Why I’m Long Foursquare: Privacy

Let’s be honest, I’m “long” Foursquare for several reasons, ranging from looking at comparables like Twitter and how they’ve fought through Facebook’s onslaughts, to sharing blind, entrepreneurial optimism with my friend who started and work at the company.

So here’s the disclaimer: there’s not much you could tell me that would make me too negative about the future of Foursquare, despite Facebook Places.

But, when you hear that Foursquare had more signups yesterday than ever before, and you look at how confusing using Facebook Places is, it’s then that I leave my blind optimism behind and come up with a pretty solid reasons why Foursquare is here to stay, and is going to dominate the mobile-meets-social revolution:

Foursquare’s strength in its battle against Facebook is tucked away in a little nuance Dennis and Naveen have understood for years. While Foursquare haters (same people who asked “why would people want to blog” and then “why would people want to share stupid things on Twitter) say “why would you want to tell people where you are,” they overlook 2 features which have always been present on Foursquare: 1) the ability to hide your whereabouts when you checkin; and 2) the ability to only share with certain networks.

It’s this second feature which is most important.

On Facebook, I’ve never figured out the friend-list feature (same with every other user of Facebook) and so I’ve resigned to know that when I push something to Facebook, EVERYONE is going to see that information. So with anything Facebook related, I’m dictated by the social, and not the practical.

Foursquare has the power here because real users of their platform know that they have a lot more control, and they know which network is going to get what information. For instance, with most of my checkins, I only want to tell other Foursquare friends what I’m up to. My thinking is that if they’re my Foursquare friends, they’re both my real-real friends, and my friends I don’t mind sharing my whereabouts with. While convention of Facebook has convinced me to friend people on Facebook I don’t really consider friends and who work in my industry or are friends with my friends, convention on Foursquare — something Dennis has always, always defended — is to keep your network tight.

In a time of Facebook privacy backlash, Foursquare’s biggest advantage is that it’s a new network for most people where they can start over with their social graph and define a new set of people who can see where they are and what they are doing, in real life.

Facebook is going to own the activity feed for a lot of people — and that’s fine — but the checkin information I want in my activity feed is just a small, small portion of the total checkins I’m going to perform.

That’s why I’m long Foursqure. I believe they’ll embrace their roots and a “real, real friends only” platform and become the place where people segment their larger social graph, found on Facebook, and focus on their IRL social graph, found on Fourquare.

Good luck team Foursquare!

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Friday: Office Hours with David Aronoff

Most of my regular readers know that I’m a big fan of devoting a regular, set-time to meet new people. For those of us running companies and balancing our personal lives and hobbies/interests, we (I) get in a mode of pushing off meetings with people who aren’t directly related to the companies we’re operating. In the end, that’s a bad thing.

That’s why I do Office Hours. Every week, I keep an hour of my time open to meet new people and when people email me and want to meet up, I try to religiously ask them to sign up for those time-slots so I’m getting something done.

This brings me to David.

David Aronoff is a friend and colleague of mine up at Flybridge Capital Partners. He’s one of the founding partners there and a really great, smart guy. You can read his blog here.

Anyway, David is in NYC for a few days, and on Friday (August 20th) he setting aside 10am to 12pm to meet new people in an Office Hours fashion. He also has the perfect location: The Incubator at Rose Tech Ventures!

So if you’re interested in sitting down with David for 20 minutes to introduce yourself (and presumably, but not necessarily, your company), head to this post where he has his contact info and reach out.

I hope you enjoy hanging out with David as much as I do!

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Why I’m Reading Blogs Again

Since the Spring of 2007, when Twitter hit the techstream, blogs, blogging, and reading blogs became the markings of late adopters. With early adopters, “Follower” count became more important than “Subscribers.” The serendipity of stuff you found in the “stream” was sexier than the expected stuff you found in your Reader. And best of all, instead of counting words and paragraphs and trackbacks, we started counting characters and RTs.

RT: @everyone: OMG I cant believe u fit all that awsm in just 140 chars. LOL!

But suddenly, over the past 6 months, I’ve started reading blogs again.

I’ve dusted off the Google Reader, installed some apps on my iPhone and iPad, and read — like it was 2006 or something — every post of the blogs I subscribe to, every day.

So this is what a flashback feels like.

My move back to reading blogs has come for several reason, and also has brought with it a new set of rules for which content to subscribe to and why it’s important. Mostly, it’s born from a recent revelation:

Content on Twitter is low-cost to product/low-cost to consume. For most of us, making there content is meaningless, and the fact that you’re consuming it means even less.

How can I provide value to a “follower,” or be a value-adding follower, when on the consuption end a) we only have to put up with each other 140 characters at a time, and b) we have a pretty great excuse for missing a vast majority of things we say to each other?

That’s not what a good relationship looks like!

Meanwhile, as I started looking at my blog reader again, I had a second revelation: Great content/articles for blogs are really, really hard to produce. And, when you read quality people — like my favorite of late, Andrew Parker, and my previous favorite, before he went “pro”, Sam Lessin — then following those people are real work too. With a blog there’s serious investment. People think before they speak. When someone I subscribe to writes something, I know they really cared about what they just did, and it makes me care in return.

On the other side, when someone subscribes to your blog, and reads it regularly, you value that person dearly. That someone takes the time to slog through your thoughts, and that that person does it regularly — not just because they were “retweeted” a link and happend upon it — forms a very special bond and sense of respect.

One needs to look no further than Fred Wilson as a great example of this. No one in this space that I know personally has invested more into his blog and his readers than Fred. When you go through the archives it’s hard not to admire the dedication, thought, and substance.

But what’s really cool is considering what loyal readers of his blog have gotten out of their “subscriber” status. A number of months ago I was telling Fred about some of the cool GWAP (games with a purpose) ideas we were playing around with at AnyClip and right away he thought of a “regular commenter” (Shana Carp) who I should connect with. Looking through the archives of Fred’s posts, I know it’s not the first time he’s done a favor, publicly or privately, for a loyal reader of his. I just have to imagine it comes from an appreciation for what “loyal reader” really means.

So this is why I’m reading blogs again: to get back to an environment where the content I’m reading took serious work from someone, and to force myself to take my role as a subscriber seriously and read content that takes real work to follow.

In fact, I’ve now gone so far as to unsubscribed from a lot of blogs I liked, just so it fits this model. For instance, professionally produced content means less to me now, solely because it was someone’s job to create it, rather than 100% pure passion. (I did keep Caroline McCarthy in my reader though, since 1) she was friend #2 of mine in the NY tech scene 4 years back and 2) because she’s a damn good writer). As for Tumblr, I’m now feeding anything I care about into my reader, and anyone who reblogs heavily (that’s how I use Tumblr) I’ve turned off.

While all this may seem a bit uninteresting, strange, or pointless to some people, I’m actually incredibly excited. I’ve gone from dreading my reader to cherishing every bit of content that gets pushed through there. And while the big win for me is getting smarter via the hard work of people I respect, the cherry on top is that reading great content in inspiring me to get back into the great habit I had in 2007/2008 of writing (what I now look back on and believe was) pretty interesting content.

So here’s to late 2010 being the revival of the blog reader, led by a public reinvestment in producing and consuming ultra high quality content by and for those we know, like, and admire.

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What's up with the NYTM and NY tech? Interview with Rick Karr

During Internet Week, I spoke with Rick Karr about what’s going on in NY tech and with the NY Tech Meetup. Obviously it’s tough to get everything I think into a three minute interview, but I post this here because I think its about the most concise and articulate I’ve been on the subject, on film. So enjoy…

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AnyClip: Project "Peek-a-boo"

Today, we launched a new homepage at AnyClip. I couldn’t be more proud of my team.

The homepage — dubbed “peek-a-boo” by our newest designer, Nicole — is about pure movie moment discovery and exploration.

At the top, we show you three things we think are awesome and relevant for the day. Your work is done for you.

Below that, we highlight moments others have already discovered, but via our powerful SceneSearch™ technology. Want to change the results? Just type in an different City, or Object or Action and see how deep the “rabbit hole” really goes (type in “Mexico” in the places and you’ll see what I mean).

Anyway, I would love it if you would check it out and let me/us know what you think. More amazing updates coming the the coming “sprints,” but this is a big step, and again, the team should be very, very proud of their work.

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The New York Exit, The Soft Underbelly of NY Tech's Ecosystem, and IAC's Saving Grace

Last month, the idea that Foursquare could exit to Yahoo! for $120+ million had everyone abuzz.

“This means NY tech has come to its own!” people exclaimed. Finally, we had a major player in the social web space. It was a company born here and grown here. Now it was on the brink of being sold for big money. It was a proof point that NYC could breed a serious batch of startups post-Web 1.0.

But if anything, the “Fourhoo episode” was also a scary wake-up call for those of us invested in the future of the NY tech ecosystem. If Foursquare sold — to Yahoo!, to Facebook, or to anyone else in the space — they’d undoubtedly end up in the hands of a Silicon Valley company, and its IP and (probably) leadership would be shipped out of town, taking any future value creation with it. (Sure, they may keep the jobs here, but the profit and reinvestment? Future product integrations?)

As it turns out, this whole exit scenario is a sham for the local environment, and here I thought exits were a good thing. What’s the matter with New York?! Here we are producing a fleet of World Class startups, and an exit for our startup scene means depleting its resources?

This sounds bad. And it is.

Despite the massive amount of progress in the NY early stage scene, one sadness remains: the closest thing to a big local tech company which can acquire our startups is IAC — and IAC is decidedly an “Internet Media” company, not an Internet technology company.

And we need a big ol’ Internet Technology company here.

Does that mean its time, as a City, to embrace IAC and convince it to become a tech company? Perhaps.

Is there a snowball’s chance in hell that the right series of acquisitions and leaderships changes would turn IAC into a major tech (rather than media) player? Yes, there is — and I think this would be a good thing for the company and for the City.

While tech is not in Barry Diller’s wheelhouse, now is the time for him to invest in tech. Looking at his revenue sources, a whole lot is tied up in Ask.com Search revenue, a share of which I think we all know will decline in the long-run for him. After that, he has a sturdy position in Match.com, but this is an area I think is prime for major disruption.

So will IAC be NYC’s saving grace here? I don’t know. As I’ve said, they could be. But either way this problem must be solved. Undoubtedly, our startups need liquidity events, and undoubtedly those will come in the form of M&A 9 times out of 10. Right now it seems those M&A event only exist outside of the City, leaving us in a highly vulnerable place.

Does anyone have an idea how this is going to play out? If not IAC, who will save us?

UPDATE: My friend, and astute industry observer, Caroline McCarthy points out to me the obvious, that AOL could also the “savior” I’m looking for. That’s true, but I don’t see it. AOL has doubled down to BE media company even more than IAC IS a media company. I think they can turn themselves into a great company, but AOL is not going to be a tech company.

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Going Premium

My dear friend Sam Lessin has gone premium and stopped blogging.

It was bound to happen. After a few years of blogging and sharing his amazing insights, Sam had been writing with increased passion about the value of scarce information. Obviously, a blog keeps information from being scarce, and a pay email list puts a premium on it, and so Sam did what any self-respecting theorist would do and decided to walk the walk.

I, for one, have become one of Sam’s first subscribers. I’m certain it will be worth it. But I didn’t stop there. I’ve also started my own premium newsletter, called the “innonate insiderly.”

In the “Insiderly,” I’ll be writing things not fit for this blog. For instance, this morning I wrote in detail about a new exercise I’ve asked my product team to go through. While I may have shared only general information about the exercise in a public blog post, I went in considerable detail on my thinking in the premium email setting. People who pay deserve to know, right?

We’ll see how long before my “competition” subscribes.

Until then, see you here in my regular sporadic form, and see you there in my newly sporadic form.

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Movie Nights Everywhere — Getting People Who Love Movies… Offline

I love movies (that shouldn’t surprise you). I also love being online (that really shouldn’t surprise you). And of course, I totally 100% love movies online (I send hundreds of bucks a year to iTunes and Netflix).

However, I also really love the offline world more than the online world — no kidding!

This is why I’m proud to announce AnyClip’s “Movie Night” initiative. It’s time for people to get offline watching movies with each other and make “Movie Nights” with your friends, or wider community, in again.

I first came up with the idea of doing AnyClip Movie Nights when Meetup.com announced their amazing new Meetup Everywhere platform. With Meetup Everywhere, I can make a page (like our Movie Night page here), and anyone in the world can become an Organizer of a local movie night.

So, if you’re interested in hosting a movie night, please go plan one! I’m super excited to see that our friends down at Indy Hall in Philadelphia are already pulling one together, and if you’re in San Jose, Anita is looking for more people to join her.

What more, if you’re hosting a movie night and you have 10 or more coming over, let us know… and AnyClip will provide the popcorn!

So go have at it! Plan a Movie Night!

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Just 100%, totally stoked about NYC right now

Seriously folks, how can you not be totally stoked about what’s going on in NYC right now?

Yesterday, I ended up at three awesome Internet Week events. Each had a unique and interesting crowd. Everyone had this great vibe going, where they were excited to be there, excited for NYC, but just itching to get back to their desks to make their startups awesomer.

That is what’s getting me excited about NYC tech is getting these days. Despite all the attention and hype it and its companies are getting, people are totally focused on creating real value and building great companies. And while I think this week’s celebration of the City’s Internet industry is definitely appreciated by everyone who participates in it, there’s almost a healthy and collective “ugg” that I’ve heard from most startup people I know.

“When can I get back to work?” they ask. That’s the spirit! Seriously!

So I look forward to seeing many of you throughout the week this week. I’ll of course be at the NY Tech Meetup tonight (it’s our largest ever, with 860 in attendance, and Internet Week’s largest public event). Later on, I’ll be attending the Webutante Ball, which is a fundraiser for City Harvest.

If you have any tips on great events for me to attend, please let me know in the comments.

Go NYC!

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The Case for Four

Yesterday, my friend, mentor and colleague, Jeff Bussgang wrote a post questioning the validity of a 4 year vesting cycle for startup founders. On behalf of all the founders out there, I’m going to disagree.

His argument: startup exits how happen at a slower pace than in the 90s. Then, 4 year vesting made sense, because that often coincided with an exit. Today, Jeff argues, the average exit happens in 6 – 8 years, so he argues for our industry to change its ways and move up from 4 to 6 or 8 years?

My argument: all founders need to kick ass in the first 4 year. The best ones you need for longer, so you’re going to have to step up and make it more interesting.

Zero to 60

First of all, founders universally serve only one purpose: the take the company from Zero to 60. While some founders end up being great long-term managers (I’ll talk about these folks below) the skill that all founders have to have in common is taking a company from idea to operating and scaling.

With that as a baseline, a four year vesting cycle makes sense, because four years is about the time needed between inception and knowing whether or not you have a win, lose, or draw of a company.

Beyond that, most (web/tech) companies are executing on a vision which could never be longer than four years away. If you’re Shai Agassi and a founder of Better Place, maybe your visionary horizon has to be longer than four years, but any web/tech entrepreneur worth funding has better be executing on a max-four year visionary horizon (even if he or she has views about how the looks 6 or 10 years out). The consumer landscape they see before them is shifting rapidly, and the best entrepreneurs see and execute on what’s 1, 2 — maybe 4 — years ahead. But not 6 or 8.

Keeping Us Around

So, let’s say you’ve stumbled upon a Steve Jobs or a Jeff Bezos. You’ve just funded a company with both a pioneering visionary for the first 4 years, and he or she also turns out to be an an innovative manager for the next 4, or more years. Lucky you, Mr. & Mrs. VC. :-)

So, you want to keep your visionary AND expert-manager founder around for the long-haul? You’re now going to have to make things more interesting than that stock we just accrued after 4 brutally tiresome years.

In this case, all companies turn to increasing the founder’s (now quite diluted) equity pool with stock options, many start to pay the founder more market-rate salaries, and increasingly more Boards now allow the founders to sell-off part of their equity pool, so they can pay back loans, buy a house, maybe take a vacation — all while still plowing ahead, giving the company their incredible and continuing vision and managerial skills.

When you, the investors, handed us a term sheet 4 years ago and asked to invest in our company, you signed up for us taking our company from Zero to 60. I think that if the VC community wants to change that initial vesting cycle, we should also rethink how much of the company founders will actually end up with after locking up their lives for 6 or 8 years, and perhaps readdress startup valuations and options programs.

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