Jim and Sarah’s conversation above is a very common conversation among entrepreneurs.
Next time, you encounter an entrepreneur who brags about how much money he has raised, ask a follow-on question: How much ownership do you have left in the company?
Sramana Mitra: That’s a big value proposition that is still part of society. When we were in university and college, there were certain social relationships that formed that ended up being valuable social relationships. A lot of people’s closest friendships get formed earlier in life and a lot of it is college friendships. These are not easy to quantify. >>>
Sramana Mitra: When people show up for the class, what are they buying? When they’re buying tickets to attend these events, are they buying for just the class or the drinks as well?
Dan Hermann: They’re buying a ticket to attend a class. We like to call it an event rather than a class. We have a local artist that leads the event and walks everybody through a painting. When people buy a ticket, they can choose the event from which venue it’s at, what the date is, and what the painting is. You can see all the different paintings that there are to choose from on our website, which is PaintNite.com.
The share of mobile advertisements continues to be on the rise. According to an eMarketer report, spending on mobile advertising is projected to grow 83% over the year to $18 billion this year compared with $17 billion on newspaper and $15.5 billion on radio advertisements. Here is an interesting infographic, courtesy The Wall Street Journal, that depicts the rising importance of mobile advertising in the coming years.
Sramana: What did you do after you sold your company?
Jerome Ternyck: I moved to San Francisco, because being an entrepreneur in Europe is harder than it needs to be. If you are going to try and solve a big global problem, you need to do it from the US or from an area where you have access to a significant market with significant capital.
At my previous company, we saw the market burst and we were at its very beginning. In Europe, our market went from $0 to $100 million in 10 years and we were happy about that. Meanwhile in the US, it went from $0 to $1 billion. The biggest European vendors had revenues of $25 million while the biggest US vendors had revenues of $250 million. At that point, it is game over.
I did my first company in Prague and my second from London. I committed that I was not going to do another one from Europe, so I moved here with my family. We moved here in 2010 and I founded SmartRecruiters. I am now trying to fix recruiting. That is the heart of what we are trying to achieve. We are building one platform that makes hiring easy for businesses and allows people to find a job in a more effective way. That has been my journey since 2011. >>>
Today’s roundtable, as usual, had a diverse international attendance.
First up, Greg Maltz from Castro Valley, California, pitched TelepathEye, a technology for controlling Glass apps with eye movements. Greg wants to license the technology to wearable glass vendors like Google and other smaller players. The opportunity needs validation and business model analysis.
Well Beyond Care
Next Jeffrey Fry from Austin, Texas, pitched Well Beyond Care, a home-based geriatric care solution that not only offers a network of care-givers and patients, but also helps manage the hiring, payroll, etc. Interesting concept. How does it scale?
Sramana Mitra: The simple thing is if you give things for free, people just click on it and then move on. If they pay for it, there’s a lot more commitment.
Peter Hirst: Low completion rate isn’t necessarily something that should be critical in relation to MOOCs, exactly because of what you said. People can try it out and see whether this is of interest or value to them. Perhaps, they get value out of a part of it and fulfill an important need for them.
Sramana Mitra: We’re not a free program. We have one layer of free program which is this weekly online mentoring session we do over WebEx. We have entrepreneurs around the world dial-in to that session and use that program. The premium program is a $1000 annual membership fee program. It has got a very rich curriculum with video lectures and case studies. >>>
Dan Hermann: We attended a friend’s birthday party, which was at this painting studio where they were serving beer and wine. Both he and I recognized very quickly that there was a lot of power to the concept, which had a lot of visual implications. We could tell that it was just very social media friendly. It made for a natural camera phone picture and people were posting on their Facebook pages. It just carried very well across social media. We could also tell that it was a lot of fun. Both of us thought that it would just be a fun thing to start.
Today’s 224th FREE online 1M/1M roundtable for entrepreneurs is starting NOW, on Thursday, July 31, at 8:00 a.m. PDT/11:00 a.m. EDT/8:30 p.m. India IST. Click here to join.