the crowd in starting a race and run at a pace faster than you trained, you will not have the energy to finish the race. Your race is the one you planned for and trained for.   The same is true in starting a business. It is easy to get caught up in the business fad of the moment and dramatically change your business plan into an unrelated tangent. But the fact of the matter is that you, your partner, and investors planned for a specific business model and for good reason thought that was a good plan at the time. Dramatically changing plans midstream should be undertaken with great caution.   On the other hand, this is not to say that a mid-course correction may not be just what your business needs. The most successful entrepreneurs are those that can think quickly on their feet. But caution should be taken in doing so. This includes:   Evaluate the impact on all dimensions of your business plan Be in full agreement with your business partner Recommit yourself to the new direction and continue to execute I hope this analogy is helpful and I encourage comments and suggestions in continuing to play out the analogy between marathoning and entrepreneurship. Brian MurrowWed, 01 Aug 2007 20:19:00 GMTf1397696-738c-4295-afcd-943feb885714:289http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/275/Default.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=275http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=275&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/275/Default.aspx The American Marketing Association (DC) As the 2006-2007 President of the DC Chapter of theAmerican Marketing Association, I’d like to share some information about the organization of over 900 professionals and some of the ways this past year that the organization has embraced new technology and its capabilities for marketing campaigns and projects. For my readers who are looking at learning how marketing can help you with your initiatives and start-ups, I encourage you to join the AMA (International headquarters: www.marketingpower.com, 800-AMA-1150; DC chapter: www.amadc.org, 703-683-4883, info@amadc.org).   Beyond Web 2.0, Mobility This past week we had a full house at our Inside Track speakers’ program. The presentations focused on how the latest surge in the digital revolution and the new internet will impact Marketing. Our dynamic speakers and moderator provided a rich fabric of new mobile solutions that will enhance future connectivity and dramatically change how Marketing relates to its customers and prospects and how well it functions in the marketplace.  Our moderator, Limor Schafman, President of Keystone TechGroup, LLC, deftly set the stage for the speakers and provided the transition between them. Pat LovenhartTue, 26 Jun 2007 21:05:00 GMTf1397696-738c-4295-afcd-943feb885714:275http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/266/Keiretsu-20.aspx#Comments1http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=266http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=266&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/266/Keiretsu-20.aspx As an entrepreneur building a start-up technology business, it often feel like the path to success feels a lot like the traditional Japanese Keiretsu business model. According to Wikipedia, a Keiretsu is defined as: A set of companies with interlocking business relationships and shareholdings. It is a type of business group. In the United States, the Keiretsu concept did not really take off, likely because most large companies begin by acquiring or formally merging vertically to complete their supply chain, then they begin acquiring or merging with other companies horizontally, to acquire other “verticals”. In applying this concept to technology startup, there seems to be three types of Keiretsus: VCs as Keiretsu Communities Informal Keiretsu relationships between entrepreneurial organizations Virtual Keiretsu through the integration of Web 2.0 Tools VCs as Keiretsus As I began to think recently about some of the types of business relationships that a VC brings to a startup I couldn’t help but compare the ideal VC firm model with that of the traditional Japanese Keiretsu. Smart entrepreneurs prefer that their VC brings more to the table than funding, including management expertise and a business network. VCs should bring business networks and true synergies throughout their entire portfolio of investments. This is very much like a traditional Keiretsu, which also tend to be centered around funding sources, such as banks. Initially, when a company enters a VCs portfolio, the reason is often because of potential collaboration opportunities within the portfolio. But the frantic pace of a start-up often precludes taking the time that a good collaboration requires. In addition, there are often cultural barriers to collaboration. Startups are often led by strong, who feel that they can achieve their startup’s success through their leadership alone. Unfortunately, successful collaborations between portfolio companies is more rare than it should be. Typically, the earliest that collaboration is encouraged by VCs is when something is going wrong and the VC goes into damage control mode. At that point, you may see VCs requiring engineering or marketing teams to collaborate amongst companies within their portfolio to bolster resources. But by that point it may be too late. In evaluating how to best utilize your company’s funders, whether they are angel or VC funders, it definitely makes sense to evaluate and discuss how to cultivate strong Keiretsu-like partnerships. What you will likely find is that people are very amenable toward opening up relationships for collaborating. In my next Blog, I’ll discuss ways that entrepreneurs collaborate to create their own Keiretsu-like relationships and how use Web 2.0 tools to create a Keiretsu 2.0 model. Brian MurrowSun, 03 Jun 2007 12:06:00 GMTf1397696-738c-4295-afcd-943feb885714:266http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/227/Default.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=227http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=227&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/227/Default.aspx As I discussed in my previous few blogs, there is a lot of fuss being made of online community. In a previous blog, I defined online community – at least how I see it – I would like to start a discussion on the business purpose of online community and social networking.   In Mark Cuban’s blog, blogmaverick.com, he came up with a pretty good definition of a business model for online community in the context of video and youtube. And with a little editing, can be generic to all online social networks.   “A video based social network, in order to be sustainable, has to reliably be able to generate revenues from the uploaded video content. It has to be able to market the brilliance of its members and the product of their work to advertisers and sponsors. It has to be able to market its members video content online and offline.”   In addition, Peter Theil and Bambi Francisco have started company, vator.tv. Vator.tv targets “InnoVators” to upload their video “EleVator” pitch to the site. I find it very interesting to view the videos and analyze the trend of the uploads, in terms of business model viability. Theil points out a fundamental question that I mentioned a few months ago in Commercializing Web 2.0 which dramatically impacts the approach to the business model. Theil’s point is that there is a fundamental difference between a technology application versus a stand alone company. I argue that this fundamental difference dramatically impacts the short-term business model in terms of the type of infrastructure in which to invest.   Furthermore, it is my belief that a social networking application is not a social networking business. In Episode 2 of vatornews.com, Theil points out that:   “The basic idea [of social networking sites] is to learn more about their users and tell their users things about other people in their network that are interesting and relevant.…It’s at the core of the business model of these web 2.0 companies.”   Again, I would draw a further distinction between product and viable business. Social networks are not about technology product, they are about connecting users and sharing the users’ knowledge and information. They are essentially media companies for user-generated content. Therefore, in evaluating business plans that purport to be social networks, I find that they are in fact product companies. In fact, I tend to believe that social networking and online community, in-and-of-itself is not a business model – but has the ability to dramatically enhance a business model.   So with that said, what is the business purpose of online community and social networking in enhancing an existing business model? To start, social networking and online community affords businesses the following advantages:   Build customer loyalty: Connecting users to each other by sharing opinions, knowledge, and experiences deepens brand loyalty. If it’s a product or service brand, then allowing customers to communicate about product experiences adds tremendous value. If it’s a fan-related network, such as sports or entertainment, then providing a space for fan interaction reinforces the positive experience with the franchise.   Mass Market of One: The more customers visit and communicate, the more information the sponsor of the network has about the customers. Therefore, the more targeted and relevant the advertising and sponsorship can be in serving up related networking and product recommendations.   Increasing Revenue: Of course, building a business model is all about building a base of revenue, increasing customer loyalty, brand recognition, and relevancy, will ultimately increase revenue. Depending on the approach taken, this connection can be tightly integrated or loosely integrated. Either way, there should be metrics in place to measure the impact of the social impact of networking on the business.   In addition to the business model benefits, there are some fundamental product functionality of social networking that enables these business benefits. These include:   User ratings and comments: These are relatively commonplace at this point on such Amazon and ebay. This enables users to rate and review product. In addition, you often see a reputation system attached to this to get quantify the percentage of readers who felt that review was helpful. User-generated solutions: These are typically knowledge bases that are manifested in a simple message board. It is simply a community where users can post questions about a product and the community answers support-related questions. User-created complimentary product: This typically occurs with products that support or require customization, such as uploading custom user-generated ring tones for mobile phones. User-uploaded content or editorial: On fan sites for music, movies, or sports, fans thrive on building community, commenting on a performance, or critiquing a game. All of which ultimately builds fan loyalty.   And for all of the above types of online functionality for community, if a company does not support, encourage, and sponsor it, the company will lose out on the opportunity to build brand recognition, customer loyalty, and revenue – simply because customers are conducting these activities already online, and if there is not a sponsored location for community they will build it themselves. Brian MurrowWed, 25 Apr 2007 13:48:00 GMTf1397696-738c-4295-afcd-943feb885714:227http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/220/Default.aspx#Comments1http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=220http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=220&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/220/Default.aspx All businesses today must be more creative than ever before when it comes to marketing, getting the attention of the media, and reinforcing its brand.  The need to do this is certainly great for a start up, and a high tech start up must approach marketing and the media even more creatively.  After all, high tech implies 2.0 communications. There are many terms and buzz words today that deal with ways people and organizations are communicating — social networking, social marketing, web 2.0, viral marketing, word of mouth marketing, blogs — and receiving information — RSS feeds, podcasts and more. Today, I would like to discuss the online communities that have sprung up online everywhere (this is springtime after all). Everyone’s heard of MySpace, Tribe and Friendster in the social networking space. Well, there are equivalent networks within the business community. Fast Pitch (www.fastpitchonline.com) bills itself as “the fastest growing online business community in the world.”  There is also LinkedIn, where I am listed, and Meet Up. In preparing this article I have discovered many more networking opportunities for business professionals. Wikipedia describes a business social network like LinkedIn as “a network that connects businesses by industry, functions, geography and areas of interest.” It goes on to mention a similar one in the UK—Bizmeed, “an emerging online networking service” with “similar tools” that is “developing a live video conferencing feature, as well as actively promoting Bizmeed members through search engine optimisation.” These networks are either free or have a very low cost of entry.  As mentioned earlier, they are especially beneficial for high tech startups and entrepreneurs that need to expand their base, build and manage relationships, find referrals, get introduced to other business professionals, promote themselves, drive prospective people to their website, and find capital, benefactors and customers.  Furthermore, it goes without saying that these networks have no boundaries and are worldwide. They can help you find former colleagues as well. You can either reach out directly to others to ‘link’ to you (think degrees of separation), or, if you pay a premium on LinkedIn, you can have much more flexibility in terms of tracking people down and connecting or re-connecting with them. For instance, I am now ‘linked in’ with current and former Lucent Technologies, AT&T and Avaya professional managers. These services make it easy to get started and interact and usually involve creating an online profile for yourself and your business and building your online network. Your profile looks a lot like a resume, bio or CV. You can use tutorials and get helpful advice with instructions, including video assistance. For instance, at Bizmeed, you can: create and search boards, create and attend events, create and join groups, engage in live chat networking, send and receive email, and create, read and contribute to blogs. In my research, I’ve discovered many other networks and have a feeling I’ve just scratched the surface. At Ryze Business Networking (www.ryze.com) members get a “free networking-oriented home page” and can go to location and industry related bulletin boards. There’s Xing (www.xing.com) which is German-based, bills itself as the “first ‘Web 2.0’ company to go public,” is operated by Open Business Club AG and has two main points of entry on its website—professional contact management and business accelerator.  Xing has recently purchased eConozco (www.econozco.com), which launched in 2003 and is said to be Spain’s “second biggest professional network,” with “around 150,000 members in Spain and Latin America.” To learn more about these, you can read an article about LinkedIn on http://www.infotoday.com/online/nov04/bardon.shtml or visit some of these websites. You’re likely to find at least one that’s very valuable for you. Pat LovenhartWed, 11 Apr 2007 11:51:00 GMTf1397696-738c-4295-afcd-943feb885714:220http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/204/Default.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=204http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=204&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/204/Default.aspx In my last two blogs, I discussed how in developing online community, that strategy and process, AND technology, together are necessary conditions for vibrant, online community—and that none of these alone are sufficient. In particular, I discussed my definition of online community and that it is my opinion that the best online communities transcend the online and offline world. In my next blog, I will discuss how online community impacts entrepreneurial business models.   In this blog, I will continue this discussion of online community, and discuss more about how the process of coalescing community through the setting of community norms and codifying the responsibilities of formal and informal community members helps ensure successful online community.   Common Community Roles   As I have discussed, there are a very wide array of types of online communities. Each community will have its own optimal profile of they type of roles and duties that the membership needs to perform to make it successful. It studying the more successful of these communities, I have come up with a broad list of these roles and their responsibilities. Depending on the mission of the specific online community, communities may want to pick and choose the roles and responsibilities that are most relevant for their organization.   These roles include:   Sponsorship: Depending on the mission of the community, they may need some sort of top-level organizational recognition for the community to ensure its exposure, support, and strategic importance within an organization.  Facilitator: Sponsorship is different from a facilitator. The facilitator is the public-facing moderator, similar to a talk show host. The facilitator is a critical role in that this person implicitly sets editorial direction via their choices of content to discuss and their tone of voice.   Content manager: Depending on the community, the content manager can be the same as the facilitator. The content manager is simply an editor of content and keeps the content-related housekeeping in order.   Events coordinator: Similar to content manager, in a small community, the events coordinator could be the same as the facilitator. This person is in charge of keeping the events calendar full with relevant online AND offline activities. In addition, this person may moderate the calendar to ensure that the registration information is accurate and complete for the smooth operation of the event.   Communications: The communications manager is responsible for compilation of communications, such as online newsletter and news and calendar alerts. This is a critical role since it ensures participation of the overall community.   Education and skills development: Depending on the purpose of the community, this can be a critical role. This person is not only responsible for evaluating the content and skills development needs of the community, this person is responsible for aligning the content with the fulfillment pf the education and skills development needs of the community. This is helpful in technical communities of practice. Now that we have reviewed some of the overall basics of forming online communities, next week, we will discuss how online community integrates with successful entrepreneurial business models. Brian MurrowThu, 15 Mar 2007 19:52:00 GMTf1397696-738c-4295-afcd-943feb885714:204http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/197/Default.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=197http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=197&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/197/Default.aspx In my last blog I discussed how in developing online community, that strategy and process, AND technology, together are necessary conditions for vibrant, online community—and that none of these alone are sufficient. In particular, I discussed my definition of online community and that it is my opinion that the best online communities transcend the online and offline world.   In this blog, I will continue this discussion of online community, and discuss more about how the process of coalescing community through the setting of community norms and codifying the responsibilities of formal and informal community members helps ensure successful online community.   The process of setting community norms.   Similar to offline communities, a critical element of the online community-building process is setting a common set of goals and objectives around a set of community norms. Whether these norms are shared with all community members, is up to the specific community, but I highly recommend that these norms be thought through, by the community leaders and sponsors. Through analyzing online communities for nearly ten years, those communities that have a codified set of community norms are in a position to be the highest performing communities. These norms include:  Performance metrics: By setting performance metrics, the community’s leaders ensure that the community is designed and has the tools to meet these goals. These goals should be measurable and actually measured on a regular, periodic basis. In addition, these metrics should support the organizations offline goals and objectives and be explicitly tied and reported with the organization’s offline goals. Classification and cataloguing standards: Similar to how in an economy there needs to be a common currency, an online community needs a set of classification and cataloguing standards. For example, in the Amplifier Networks community (AmplifierNetworks.com), we have structured the community around the various user groups AND the functions they may want to perform. These user groups include investors, entrepreneurs, and technology innovators. Standard approaches for identifying, recruiting, and bounding community membership: Similar to any organization, it is imperative that there be a membership recruiting strategy. This strategy needs to include viral networking where the community members recruit like minded AND those with counter-opinions. These diverging views will help expand the bounds of knowledge and ensure a good balance of opinion. Depending on the objectives of the community and the target membership base, the community may be a non-moderated open, moderated open, moderated closed, or non-moderated closed. Each of these communities has it’s own time and place based on the topic and community objectives. Intra-group communication protocols: Communication protocols can’t be formally set in an online community and are difficult to enforce. Nonetheless, the group members themselves will help in codifying the communication protocols based on the aggregate culture of the individual members. I do recommend that the community sponsor have a set of minimum documented communication protocols. Depending on the subject matter, there may be legal as well as other softer reasons for documenting these protocols. Functional requirements for technology: In the founding of any online community, I recommend going through a high-level requirements analysis to see what functionality will help – or complicate – the development of the community. In my last blog, I discussed some common functionality that will help build online community that can be used as a basis for determining the community’s functional requirements.  On each of the above topics, note that there is an off-line corollary for community norms. Developing these types of community norms is not unique to online community. Those studying group and community formation from a psychological perspective know that these elements are crucial.   My discussion of the above norms just begins to scratch the surface on how to incubate and feed online community. In future blogs, I’ll continue to discuss these elements in more detail and give more specific examples of how these norms are manifested online and offline.   In my next blog, and third on online community, I'll discuss the roles and responsibilities necessary for successful online community. Brian MurrowMon, 26 Feb 2007 19:45:00 GMTf1397696-738c-4295-afcd-943feb885714:197http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/189/Default.aspx#Comments2http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=189http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=189&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/189/Default.aspx There is a lot of talk these days about online community and a lot of businesses popping up to serve this market. Tools out there to help online community range from the big guys like groups.yahoo.com and groups.google.com, to newer entrants into the market like meetup.com.   As those that know me know, I have been involved in building online networks of communities since 1998 when I first got involved with General Powell’s nonprofit, America’s Promise. Subsequently, I built PricewaterhouseCoopers’ global practice specializing in helping corporations, nonprofits, and government organizations create and utilize private online networks and online community.   At the time, even thought software packages enabling online community cost a small fortune, it was my position was that the technology problem was not particularly complicated and that organizations should not have to spend a fortune to build online community space for their members, clients, or constituents. But at the same time, the popular tools of the time (and still to this day) like groups.yahoo.com were (are) inadequate and ineffective in serving the needs of online community.   Over the past ten years, community tools have generally gotten better, and the prices have certainly gone down. It may have taken almost ten years for this notion to take hold, but it is exciting to see the proliferation of open source software and businesses springing up to support online community (including my company, iBelong Networks).   But what is still generally missing is incorporating the elements of best practice in online community into online community software. As is my opinion with most online technology, the successful of online communities is more than simply a bunch of cool features.   So to continue the theme of my earlier blogs, I want to emphasize that although the minimum software requirements for online community may not be particularly advanced, like so many things in starting a small business, the success lies in productizing the technology with a stellar implementation process. Below, I will highlight a few of my findings in studying online community strategy, process, and technology for almost ten years.   What is an online community?   An ONLINE community is essentially the same as any OFFLINE community. An online community is a group of people who share a common interest, common practice, and a commitment to share and expand their objective. Their objective may be to further the knowledge base within a certain area, to get a candidate elected, or to share information on an entertainment star.   The biggest difference between an online and offline community is that an online community can be geographically disperse and represent multiple layers, organizations, or communities while still being very active. This activity is typically through a diverse set of online functionality, including:   Community homepage Personal homepage Conversation space Membership directory Shared workspace Document repository   Search engine with visual display of results Community Management Tools for the leadership Ability to create sub-communities or project teams    Transcending the online and offline worlds.   The most successful online communities transcend the online and offline worlds. These communities have off-line goals, use tools to organize and communicate online, and perform some sort of activity offline. The following is an illustration of this model.   Mobilizing offline Collaborating and communicating online Performing and achieving offline goals For example, the nonprofit organization KaBOOM, has an existing network of volunteers and advocates around the country advocating safe places for kids to play. KaBOOM uses this existing offline network to mobilize resources for their organization mission.   The activities and tools in offline mobilization typically include traditional communication and marketing activities.  Then KaBOOM has an online resources and community tools to help this network organize into a more deliberate community to advocate and build of playgrounds.   The activities and tools in collaborating online typically includes online social networking and community tools. For an organization like KaBOOM, it is all about building playgrounds. And of course, this can’s be accomplished in an online community, it has to get done, on the ground.   The tools and activities in achieving offline goals at typically the core tools of the organization.   Successful online communities.   In addition, in studying successful online communities, I found that the characteristics for successful online communities is not much difference than offline communities. These include:   Clear, demonstrated need: In order for a community to really take off, there needs to be a good impetus for the community to coalesce. And it is this need that will keep things going. For example, Youth Service America is a large offline community focused on engaging young people in service and service learning. YSA has identified a global need to engage young people in service and they have successfully used their online community, SERVEnet.org, to manifest their offline community in an online world. Existing formal or informal networks: Existing communities have formed where there is an existing need – whether it’s online or offline, formal or informal. By applying additional principles of community to these existing networks, they will have the tools to thrive.  Community leadership: Just like offline communities, there needs to be a community leader. This leader can take a formal high-profile role or can take a behind-the-scenes role. Either way, successful online communities need a leader who is passionate about helping to facilitate the achievement of the community’s goal. Organizational sponsorship: Although not necessary, most successful online communities tend to have an organizational sponsor. The sponsor’s role may be to provide financial resources, offline mobilization tools, or simply legitimacy. For example, SERVEnet.org is the largest online community of volunteers and nonprofit service professionals. I credit the success of this online community to the sponsorship of its companion offline organization, Youth Service America.   Manageable size and scope: The most successful communities tend to have a very specific objective and not want to do and accomplish everything for everyone. This is particularly true in their infancy. But as communities grow, they tend to take on more goals. This tends to work out as long as this growth is organic and is supported by other factors of successful communities. Culture amenable to sharing and communicating: This may seem pretty intuitive, but obviously a necessary condition for a successful community is that the culture of the potential community members will need to be amenable to sharing and communicating. There are plenty of instances, where this is the case, as a natural course of business. For example, government agencies have tried to set up knowledge sharing amongst their contractors. Without some sort of contractual obligation, contractors tend not to want to collaborate, lest they reveal business secrets. Technical competence and access to necessary technology: As technology tools get easier to use and users are more tech-savvy, this becomes less of an issue. But unfortunately, as functionality of technology expands, good usability often takes a backseat to cool features.  So it’s important to make sure that the software’s usability matches the sophistication of the target user group. I’ll finish this topic in my next blog when I discuss the process of setting community norms and common community roles. In the meantime, the overall point I want to make is that only a fraction of this blog’s real estate was given to the actual technology behind successful online community. And even though I am a technology entrepreneur developing online community through iBelong Networks, I am the first to admit that having good technology to create and sustain online community is only the necessary condition—but good technology is not nearly sufficient.   In order for online community to be successful, there needs to be an entire strategy and process around mobilizing and maintaining online community – to facilitate achievement in the offline world. Unfortunately, a lot of the technology products created by entrepreneurs that I have seen, have great technology, but no means to support that technology through a community strategy that is integrated into its business model. This may work if the business strategy is to immediately sell to a Yahoo or a Google who can throw a lot of traffic at the technology and pray for community. But a sustainable business relies on fulfilling a consumer or client need and making a commensurate amount of revenue and profit.   Brian MurrowMon, 19 Feb 2007 01:45:00 GMTf1397696-738c-4295-afcd-943feb885714:189http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/172/The-Fight-for-Top-Performers.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=172http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=172&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/172/The-Fight-for-Top-Performers.aspx As a small, rapidly growing business, sometimes it seems like we can’t hire fast enough. But it is my feeling that making the wrong hire is an even worse fate than being understaffed. In tight job markets, such as the Washington, DC area, hiring the right people can seem nearly impossible. In this blog, I’ll discuss some of the trials and tribulations of my recent hiring battles – and hopefully share some positive conclusions!! Over the past year since starting iBelong, I have been having nightmare flashbacks to my experience in starting my first company almost ten years ago. It seems that life in a startup is nothing if not a balancing act – and the process of hiring is no exception. This includes balancing: Experience versus ambition Intelligence versus work ethic Short-term salary versus long-term reward The above trade-offs are not etched in stone. Most top-performing employees will have elements from both sides of the equation. But in hiring for a start-up, I find that depending on the role, the optimal profile often leans toward the right side of the above equation (ambition, work ethic, and long-term reward). In hiring for large businesses, like IBM and PricewaterhouseCoopers, it was my experience that there is a broader profile for a good fit. With the broad needs of a large organization, we could always make room for a “good person”. But in a small company it takes more than experience and intelligence to be a net positive to the organization. This is not to say that experience and intelligence are not required to make a start-up work. On the contrary, if we are looking for a dot net developer, we required candidates with experience and intelligence, as a necessary but not sufficient condition. In addition, we need someone with ambition and a very hard work ethic. For a large company, ambition may not necessarily be a pre-requisite for getting the job – and getting the job done.   It is particularly hard in the local Washington DC area economy when recruiting to find the optimal balance of traits for a start-up. Candidates with experience and intelligence have a lot of employment options. And with the federal government hiring so heavily in the IT space, many candidates that are out there don’t need ambition and work ethic to make a healthy salary. Given the cost of making a hiring correction in a small business, in terms of low employee morale, damage to customer reputation, and the cost of hiring and training a replacement, it is my opinion that small start-up businesses are better off being slightly understaffed than making the wrong hiring decisions. So how do you find people with ambition, strong work ethic, intelligence, AND experience? Well, I would love to hear your opinions! It is my experience that there is no substitute for personal referrals. Every top performer I have had has come from a personal referral. Unfortunately, this process is very time consuming and doesn’t often yield the volume it takes to staff an entire business. But it has rarely failed me. Brian MurrowMon, 05 Feb 2007 22:10:00 GMTf1397696-738c-4295-afcd-943feb885714:172http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/156/Important-Principals-About-Marketing.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=156http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=156&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/156/Important-Principals-About-Marketing.aspx While this blog’s focus is on marketing and the media in the high tech investment arena, it is still worth taking a look at some principals of marketing that are generally universal in scope. In fact, good marketers have skills which are very transferable — from B2B to consumer to members to employees and across industries. Of course each of these universes has its own quirks, acronyms, and special needs. As long as a marketer knows marketing basics, industry-specific and audience-specific important details can be learned. And while there are lessons that cross divides, it is also worth noting that what works for one product in one situation can rarely be replicated. However, you can take away elements that have been useful, adjust them for your own technological product or service, and build them into your own, solid marketing plan and media plan. So, here are some useful things to know: Creativity without persuasion is just fluff. The best ads are not necessarily the ones that everyone loves – many of these are memorable, but the product being advertised can get lost. We can all remember wonderful ads, ones we love, but cannot remember what the product is that’s being advertised. Recently, I love the television ad about a couple about to say their vows. The fiancé starts discussing things in financial terms, and the best man ends up marrying the bride. It’s a funny ad (albeit a sexist ad), and I know it’s for some non-US bank, but that’s all I remember. Do not state claims for your product which are exaggerated or questionable; you may not be able to recover if you’ve lost credibility. Read what the Federal Trade Commission has to say about this: http://www.ftc.gov/redflag. Persuasion without a decent product is hollow and short-lived. Customers and clients may try it once, but unless they’re stuck with a major purchase, such as a business communications system, there will be no repeat business or positive referrals. If you put out ten messages and nine of them are true, the public will focus on the one that isn’t and rarely ever give you a chance to make good on it. There’s an old expressive about one bad apple ruining the whole batch. Truth in advertising is imperative if you do not want your credibility questioned. And while your competitive may be stretching the truth and gaining market share, this will probably backfire in the long run. The same thing is true for earnings reports and other key indicators (think Enron). If one customer is unhappy, that customer will tell many more people (the number varies depending on who is being quoted) about this than the customer who is very happy. No need to elaborate; this one everyone know! If you act wisely when you’ve got a problem and are forthright and quick to react, customers can be very forgiving. In fact, if you’ve made a large blunder and admitted it, you will usually be more admired in the long run than you would have if everything went right in the first place. A case in point is the classic one about the package tampering and Tylenol scare back in the early 80’s when J&J recalled all of its products. This is called crisis management, but it’s also very wise marketing. See http://www.personal.psu.edu/users/w/x/wxk116/tylenol/crisis.html. The first to market often has only a 50-50 chance of staying ahead of the pack. This statistic is not backed by fact; rather, it comes from my own experience observing the marketplace. While sometimes the early bird does have the edge, often it’s better to let the innovator take off from the gate first, tackle the early kinks and landmines, and then pave the way for close followers to perfect the offering and delivery of it to the customer or client. This means that even though you’re not first, if you are skillful in executing the business essentials, your prospects are often very good. What you learned in kindergarten…you’ve heard the rest of this before. There is still a lot of truth here. In the consumer market, if your 5-year old finds your product appealing, it’ll probably be a hit.   Pat LovenhartMon, 22 Jan 2007 12:52:00 GMTf1397696-738c-4295-afcd-943feb885714:156http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/153/Commercializing-Web-20-Technology.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=153http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=153&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/153/Commercializing-Web-20-Technology.aspx In an earlier blog, I introduced the process of rapidly developing product in a Web 2.0 world. In this blog, I am going to begin a discussion on the process of commercializing Web 2.0 technologies. In future blogs I will discuss specific successful and failed examples and how they fit into this model.   In running, investing, and working with startups, I have observed a process of commercialization that has two broad dimensions:   Phase of the product lifecycle: The phases of the lifecycle for product development include exploration, development, and production Business function: The three business functions that support the product development lifecycle include product development, marketing and sales, and business and infrastructure   In the following table, I illustrate these two dimensions and summarize some detail that takes place within these dimensions.     Business function Product Development Marketing and Sales Business and Infrastructure Product Lifecycle Exploratory ·   Technology strategic analysis ·   Prototype ·   Market needs assessment ·   Competitive analysis ·   Business strategy ·   Financial analysis Development ·   Production feasibility ·   Iterative prototype development ·   Client-specific validation ·   Strategic Marketing ·   Pipeline analysis ·   Pre-production bookings and sales ·   Business plan ·   Financial model ·   Financial assessment ·   Business Start-Up Production ·   Production ·   Iterative development with continual client feedback ·   Sales and Distribution ·   Pipeline management ·   Operating financial model ·   Business Growth   As an idea or product moves through the product lifecycle, the business’ functional support, including marketing and sales and business and infrastructure, needs to be at the commensurate level maturity. In large companies, an infrastructure is typically in place to support a new product as it moves through its lifecycle. But given the cultural limitations of large companies, the trick is often less of supporting the product and more of cultivating a culture to encourage innovation.   Startups are typically building their business support while at the same time moving product through its development lifecycle. In starting a small company, the trick is to balance the resources invested in product development versus marketing and sales versus business and infrastructure. As an entrepreneur, I consider the process of optimizing the balance between these three functions critical to the launch of a successful business. When investment in any one of these functions gets too far out ahead of the others, it is possible that scarce startup resources are not being used efficiently. One way to look at this balance is similar to the portfolio optimization process found in the world of finance, where the entrepreneur is finding the optimal balance between product development, marketing and sales, and business and infrastructure, in an attempt to maximize return and minimize risk.   Below, I provide a few observations on balancing the maturity of each of these business functions.   Product Development   As I discussed in my last blog, the advent of Web 2.0 technologies makes rapidly delivering product increasingly more easy and affordable. Web 2.0 enables entrepreneurs to create prototypes using open source tools to conduct concept analysis on product ideas with very little investment. This enables the optimal portfolio mix to weigh more heavily into marketing and sales than has been traditional with technology startups.   Furthermore, when combining open source platforms with off-shoring, startups can also move through the development phase much more rapidly. Many startups have begun moving much of their development resources overseas to countries such as the former SovietRepublics and India while keeping high-level engineering and developing technical specifications in-house. Moving development offshore tends to be very efficient allocation of resources. Some of the lessons-learned from offshoring include:   Finding an off-shore development shop that is familiar with your company’s choice of platform and architecture  Keeping turnover low on your off-shore product team to keep development efficient Communicate with your offshore development team that you have a ready stream of projects for your offshore team so that there is incentive for efficiency   For startups, the production lifecycle is an ever-iterating process, as the product matures. But as the product goes to production, it is critical that the product’s support is delivered commensurate to marketing.    Marketing and Sales   With the plummeting price of technology development, more resource can be spent on marketing and sales during the exploratory phase. This enables a more precise targeting of product development toward actual clients – before the completion of the first development iteration. Below, I provide a few highlights:   Immediately productize the technology and position as providing real, tangible value to business or consumers Target your first product development iteration toward actual paying clients Get feedback by launching your technology online as a beta Take product feedback seriously during the marketing process – if people consistently don’t get it, maybe it’s your product and not the audience   To focus on one area in particular, it is my observation that entrepreneurs tend undersell their technology by not immediately productizing the technology and highlighting the tangible value it can provide their clients. For example, the technology behind blogs has been out since the beginning of the internet and is not particularly complicated. But it took productizing editable webpages as “web logs” that revolutionized everything from citizen news to family vacations. This was strictly a marketing, productizing exercise that had nothing to do with technological innovation.   Business and Infrastructure   Finally, in startups, the most neglected business function tends to be business and infrastructure. And depending on the startup’s exit strategy, this neglect may make perfect sense. There’s no use in investing in infrastructure when the business model relies on scalability that can only be accomplished via an acquisition.   As a quick overview of business issues where startups can’t afford to neglect include:   Protection of intellectual property Developing and implementing a fair valuation formula Structuring the business’ legal organization to support potential exit strategies   To focus on one of the above areas, coming up with a fair valuation of the business is critical for entrepreneurs. As a part of this exercise, it is important to work with an experienced advisor in working through the issues involved with valuation. For example, if an entrepreneur is inviting friends and family to invest in their start-up and their initial valuation is too high on the seed round they could be putting their friends and family at a disadvantage when they are ready for the next found of funding. Brian MurrowThu, 18 Jan 2007 13:03:00 GMTf1397696-738c-4295-afcd-943feb885714:153http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/140/Default.aspx#Comments0http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=93&ModuleID=399&ArticleID=140http://www.amplifierventures.com/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=140&PortalID=0&TabID=93http://www.amplifierventures.com/NetworkMenu/Bloggers/Blogs/tabid/93/articleType/ArticleView/articleId/140/Default.aspx Unlike the dot com era of the nineties, Web 2.0 enables entrepreneurs the ability to engage in two very different paths: Create a traditional nineties-style, high-growth, venture-funded technology business. The second option for starting a business that has burgeoned is the rebirth of the traditional entrepreneur’s self-funded small business.  The Web 2.0 era affords entrepreneurs the ability to have a technology business that rapidly develops product, with that product being sold to meet clients’ needs. Although these two options are laid out as extremes and are both worth discussion, I am going to discuss the underlined nuances of the second option. Building a business: First, I am defining a business as a revenue-generating, profit making entity. Although this definition may seem pretty obvious, there are plenty of businesses today that break that model – YouTube.com, FaceBook.com, MySpace.com – you get the idea. In spite of these examples, the beauty of a Web 2.0 era business is that the level of capital required to build a technology-related business has declined to rival the capital requirements of starting ANY small business in the pre-dot com days. And contrary to the above Web 2.0 examples, entrepreneurs can immediately engage on a path toward profitability. Unfortunately, the message of this new reality hasn’t gotten the wide-spread distribution it deserves. Entrepreneurs are still making their rounds to the VCs looking for bubble-level cash investments in hopes of being on next year’s cover of Business Week. And VCs are still funding business plans without clearly-defined paths to profitability, in hopes of landing the company that ends up on next year’s cover of Business Week. The model from the nineties that you can build a business AND lose money should have burst with the dropping of the year 2000 Waterford crystal ball in Time Square. My all-time favorite quote from the nineties is “we’ll make up for the loss on volume” – which they did a few months later by shutting their doors. As recently as the past month, I heard advice given by a VC to a Web 2.0 start-up was to defer actual sales opportunities and focus on building product and brand. This scenario results in a cycle of dependency, where the entrepreneur becomes ever more dependent on funders to keep their lights on. And the funding partners, instead of having a portfolio of businesses, has a portfolio of products. This may not be a bad deal for the investor if they are looking to roll up product, but it can be a risky play for the entrepreneur. Therefore, in starting a business, I recommend that entrepreneurs have clearly defined personal and business profitability goals that they model and make sure that these goals are in alignment with their funding partners’ goals. Worse case scenario, if they don’t hit it big on the cover of Business Week, they end up with a profitable business. Rapidly developing product: Secondly, the era of Web 2.0 enables entrepreneurs to rapidly develop and market new products. In the Dot Com era, at a minimum, it took over $500,000 to develop prototype products. Nowadays, with combination of Web 2.0 technologies, open source, and off-shoring, entrepreneurs can develop mature product for a fraction of that price. Gone are the days of the big bang product launch – we are seeing more and more businesses rolling out as “Beta”, thereby setting low expectations, and getting preliminary reaction from the user community, and ultimately paying customers.  After an initial beta, or proof of concept, it is desirable to then build what you can sell. It is amazing how many entrepreneurs have great ideas and begin developing their beta product – without ever having put a design prototype in front of a potential client. Some entrepreneurs have told me that they would like it to be closer to final before showing; others are afraid that they will be giving away their intellectual property. Nonetheless, my experience is that there is nothing like good old fashioned client feedback to help speed a product to market and to ensure that entrepreneurs build what they can sell. Sold to Meet Clients’ Needs: Finally, selling a product that meets immediate clients’ needs is perhaps the most important aspect of starting a Wed 2.0 business. If you have 1) committed to making a profit and 2) committed to a rapid, client-centric development cycle, then 3) the entrepreneur needs to sell the product to the clients that informed the development cycle. These three integrated steps makes it possible to start a web 2.0 business via bootstrapping your way to profitability. As an investor and entrepreneur, I am not making a judgment between bootstrapping versus outside funding. I am simply drawing the distinction between the two extremes. In thinking about the options as extreme examples, the main issue that comes up through this process is the entrepreneur’s desired growth rate and perceived risk tolerance. Taking this organic, methodical path generally means a slower growth rate, but also minimizes the amount of outside capital requirements and medium-term risk. I consider the organic growth route to be less risky since more of the control is in the hands of the entrepreneur and the decision to keep the lights on is a decision made between the entrepreneur and the customers. If the entrepreneur takes outside capital, even if the business is going according to plan, the plan could include another round of funding. And if that is the case, and the funding dries up, due to circumstances outside of the entrepreneur and their current funding partners’ control, the business shuts down, or at least goes through a significant, uncomfortable transition.   The pros and cons of bootstrapping versus outside seed funding is a topic that spans many critical areas in starting and running a small technology business (and keeps many entrepreneurs and investors up at night). Therefore, I will be spending some more time on this issue in future blogs and sharing with you my discussion with other investors and entrepreneurs. Brian MurrowTue, 26 Dec 2006 19:23:00 GMTf1397696-738c-4295-afcd-943feb885714:140