Archive for February, 2010

Succeeding With Startup Incubators

The past two weeks have drawn much attention in the web startup industry to the upcoming deadlines for startup incubators. Thanks to an internet entrepreneur that is physically distant from the U.S. startup scene, but still very in touch with the funding opportunities, Juri Kaljundi of  Estonia has put together a comprehensive list of the startup accelerator programs currently accepting applications. Check it out here.

While I am not planning on applying to participate in these programs specifically designed to accelerate the startup process, I would like to offer advice to the applicants that are applying  now or in the future. These are a few quick notes from an entrepreneurial program I participated in at Drexel University’s Baiada center for entrepreneurship in the summer of 2009-

In order for a startup to be the most successful with their product or service, their offering must meet the following requirements:

1) Solves a current problem.

2) Perceived as being innovative. Even if its not; because of the way it is packaged or marketed.

3) Easy and inexpensive to install or integrate.

4) Low-tech, meaning that it is simple to operate.

Keep in mind that these guiding points are merely a starting point, and many other variables such as market size, existing competitors, etc. must be taken into account. Either way, this  should give you an idea if your startup business is on the right track, and hopefully make your idea stand out a bit more than others. Good luck on the applications!


02 2010

Virtual Goods Evolves Again

I said it back in May of 2009 when virtual goods was the largest emerging market of the year, and I will say it again, the demand has rapidly increased. This past week the new startup Kwedit launched, positioning itself to open up new revenue opportunities in the virtual goods industry. Their never seen before technology allows users of any age to buy real physical goods and digital goods, by making using a variety of payment methods online to credit their account. The first reason why this is such a noticeable change in the industry is because for the first time users of any age (essentially tapping into the demographic of kids under 16) to pay for things offline based on credit that they earn on the internet. Credit can be earned by paying via credit card, but does not have to be paid immediately. Eventually a virtual credit score is attributed to each user’s account, generated by their algorithms , and kids are able to learn the importance of maintaining a positive credit score because it can effect their purchasing power in the future. Kwedit has teamed up with 7-Eleven to first implement its credit system, and will likely partner with more brands that attract youth in the near future.

More on this promising new payment provider:

TechCrunchKwedit Launches: The First Completely Unreliable Payment Network

The New York Times – Buy Now, Pay Later (Maybe With Your Allowance)


02 2010