Eric Litman There's great work that can be done by people in the investment community helping to foster and sponsor the dreams and entrepreneurial nature of others. But at this point in my life and career, it's just a hell of lot more fun to be out there creating the innovation myself.
Can you explain in nutshell what your new company, Medialets, does?
We're a creative ad network for new applications on mobile devices. We provide a scalable business model for developers to create free applications on mobile devices like the iPhone, Google Android, Windows Mobile, and others by providing the technology and relationships that enable developers to monetize their applications through rich, engaging ads. There is an opportunity today in mobile that is nothing less than the early opportunities for developers in desktop computers.
How is this disruptive?
We are part of a new wave of disruption in technology: the shift in the balance of power in mobile from the mobile operators to the consumer. We're not necessarily providing the disruption point, but we're a critical enabler of the disruption. Since the beginning, applications, content and access to any network service has all been heavily controlled by the mobile operator to which the consumer subscribes. The new generation of mobile empowers consumers to find content, applications, services that they believe to be more appropriate for themselves. In the midst of this, just like on the Internet, we're seeing that consumer demand is driving content, and even applications, to the price point of free. For free to be sustainable, there needs to be a business model and that's where we come in.
How does your new company reflect your thoughts on social capital?
I launched this company in 41 days. I was at a venture fund prior to running this. I gave my last hug on May 31. On June 1, I woke up anticipating spending the next few months moving myself and my family to New York. By June 4, I was chomping at the bit to be doing something else. I didn't like the idea of not having a job.
Between June 1 and June 4, I did the planning for Medialets. By June 4, I had the team of 14 people in place. Over the course of those 41 days, we gave up sleep, we gave up all outside activities because we knew there was an enormous opportunity at hand and the only way to capture the opportunity was to be first to market. There is no way I could have pulled this company together as quickly as I did, or with the caliber of people I had, if I had not been successfully building, managing and maintaining and spending social capital throughout my career.
The level of effort people have been putting forth is awe inspiring. We literally have been taking 20-minute naps on the floor of the office so we can get back up and work. We do it with enthusiasm and verve. It's a team of people who all deeply believe in the mission and, probably more important, who deeply believe in each other.
For all the advances in technology, business remains essentially about relationships and people?
Unequivocally, yes. The key is finding the right enabling technologies to foster the human relationships that drive the company's success.
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Recent Comments | 12 Total
September 9, 2008 at 11:59am by Karen Hill
Very nicely said. This is a refreshing perspective, and one I don't often hear. I work in the venture industry and from an insider's perspective know quite well just how difficult it can be for entrepreneurs trying to raise money for their companies.
I will share this article with our current portfolio and new companies I meet as inspiration in their process.
September 9, 2008 at 1:57pm by david wayne osedach
It is certainly something to think about. Especially with our present economic climate. And, internet social networking opportunities...
September 15, 2008 at 4:03pm by Brian Johnson
An excellent article. Social capital has some value for sure and needs to be looked at in terms of business. In the social space, it is called friendship... in the business world, it is social capital.
As described in the article, you need to know how to spend your social capital and how to save it.
Brian
http://www.konnects.com
September 16, 2008 at 1:28pm by Seye Jolayemi
Iron sharpen iron...if you, being an iron, sharpen another you will automatically be sharpened.
God bless!!!
September 19, 2008 at 10:28am by John Agno
Over the years, I have discovered success is powered by three things: know-how, reputation and a network of contacts.
The formula for success = your human capital (what you know) times your social capital (who you know) times your reputation (who trusts you).
You can take away all my money and even my customer list, but if I can keep my smarts, my business relationships and reputation, I'll get it all back and then some. Having knowledge, social capital and trust is the ultimate security blanket in good times and bad.
May 9, 2009 at 5:44am by Jaime H
Part of the backbone of American commerce are business investments, which provide many investment opportunities and investors. Good business investments are how the greatest of business pioneers such as Carnegie, Vanderbilt, and Rockefeller built their empires. Installment loans, from banks or investors, are often how small business outfits pursue business growth and expand their reach, and therefore, revenue potential. Investors are free to structure the loan, so that cash is dispensed in the best way to aid the business, and also receive payments, and business owners looking for investors can also find people that have compatible visions. All megafirms started out as small shops, looking for cash advances as business investments at one point or another.
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good post,I think so!
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