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RyteMeow – Video Serving Sharing App + Lesson On Advertising

Ed: I wonder if the horse has bolted on the video space, the three big Western players Youtube, Facebook and Twitter are all pushing video hard, and then all the micro players are very popular with their demographics, add to this the massive growth of real time streaming with Periscope and Meerkat and you wonder if the users might not be a little fatigued.

Im not sure there is a place for another video server and I don’t buy the value proposition that sharing video is overly broken and whilst it might be subject to some spam or incorrect labelling, its not clear to me that this is a huge issue for users.

It’s probably not enough of an issue for creators and consumers to move from Youtube and Facebook where all the content is across to a platform that has no content.

Pretty sure users prefer content which might be mislabelled in some cases to no content.

The comments about the pre-roll videos advertising are a little naive, the service has to be paid for somehow and unless they are building a completely different approach to monitisation which the world hasn’t used yet they will need to run video ads.

Online advertisers are used to spending their budget on buy banners and prerolls, sometimes sponsored stories or adwords.

Unless you feel you can build a completely new video service and a completely new advertising system, (adserving, reporting, payments, customer interface and a new ad format) and then get sufficient customers to use your new format/system then your startup will need to use an existing monetisation model.

Most startups struggle on executing on one of these objectives, very few can execute on all three.

 

Startup NameRyteMeow
What problem are you solving?We’re buildingRyteMeow to fill a huge need in the social sharing video space. To this point, the video sharing experience has been limited by 3 pain points:A glut of irrelevant or poorly constructed content tagged or titled as relevant, when it’s not (e.g. a YouTube video labeled “Austin Guitar Player” but has nothing to do with the title, the uploader merely wanted it to list in this category).
Inefficiency/Ineffectiveness of “local” designation. Viewers can’t always be sure the video being viewed is in the locale they choose, because of incorrect tagging of content is intentionally edited to contain a great deal of uploader’s ideas/thoughts/product sandwiched around a smaller amount of the searched-for content.
The pain of pre-roll adverts. You want 5 Seconds of rock, but you get 45 seconds of GEICO.
RyteMeow solves all of that in a dynamic, interactive platform that enables hyper-targeted, shared videos that are always relevant to what you want. And by maintaining a laser focus on user experience and quality of content, we eliminate the pitfalls that have befallen other “microshare” apps like Snapchat, Instagram, Twitter, YouTube, etc…

Users CANNOT simply upload a video and tag it to a geodefined area (like Austin) and have it show up for that area. Our algorithm ensures that won’t happen.
By maintaining a firm grip on the relevance of a user’s experience, we’ll avoid that dreaded “spam fatigue” that all other apps have experienced. Simply put, as a user, you’re creating your own highlight reel of your favorite experiences, and sharing with others.

What is your solution?Gives people a way to share and view videos the way they want, with hyper-local, hyper-relevant content, so they always find what they want and can connect with those who share that interest.
RyteMeow is like a search engine on overdrive for the best, most relevant videos, with social sharing built in.
Target Marketblogger, writers, journalist, consumers
How will you make money?Subscriptions/Advertisement
Founders NamesTodd McDougall
What type of funding has the company received?Bootstrap
Websitehttp://rytemeow.com/
Twitter Handle@rytemeow
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Guy Kawasaki on becoming a Social Media evangelist for your Start-up

Photo by Robert Scoble

This is long but worth listening to, key points

  • If you are thinking of starting a business, get your social media profiles setup now and start blogging and curating content in your space, it will give you 6-12 months to gain followers for when you are ready to go.
  • If you are not getting the occasional complaint about your social media activities you are not pushing hard enough
  • You should be repeating your social media posts (he has data to back this up), especially if you have an international audience who wont necessarily be hanging waiting for your every tweet or go back through your posts to see what they missed.
  • You need to customise your profiles, great photos of you and for the backgrounds/headers on Twitter, Google & Facebook (and now Linkedin) a big photo about an area of interest in your life (sports, photography, places you like etc)
  • 3 Round rule when it comes to arguing with people on social media, you post, they snarkily reply, you reply once and let it go, don’t keep arguing, it just makes you look like an asshole to the rest of your followers, keep moving and ignore them.
  • You have to keep replying to everyone (above rule notwithstanding) keep the conversation going
  • Get tools (I like Buffer.com and HootSuite) to automate and schedule some of the heavy lifting

 

 

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Who the F..k is WhatsApp and top stories this week

Who the f..k is WhatsApp?

Possibly the most uttered question this week as Facebook announces a $19 billion acquisition of a startup few people knew much about.

Except for the 450 million users who kept logging in every day to use it.

In an industry that thrives on big stories and lots of controversy this company has been amazingly low key. My favourite story is that they apparently knocked back $10 billion from Google recently but no one knew about it.

Many people are shocked but if you want the investors view have a look at Sequoia Capitals blog post on the deal 

No company has ever grown at this rate, interesting stats about the company

  • 450 million users (250 million in the last 9 months, faster than any other company in history)
  • Daily users @72%
  • 32 Engineering staff to support 450 million users
  • Free for the first year, then $1 per year after (potentially $450 million revenue run rate next year)
  • Massively disrupted the global SMS business sending 50 billion messages per day 

Turns out one of my young foreign engineers doesn’t have Facebook or Twitter accounts but only uses WhatsApp, apparently this is very common outside Western world countries where SMS has been very expensive. In Mexico 90% of messaging traffic is now via WhatsApp.

Also most people seem shocked by the deal and the massive size, however consider this.

Facebook has 1.3 Billion users and is valued by the market at $100 billion approx = $76 per user

WhatsApp has 450 million users and was purchased for $19 billion and mostly paid for in stock approx = $34 per user.

Facebook is the valuation benchmark for social network users, but if it turns out they are overvalued they paid in stock so the value paid to WhatsApp goes down as well and Facebook just doesn’t have messaging right.

My favourite part? Sequoia invested $8m for a $3.2 billion return, possibly one of the best startup investments in history.  That is what they call a Super Unicorn

Other interesting stories and Tweets

 

Fail Fail Fail Win

Fail Fail Fail Win

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Q & A with Pei-Han Chuang – Founder of Qiito.com one of Asia’s fastest growing travel sites

Pei-Han-Chuang - Founder Qiito

Pei-Han-Chuang – Founder Qiito

Pei-Han Chuang is the founder of Qiito.com (pronounced key-tow) one of the most successful Asian founded Community Travel sites. Qiito raised $SGD 2 million in 2011, formed partnerships with the Japanese and Taiwan Tourism Boards as well as many other companies and is growing extremely quickly with over 21,000 locations shared with 50,000 photos (this is has risen more than a 1000 in the last 24 hours) 

Editor: Hi Pei-Han, you are getting great traction now, users are sharing 1000s of locations a week, but tell us about the early times, the struggles and difficulties you had to overcome to get to this point.

Pei-Han: Let’s set aside difficulty on funding, staffs, cash flow and more, because anything can be solved by money is not really a problem.

The real difficulty to launch a Start-up is to have a strong mind and be passionate in what you are doing. If your motive to launch a startup is to break free from office, to have freedom, be your own boss and be in control, then I will advise you to stay put and do not quit your job.

Because it is exactly opposite, you will not have enough time for your family, enough sleep, enough money and things will not be within your control (until you start to gain traction)

You will have to get used to it and embrace it. Most of time, you feel like you have a split personality and lack of persistence is your worst enemy.You are continuously doubting if what you have done is correct and should you persist with it because expected result has not come in or should you just give up?

Qiito Logo

Finally, you pull through and have surprising good result. But soon next the bottleneck comes and the mental tug war repeats again.

Trust me, it is mentally abnormal but a fun process.

 

Qiito Credit: Qiito.com

Qiito Credit: Qiito.com

Editor: What have been your big wins and what did you have to do to achieve them?

Pei-Han: Our biggest wins have been getting Government Tourism Boards and major brands to partner with us : http://qiito.com/about/investors_partners

One of our other wins has being one of first movers in Asia Community Travel and the significant growth in users and solving some of pain points in travel industry, this combination has helped us get attention from our existing and coming partners.

In fact, many of our partners found us because either someone in their team was one of our users or someone close to them is sharing our user updates on Facebook.

Many of our users are heroes who help all our users a lot by tagging photos to exact location to make these information usable for all users. Hence we would like to say a big thanks you to all of them in helping all travel lovers to easily find out where & how to go places that they had been to.

Another encouraging thing that we see is our growth in users who shares information and our bloggers base aka Qiito community.

What did we do to achieve this? We stay close to users and be sincere in helping to solve their problems.
to know more what is difference between Qiito and other sites, and how we help http://qiito.com/about/testimonials

Editor: Pei-Han was kind enough to share screenshots of his early qiito beta versions

Prototype Beta Screenshot of Qiito.com

Prototype Beta Screenshot of Qiito.com

Editor: What are some of the mistakes and lessons you learnt?

Pei-Han: Lessons I learned:

1. To stay ahead in the game is to stay closer to users, so you know what they want and enable you to develop the tools they really need. Many start-ups do not last more than a year, mainly because they do not stay close with users and end up losing confidence in what they are building when they don’t get the user response they want and end up giving up.
2. A strong-minded team that stay with you through thick and thin.
Be sure when forming a team, look into not only their belief in the product but also that will believe in the startup life. Because there is no point hiring someone that never reply to message after office hours and never wants to work extra. I am really fortunate to have many good people who are still staying with me and I need to say a big thanks to them.

Qiito.com Screenshot Credit: Qiito.com

Qiito.com Screenshot
Credit: Qiito.com

Editor: What is the next big strategic goal for you and the team?

Pei-Han: We have received many complements from our users that they love how Qiito can do for them. Hence our team’s goal is to introduce Qiito to more people and keep surveying our users on what they want, so to keep improving ourselves to better.

Editor: Can you see an IPO
Pei-Han: Currently we are only focusing on building a best & most useful platform for all travelers and people loves to share, hence issue related to IPO has not occurred in our mind yet, after all we only launched for slightly over a year. So it is still a long road for us.
Editor: Any numbers on growth you can share?
Pei-Han: Since we launched June 2012, we had seen our users increased more than 100X and we are seeing steady monthly growth since our new version out in May 2013.
As a platform that encourages social sharing of contents, we are more focused on growth of content that are been shared among users and to facilitate these to be helpful to every users.
We are seeing average of more than a thousand photos/places are been shared each week by our users, and this is definitely great to all users in helping to find new & interesting places to go both locally and overseas,
You can connect with Pei-Han on Linkedin sg.linkedin.com/in/chuangpeihan/