Amazon Web Services announced that they will be holding a STARTUP Challenge, or a contest of the best startup using their own API. The winner will receive $50,000 cash as well as $50,000 worth of AWS credits.
The grand prize winner will also receive mentoring sessions from an AWS technical expert, and an investment offer from Amazon. Four second place winners will receive $5,000 in AWS credits, and anyone that qualifies in the contest will receive $25 of AWS credits.
Amazon is wanting developers to come up with original ideas while also leveraging the pay-as-you-go technology offered by AWS. I think all of us are looking for originality and this contest may be what is needed to spur at least a little innovation.
More at: aws.amazon.com/startupchallenge no later than 11:59 P.M. (PT) on October 28, 2007.
Tuesday, September 25, 2007
Why do so many entrepreneurs lose focus?
Why do so many entrepreneurs lose focus? The same reason they became entrepreneurs in the first place: ferocious ambition. Entrepreneurs are dreamers; restraint is unnatural.
When it comes to staying focused, here are some lessons to keep in mind.
Perfect One Idea First
Start-up Internet company Kiko was off to a terrific launch in 2005. The online calendar service was attracting high-profile investors, impressing industry luminaries and garnering fantastic press with its new product. By all accounts, Kiko was ready to take off.
But instead, a year later, the company went from being at the top of its game to being auctioned off on eBay (nasdaq: EBAY - news - people ) for $258,000. What happened?
Many speculated that Google's (nasdaq: GOOG - news - people ) new calendar service spelled Kiko's demise. But if you ask the founders and investors behind the company, it wasn't just about losing to Google. It was also about losing focus on their product.
“One of the reasons Kiko died was that the founders spent several months working on another project," says YCombinator's Paul Graham, a Kiko investor. "If they'd spent those months working on Kiko instead, they might have been far enough along to withstand Google calendar when it came out.”
Graham admits that focus alone may not have been enough to survive Google's onslaught, but it would have given Kiko a fighting chance.
Don't Attack Too Many Problems At Once
Face it: You don't have enough money, time, brains and limbs to fix everything that's wrong with your company. That's why you have to focus on the handful of issues that truly demand attention.
Jessica Livingston, author of Founders at Work, has profiled dozens of start-ups. Many have struggled to maintain their focus--even companies that eventually sold shares to the public.
Take TiVo. In its formative years, TiVo (nasdaq: TIVO - news - people ) wanted to build a network server that could provide an array of home-media services, from movies to music. Soon enough, writes Livingston, the company realized its snazzy box would not only be complicated to install, it would be hard for customers to understand. TiVo's decision: Focus on one killer application and branch out later on.
That "killer app" was the digital video recorder, or DVR--now a market unto itself. TiVo's current market cap: nearly $600 million.
Identify The Real Opportunities
Sometimes the challenge is not focusing on one value proposition, but being flexible enough to recognize when another is more compelling. It's not uncommon that entrepreneurs find their greatest opportunities in products they didn't even realize they were building.
Flickr, the popular photo-sharing site, started life as one feature of a totally different concept: a multiplayer online game called “Game Neverending." Soon the developers started noticing that their photo-sharing feature was stealing the show.
The founders knew they didn't have the time and resources to work on both opportunities, so they shifted their focus (with some regret at the time) to Flickr. Good move: In 2005 Yahoo! (nasdaq: YHOO - news - people ) shelled out a reported $20 to $30 million for Flickr, now the cornerstone of the Web portal's popular photo-hosting service.
Stick To What You're Good At
Yes, the world is full of opportunities. But the key to making money is recognizing the thing you can do better than the competition.
In his book, Focus: The Future of Your Company Depends on It, author Al Ries describes how behemoths like Dell Computer (nasdaq: DELL - news - people ), Home Depot (nyse: HD - news - people ) and Best Buy (nyse: BBY - news - people ) have all built powerful franchises based on one simple concept: being good at one thing.
Like your high school English teacher said: "Keep it simple, stupid."
Via-Forbes
When it comes to staying focused, here are some lessons to keep in mind.
Perfect One Idea First
Start-up Internet company Kiko was off to a terrific launch in 2005. The online calendar service was attracting high-profile investors, impressing industry luminaries and garnering fantastic press with its new product. By all accounts, Kiko was ready to take off.
But instead, a year later, the company went from being at the top of its game to being auctioned off on eBay (nasdaq: EBAY - news - people ) for $258,000. What happened?
Many speculated that Google's (nasdaq: GOOG - news - people ) new calendar service spelled Kiko's demise. But if you ask the founders and investors behind the company, it wasn't just about losing to Google. It was also about losing focus on their product.
“One of the reasons Kiko died was that the founders spent several months working on another project," says YCombinator's Paul Graham, a Kiko investor. "If they'd spent those months working on Kiko instead, they might have been far enough along to withstand Google calendar when it came out.”
Graham admits that focus alone may not have been enough to survive Google's onslaught, but it would have given Kiko a fighting chance.
Don't Attack Too Many Problems At Once
Face it: You don't have enough money, time, brains and limbs to fix everything that's wrong with your company. That's why you have to focus on the handful of issues that truly demand attention.
Jessica Livingston, author of Founders at Work, has profiled dozens of start-ups. Many have struggled to maintain their focus--even companies that eventually sold shares to the public.
Take TiVo. In its formative years, TiVo (nasdaq: TIVO - news - people ) wanted to build a network server that could provide an array of home-media services, from movies to music. Soon enough, writes Livingston, the company realized its snazzy box would not only be complicated to install, it would be hard for customers to understand. TiVo's decision: Focus on one killer application and branch out later on.
That "killer app" was the digital video recorder, or DVR--now a market unto itself. TiVo's current market cap: nearly $600 million.
Identify The Real Opportunities
Sometimes the challenge is not focusing on one value proposition, but being flexible enough to recognize when another is more compelling. It's not uncommon that entrepreneurs find their greatest opportunities in products they didn't even realize they were building.
Flickr, the popular photo-sharing site, started life as one feature of a totally different concept: a multiplayer online game called “Game Neverending." Soon the developers started noticing that their photo-sharing feature was stealing the show.
The founders knew they didn't have the time and resources to work on both opportunities, so they shifted their focus (with some regret at the time) to Flickr. Good move: In 2005 Yahoo! (nasdaq: YHOO - news - people ) shelled out a reported $20 to $30 million for Flickr, now the cornerstone of the Web portal's popular photo-hosting service.
Stick To What You're Good At
Yes, the world is full of opportunities. But the key to making money is recognizing the thing you can do better than the competition.
In his book, Focus: The Future of Your Company Depends on It, author Al Ries describes how behemoths like Dell Computer (nasdaq: DELL - news - people ), Home Depot (nyse: HD - news - people ) and Best Buy (nyse: BBY - news - people ) have all built powerful franchises based on one simple concept: being good at one thing.
Like your high school English teacher said: "Keep it simple, stupid."
Via-Forbes
How They Become Billionaire
They've come a long way from their first jobs as gas station attendants, bookstore clerks, short-order cooks and door-to-door garbage-bag salesmen.
In the accompanying slide shows, 14 self-made members of the Forbes 400 gave us an exclusive peek at their childhoods, dreams, mistakes, routines and motivations. The titans weighed in on topics like what it takes to be a stratospherically wealthy entrepreneur, what other vocational paths they might have chosen, how much they read, and if an M.B.A. is worth the paper it's printed on.
In pictures: What was your first job? | What was your biggest mistake? | How many hours a day do you read? | Is there any reason to get an MBA?
For every prosaic answer, there were many more thoughtful, nuanced and even playful ones--and no shortage of insight for the striving throngs who hope to follow in their predecessors' size-15 footsteps.
This year's list demonstrates that you don't have to be born a Walton or a Rockefeller to join the ranks of the country's 400 wealthiest individuals: 261, a shade less than two-thirds of them, are self-made tycoons with an average net worth of $3.1 billion (the same as the average for the list as a whole). They've conquered a gamut of industries, from real estate to oil, although only two of the 14 founded what are now publicly traded companies. (When you're a romping, stomping entrepreneur, who needs shareholders and regulators slowing you down, right?)
Many of these guys were dreamers from the get-go. One aspired to run General Motors (nyse: GM - news - people ), another to play professional baseball. Then there are the conflicted: One self-made mogul confessed that he'd consider an alternative career as a journalist--or perhaps a hobo on tranquilizers.
In pictures: If you could be anything else, what would it be? | What is the best part about being the boss? | What is more important: the idea or the execution?
The world's elite entrepreneurs aren't exactly cut from the same mold. One prays to the "Force" and cites James T. Kirk of the Starship Enterprise as his mentor. Another says he holds the unofficial world record for most pizza deliveries in a night. (One hint: It didn't go to the founder of Little Caesar's.) As for their mentors, the list included fathers, mothers, Roy Rogers and McDonald's (nyse: MCD - news - people ) founder Ray Kroc. And when it comes to blowing off steam, their methods range from riding motorcycles and playing basketball to watching old Westerns, hanging out on the farm and sipping vodka on the rocks.
For all of their varied perspectives, the group did offer similar responses to some questions. Most eat healthy breakfasts and exercise almost daily. (At age 85, one man still does 90 push-ups and jogs a mile every day.) It's little surprise, too, that many admitted to having a deep desire to make their mark--not to mention a pile of dough. Says casino kingpin Phillip Ruffin: "Money is how you keep score."
In Pictures: What motivates you? | What can't you live without? | What is your advice to young entrepreneurs?
They've all made plenty of mistakes along the way, too. For all his riches, Wayne Huizenga, the founder of Blockbuster (nyse: BBI - news - people ) and Waste Management (nyse: WMI - news - people ), says he regrets jumping into baseball and hockey, despite his love for both games. (He currently owns the Miami Dolphins and previously owned the Florida Marlins and Florida Panthers). After getting dinged in tech land, real estate giant Jorge Perez learned to stick with what he knows best: land development.
Were the struggles worth it? Damn right, says financier Richard Rainwater (who didn't fill out our entire questionnaire and is not included in our list of 14). When asked what "success" is to him, the legendary Texas dealmaker simply wrote: "Being me."
See slide show and read more at:http://www.forbes.com/entrepreneurs/2006/09/21/forbes400-walton-mcdonalds-ent-cx_mf_0921selfmade.html
In the accompanying slide shows, 14 self-made members of the Forbes 400 gave us an exclusive peek at their childhoods, dreams, mistakes, routines and motivations. The titans weighed in on topics like what it takes to be a stratospherically wealthy entrepreneur, what other vocational paths they might have chosen, how much they read, and if an M.B.A. is worth the paper it's printed on.
In pictures: What was your first job? | What was your biggest mistake? | How many hours a day do you read? | Is there any reason to get an MBA?
For every prosaic answer, there were many more thoughtful, nuanced and even playful ones--and no shortage of insight for the striving throngs who hope to follow in their predecessors' size-15 footsteps.
This year's list demonstrates that you don't have to be born a Walton or a Rockefeller to join the ranks of the country's 400 wealthiest individuals: 261, a shade less than two-thirds of them, are self-made tycoons with an average net worth of $3.1 billion (the same as the average for the list as a whole). They've conquered a gamut of industries, from real estate to oil, although only two of the 14 founded what are now publicly traded companies. (When you're a romping, stomping entrepreneur, who needs shareholders and regulators slowing you down, right?)
Many of these guys were dreamers from the get-go. One aspired to run General Motors (nyse: GM - news - people ), another to play professional baseball. Then there are the conflicted: One self-made mogul confessed that he'd consider an alternative career as a journalist--or perhaps a hobo on tranquilizers.
In pictures: If you could be anything else, what would it be? | What is the best part about being the boss? | What is more important: the idea or the execution?
The world's elite entrepreneurs aren't exactly cut from the same mold. One prays to the "Force" and cites James T. Kirk of the Starship Enterprise as his mentor. Another says he holds the unofficial world record for most pizza deliveries in a night. (One hint: It didn't go to the founder of Little Caesar's.) As for their mentors, the list included fathers, mothers, Roy Rogers and McDonald's (nyse: MCD - news - people ) founder Ray Kroc. And when it comes to blowing off steam, their methods range from riding motorcycles and playing basketball to watching old Westerns, hanging out on the farm and sipping vodka on the rocks.
For all of their varied perspectives, the group did offer similar responses to some questions. Most eat healthy breakfasts and exercise almost daily. (At age 85, one man still does 90 push-ups and jogs a mile every day.) It's little surprise, too, that many admitted to having a deep desire to make their mark--not to mention a pile of dough. Says casino kingpin Phillip Ruffin: "Money is how you keep score."
In Pictures: What motivates you? | What can't you live without? | What is your advice to young entrepreneurs?
They've all made plenty of mistakes along the way, too. For all his riches, Wayne Huizenga, the founder of Blockbuster (nyse: BBI - news - people ) and Waste Management (nyse: WMI - news - people ), says he regrets jumping into baseball and hockey, despite his love for both games. (He currently owns the Miami Dolphins and previously owned the Florida Marlins and Florida Panthers). After getting dinged in tech land, real estate giant Jorge Perez learned to stick with what he knows best: land development.
Were the struggles worth it? Damn right, says financier Richard Rainwater (who didn't fill out our entire questionnaire and is not included in our list of 14). When asked what "success" is to him, the legendary Texas dealmaker simply wrote: "Being me."
See slide show and read more at:http://www.forbes.com/entrepreneurs/2006/09/21/forbes400-walton-mcdonalds-ent-cx_mf_0921selfmade.html
GoldDigg
What Company Is Offering:
Goldigg.com is a social news site like Digg but this also has an interesting twist to it. The site was started by a young entrepreneur who wanted to create something like the million dollar homepage but with more value to its users. To become a member it costs $100. But once you join you can place advertisements in your posts, charging to vote, selling your profile or almost anything else. The entrepreneur hopes to have sold 5,000 memberships. Half of all profits are going to be donated to charity. And the remaining money after taxes and expenses will be used to fund the entrepreneur’s future endeavors. Goldigg.com is a site that allows users to vote for stories that interest them.
How It Works:
To become a member of Goldigg.com it will cost $100. Once you are a member you can quickly gain that back by placing ads in your story submissions, by charging to submit someone's story, having others pay you to vote, or by selling your account. Almost anything is possible to generate income for yourself. Once 5,000 members is reached no more will be accepted. A limited user base will create more demand for you, adding more money to your pocket.
More at:http://www.goldigg.com/
Goldigg.com is a social news site like Digg but this also has an interesting twist to it. The site was started by a young entrepreneur who wanted to create something like the million dollar homepage but with more value to its users. To become a member it costs $100. But once you join you can place advertisements in your posts, charging to vote, selling your profile or almost anything else. The entrepreneur hopes to have sold 5,000 memberships. Half of all profits are going to be donated to charity. And the remaining money after taxes and expenses will be used to fund the entrepreneur’s future endeavors. Goldigg.com is a site that allows users to vote for stories that interest them.
How It Works:
To become a member of Goldigg.com it will cost $100. Once you are a member you can quickly gain that back by placing ads in your story submissions, by charging to submit someone's story, having others pay you to vote, or by selling your account. Almost anything is possible to generate income for yourself. Once 5,000 members is reached no more will be accepted. A limited user base will create more demand for you, adding more money to your pocket.
More at:http://www.goldigg.com/
NetWebApp is searchable database of web 2.0 application and sites across the internet
What Company Is Offering:
NetWebApp is a thorough directory of everything web 2.0. It’s an enormous, searchable database of web 2.0 application and sites across the internet. You can search by keyword, or choose from one of dozens of categories (they have everything from “Philanthropy” to “RSS”). NetWebApp also features a list of the most newly-added web 2.0 sites on their homepage, complete with screenshots. The site also provides a brief description (appears to be cut and pasted from the site itself) of the web 2.0 site, and users can comment as well.
It Will Benifit All:NetWebApp has an absolutely enormous database, and it’s really easy to find what you’re looking for through their all-encompassing category search.
More at:http://www.netwebapp.com/
NetWebApp is a thorough directory of everything web 2.0. It’s an enormous, searchable database of web 2.0 application and sites across the internet. You can search by keyword, or choose from one of dozens of categories (they have everything from “Philanthropy” to “RSS”). NetWebApp also features a list of the most newly-added web 2.0 sites on their homepage, complete with screenshots. The site also provides a brief description (appears to be cut and pasted from the site itself) of the web 2.0 site, and users can comment as well.
It Will Benifit All:NetWebApp has an absolutely enormous database, and it’s really easy to find what you’re looking for through their all-encompassing category search.
More at:http://www.netwebapp.com/
moowee.tv brings unlimited Internet video content to the living room TV for viewers to watch, share, and interact
What Company Is Offering:
moowee.tv brings unlimited Internet video content to the living room TV for viewers to watch, share, and interact.
This free service can be accessed through an Internet browser device such as the Nintendo Wii game console. The moowee.tv user interface is currently optimized for TV with Nintendo Wii remote control buttons mapped to the application.
How It Works:
You’ll need a browser device like the Nintendo Wii game console (recommended). Find videos using the site’s search engine (featured video sites are Google Videos, YouTube, and DailyMotion), or select from a list of pre-existing channels. Alternately, you can create your own channel from a list of your search results, or through your favorite clip list or archived history. The site also offers some other cool features, including the “moopix” function, which attempts to analyze the videos you’ve been watching in order to suggest similar ones that you may also enjoy.
More at:http://www.moowee.tv/
moowee.tv brings unlimited Internet video content to the living room TV for viewers to watch, share, and interact.
This free service can be accessed through an Internet browser device such as the Nintendo Wii game console. The moowee.tv user interface is currently optimized for TV with Nintendo Wii remote control buttons mapped to the application.
How It Works:
You’ll need a browser device like the Nintendo Wii game console (recommended). Find videos using the site’s search engine (featured video sites are Google Videos, YouTube, and DailyMotion), or select from a list of pre-existing channels. Alternately, you can create your own channel from a list of your search results, or through your favorite clip list or archived history. The site also offers some other cool features, including the “moopix” function, which attempts to analyze the videos you’ve been watching in order to suggest similar ones that you may also enjoy.
More at:http://www.moowee.tv/
Wakenipa Sports Exchange runs fantasy sports competitions. Their first project is the 2007 Rugby World Cup
What Company Is Offering:
Wakenipa Sports Exchange runs fantasy sports competitions. Their first project is the 2007 Rugby World Cup. You will receive a budget of $1.5 million at the start of the game which you can use to purchase players. The players each have a price value (based on their team, position and scoring history) which will remain fixed for the duration of the tournament. A part from rugby, future competitions will include sports such as football, cricket, cycling, tennis and golf. Future competitions will also use an innovative new format that could result in Wakenipa Sports Exchange becoming a leader in the field of online fantasy sport.
How It Works:
Buy a team of 15 real World Cup players with a budget of $1.5 million and show that you've got what it takes to be a World Cup winning manager. You can even form your own challenge group and take on your mates. The top two managers will receive iPod shuffles. The winning manager will also receive the jersey of the World Cup team that they support.”
More at:http://www.wakenipa.com/
Wakenipa Sports Exchange runs fantasy sports competitions. Their first project is the 2007 Rugby World Cup. You will receive a budget of $1.5 million at the start of the game which you can use to purchase players. The players each have a price value (based on their team, position and scoring history) which will remain fixed for the duration of the tournament. A part from rugby, future competitions will include sports such as football, cricket, cycling, tennis and golf. Future competitions will also use an innovative new format that could result in Wakenipa Sports Exchange becoming a leader in the field of online fantasy sport.
How It Works:
Buy a team of 15 real World Cup players with a budget of $1.5 million and show that you've got what it takes to be a World Cup winning manager. You can even form your own challenge group and take on your mates. The top two managers will receive iPod shuffles. The winning manager will also receive the jersey of the World Cup team that they support.”
More at:http://www.wakenipa.com/
Pack And Find is an easy to use web application that allows you to create a personal inventory online
What Company Is Offering:
Pack And Find is an easy to use web application that allows you to create a personal inventory online. You will never need to spend hours wondering which box in the attic contains your favorite Christmas sweater. Never wade through the dust of your storage spaces again without knowing exactly where you are going.
How It Works:
When looking for a stored item, users can find its specific location by using a quick search on Pack and Find instead of spending hours rummaging around a storage space. You can create an inventory of your stuff. You can create labels for keeping your stuff better organized. The site also offers an online store powered by amazon.com. To start using this service, the first thing you’ll have to do is to sign up for a new account.
What Benifits It Has:
It has the potential to save people incredible amounts of wasted time searching through boxes. Everything is organized. You search for what you want using the search box.
More at:http://www.packandfind.com/
Pack And Find is an easy to use web application that allows you to create a personal inventory online. You will never need to spend hours wondering which box in the attic contains your favorite Christmas sweater. Never wade through the dust of your storage spaces again without knowing exactly where you are going.
How It Works:
When looking for a stored item, users can find its specific location by using a quick search on Pack and Find instead of spending hours rummaging around a storage space. You can create an inventory of your stuff. You can create labels for keeping your stuff better organized. The site also offers an online store powered by amazon.com. To start using this service, the first thing you’ll have to do is to sign up for a new account.
What Benifits It Has:
It has the potential to save people incredible amounts of wasted time searching through boxes. Everything is organized. You search for what you want using the search box.
More at:http://www.packandfind.com/
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