I’m here at the Dublin Web Summit jotting down some insights from interesting speakers on how businesses can leverage the web to succeed. Thought I’d share them;
Your customer is the best source of new ideas. You need to implement a strong process that revolves around continuously asking customers “What more can we do for you?”
- Terry Clune, Taxback.com
Apply this test to your enterprise. Are you making life better for people? Making something really easy and very low-cost.
Do you deserve to exist because you have a sustainable difference that adds value to customers? Know your competitors and understand why, from the start, customers choose you rather than them.
Scale and speed are the two most important things that matter. Faster, better and cheaper are the most important things online. You can never move fast enough online. It may not be perfect, but get it out there and start transactions.
Having a high margin (94% in Stockbyte) in particular with intellectual property is a money-making machine you can scale and can facilitate lots of mistakes.
Take the easy money. Don’t be afraid of whitelabel partnerships that give you access to instant scale and give you revenues fast.
- Jerry Kennelly – Stockbyte, Tweak.com
Networks take time. For funding for example it can take many months to establish relationships that will deliver. It is therefore critical to start early and make and grow connections.
Are we in a technology bubble? People are worried that we are in another 1999. However the companies today actually make money. Groupon – run rate is well over €2b. Zynga – who would buy virtual cows, peas and carrots? But they do. Facebook is a cashflow positive company.
Where is the next Silicon Valley? LA, NY, London, Israel, Dublin? Silicon Valley has unique circumstances. Don’t create a copy of Silicon Valley, but create your own innovation hub.
Why is Quora so hyped? Wants to become the Wikipedia of Q&A. Why will people not stop talking about it? Its founder is the former CTO of Facebook. It strokes the ego – people want to be heard and recognised for their expertise. You can hear leaders talk about their companies. Its number two user is Robert Scoble.
What is the future of social media? Compare it to email, the telegraph and the telephone? It is just a new form of communication. A faster form of communication. There has never been a tool that sends as much information to more people in a shorter space of time. It is a tool.
What is the next big thing? I don’t have any goddamned idea. Don’t start a startup because it is the next big thing. Start a startup because it will make people’s lives easier.
Do not think of social media as the shiny tools. Think of it as communication. Conversations and connections with people. Improving people’s lives is what is really important.
On brand? Do something better, cheaper, faster. We are in entertainment. Financial risk-based entertainment. It matters more if you have money on it. There is something universally appealing to taking risk. There is something universal to enjoy the buzz. We try to do that better everyday. The brand will follow.