In retrospect, 2009 may be viewed as the year "social media" came of age: Facebook passed 350 million active users, Oprah made Twitter mainstream, and LinkedIn introduced a service to help recruiting agencies search the site for job candidates. But using microblogs, photoblogs, user-generated content, and even traditional blogs to interact with customers takes time and money, and some companies still question whether all that effort is doing them any good. So how does a company not only measure the results of its social media efforts but also effectively manage them?
It's that time of the year again when everyone provides their predictions for the upcoming year. I'd like to take a look at five predictions for 2010 related to tech startups.
Some of these predictions might just be wishful thinking but there's always hope!
I met with an entrepreneur this week who is building a web service that tackles a very big problem. In his case, there are diverse customer needs. Every customer needs something slightly different. One of the big challenges will be to come up with a standardized set of requirements that best fits those needs. The other challenge is to satisfy them in an easy to use, compelling web service.
The entrepreneur himself has clear expertise in the space. He undersands the market pain because he lives it himself daily. What he lacks (like everyone who's just starting out) is capital and resources.
When you're tackling a big problem, you either raise lots of capital to pay for the time and bodies needed to solve it, you break the problem into smaller chunks and tackle a portion of it, or you give up. It was clear to me that this business was not investor ready. Raising lots of cash was not a possibility. I thought there is another way: selling himself.