My kids just need Webkinz and a TV with the Disney Channel and Nickelodeon in their Social media living room.
Fred’s kids and obviously millions of other homes around the country, just need Facebook.
Fred says that…In my social media living room, I have this blog and about a hundred others, I have techmeme, I have twitter, I have hypemachine and last.fm, I have flickr and delicious. Each and every day it seems I add another piece of furniture to my social media living room. And some of them are working together.
It got me thinking back to my college days when all I needed in my Social Media Living Room was a stereo, ESPN, a couch with a burn hole, a bag of weed (never inhaled…just for guests), some munchies and a wall phone. Ahhhhhh college in the 90’s…the only money made off your living room was from the Dealers and Dorito’s.
Paul Graham’s essay – The Future of Web Startups – has become pretty viral in the VC and Nerd Community. Rightly so…it’s awesome. Not so much for the thoughts, but for the organization of them and the structure.
I have spent the last few years thinking and trying to prove that it does not matter where you call home to a web start-up. I still believe that the management and investor group make the difference, but Paul has a different point of view and a great one:
The question of whether to be in a startup hub is like the question of whether to take outside investment. The question is not whether you need it, but whether it brings any advantage at all. Because anything that brings an advantage will give your competitors an advantage over you if they do it and you don’t. So if you hear someone saying “we don’t need to be in Silicon Valley,” that use of the word “need” is a sign they’re not even thinking about the question right.
I have long thought that college for my kids will not be very important. We have lost the education race to China and India. Sorry…over! It’s just not important to our leadership. We try and encourage creativity in our house. We believe strongly in EQ not just IQ in our home.
If the best hackers all start their own companies after college instead of getting jobs, that will change what happens in college. Most of these changes will be for the better. I think the experience of college is warped in a bad way by the expectation that afterward you’ll be judged by potential employers.
One of the most obvious changes will be in the meaning of “after college,” which will change from when one graduates from college to when one leaves it. If you’re starting your own company, why do you need a degree? We don’t encourage people to start startups during college, among other things because it gives them a socially acceptable excuse for quitting, but the best founders are certainly capable of it. Some of the most successful companies we’ve funded were started by undergrads.
I grew up in a time where college degrees seemed really important, so I’m alarmed to be saying things like this, but there’s nothing magical about a degree. There’s nothing that magically changes after you take that last exam. The importance of degrees is due solely to the administrative needs of large organizations. These can certainly affect your life—it’s hard to get into grad school, or to get a work visa in the US, without an undergraduate degree—but tests like this will matter less and less.
As well as mattering less whether students get degrees, it will also start to matter less where they go to college. In a startup you’re judged by users, and they don’t care where you went to college. So in a world of startups, elite universities will play less of a role as gatekeepers. In the US it’s a national scandal how easily children of rich parents game college admissions. But the way this problem ultimately gets solved may not be by reforming the universities but by going around them. We in the technology world are used to that sort of solution: you don’t beat the incumbents; you redefine the problem to make them irrelevant.
The greatest value of universities is not the brand name or perhaps even the classes so much as the other students you meet there. If it becomes common to start a startup after college, people may start consciously trying to maximize this. Instead of focusing on getting internships with companies they want to work for, students may start to focus on working with other students they want as cofounders.
What students do in their classes will change too. Instead of trying to get good grades to impress future employers, students will try to learn things. We’re talking about some pretty dramatic changes here.
The whole section brings back memories of one of my fave Rodney Dangerfield movies.. ‘Back to school’ where in his keynote to graduating schools his advice is to “GO BACK”.
Mike’s an ass (TechCrunch) and he and I have come to an understanding about that (he thinks I despise him..I don’t), but Covestor was Crunched today by their new writing honcho Erick Schonfeld, their east coast meanie, formerly of defunct Business 2.0.
At first I did not think that people who were actually good would want to spend the time doing this, but they are and I would too if not for conflicts.
Meghann and Rose in my office are ready to go though and should be live shortly with their accounts. Pressure is on as they are relying on Wallstrip stocks.
Not realy, just Meghann from Lindzonmerica putting both to the test. Meghann’s financial life is pretty simple but stressful like the rest of us. I asked her to start from scratch and set up at Mint.com and Wesabe.com for her personal financial stuff. She is thrilled so far.
Seeing that I think we are late in the Web 2.0 cycle of start-ups, feature sets are close. It will likely come down to good old fashioned marketing and execution. If you are in the MySpace facebook crowd, you may never have heard of Quicken so I would think Quicken could make a play for one of these very fast. No youngster wants to pay for software anymore.
Here is Meghann’s take. She is hooked by the way on her choice for now…Mint (sorry Fred):
Jumping into the assignment of finally appropriately organizing my personal finances seemed tough. Luckily, someone has finally thought of a way to synchronize an accountant, financial planner and bank into one accessible and easily used website. The product: Mint.com and Wesabe.com.
Both Mint and Wesabe are free and combine the organized and detailed approach of Quicken, with the automation and accessibility of the web. Lastly, both are completely secure, providing bank level data security and identity protection. Each site does put in their own two cents, no pun intended, into how to best plan and organize your money.
Mint is billed as the “freshest, most intelligent way” for members to manage their money online. Completely comprehensive, it is utilized with ease, providing visual displays and categories for easy organization and cross-referencing. Another added benefit of Mint is that they go beyond accessibility and high visibility by providing money-saving suggestions. Mint offers up an average of $1,000.00 in savings opportunities during a new user first session.
Based purely on aesthetics and ease in navigating, Mint has Wesabe beat. Setting up my Mint account took under 10 minutes; my checking and savings account, along with one credit card, were completely synched and uploaded, even showing me every transaction over the last 98 days. The graphics are hip and youthful, the text is well-explained and the attitude is spirited. Mint seems to be the truly modern way of managing your money.
Setting up my Wesabe account took a little more time. Initially, I had to download my bank statements to their website, but it supports very little file types. Seeing as though most banks send their statements in PDF form and Wesabe doesn’t recognize PDF’s…it was a process. Once I logged on, setting everything up was just as easy as as it was over at Mint, albeit the website isn’t as pretty, but it still works.
The most unique feature of Wesabe is the member community aspect. Wesabe members post tips and techniques to help you to save and manage your money more effectively. For example, if Wesabe registers that you bought a latte, two pairs of shoes and a bottle of shampoo, then you will have “tips” on top of your transaction listing, like “Skipping Your Latte and Saving for a Vacation” or “How to Shop Less”, all written by fellow Wesabe members. Sound advice. Unfortunately, I’m not really interested in what Dan in Delaware has to say about my morning latte routine. If you are compelled listen to Dan, then this feature may give Wesabe an edge. Wesabe also categorizes transactions, much like Mint, but also provides detailed spending and earnings summaries, with graphs, which makes it easy to detail your spending habits.
One definitive edge of Wesabe over Mint is their goals section. This forum provides a space for you to detail your own financial goals, such as “I will not overdraft my bank account” or “I will not throw money away on useless purchases”. You can garner support for your goal through discussions with other members as well.
Regardless of my preference for either Mint or Wesabe, this type of online financial planning is the future. Money management websites are visual, analytical, hands-on and most importantly, always accessible – and that is a fresh idea.
The focus of Buddy Media is to expand the AceBucks application and make it the primary virtual currency on Facebook. Acebucks will soon launch an API which enables developers to integrate the virtual currency into their own applications. For example if you are winning points on a poker application, you can convert those points into Acebucks.
Acebucks can be used to purchase both virtual and physical assets through the new Facebucks store which is about to be launched. Acebucks is being modeled after the AMEX rewards system. Buddy Media plans on launching some creative marketing campaigns via the Acebucks application.
The Acebucks application is going to be able to expand into a number of larger applications thanks to their powerhouse investment team and some pretty large partnerships that they are announcing in the coming days.
My buddy Mike Lazerow, who I met through my Buddy James Altucher , has closed an initial round of $1.5 million. My hedge fund is an investor as is James Altucher, Peter Thiel (PayPal founder, Clarium Capital and Facebook angel fame), my buddy Roger Ehrenberg , and my buddy Mark Pinkus (multiple startups, including Facebook angel).
Mike and his wife Cass were the founders of Golf.com and had a great exit to Time Warner. He has been a great help to us at Golfnow.com as well.
This one has been fun already as I have had my sleeves rolled up as well helping to get the investor team together. Of course there is major risk and the boobirds in nerdville are already out. That just makes it all the more fun when we execute.
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