Welcome to a new series of articles here at Flyover Geeks called ‘CEO Sundays’ where we will run thoughts from people in the industry making things happen. This space isn’t limited to just CEOs either- founding members of companies are invited to contribute as well. Think of ‘CEO Sundays’ as an editorial/opinion page from people in the trenches leading companies…just like you!
Want to contribute a piece to ‘CEO Sundays?’ In a leadership role at a startup company in Chicago or the greater Midwest and have an opinion on things happening in the industry? Reach out to [email protected] (best way) or via phone 415.320.3932- (text is better than voice)
Predictions 2011: Next Big Thing: Social + Mobile + Video + [Fill in the blank]
1. Social + Video = Vimeo/Youtube(acquired by Google for $1.6bn)
2. Social + Location = Foursquare/Gowalla(Acquisition coming soon. That’s my first prediction)
3. Social + Design = Crowdspring/99Designs (Expect an acquisition or consolidation in the space)
4. Social + Retail/Commerce = A host of examples, brands4friends acquired by Ebay in December 2010 for $200MM
5. Social + Fundraising = Kickstarter/Profounder
You get the point and you see why Google was trying to acquire Groupon at such a high valuation. People did not agree with Youtube’s purchase price when it happened but the value (and revenue) makes it look like a smart decision now.
The reason why Facebook is valued so highly? The intersections. It combines social with video with mobile with commerce. That’s why it’s a force (we already know this) and why the big money is chasing Facebook. Not seeing that makes you question why Goldman Sachs is interested.
That’s why Groupon (Social + Buying) has been raising/raised that much money in such a short time.
So where will the next big thing be? What intersections should the Chicago community (entrepreneurs and investors alike) start to look at? Where should the smart money go? Towards what should your company’s New Product Development efforts be geared? What adaptations should you make to existing products/services to grow your business? What services should your startup offer to bigger companies that are not as social + mobile?
I suggest the intersection of Social + Mobile + Video + Any industry? Some industries are screaming for disruption. Further disruption will also happen in the already disrupted industries. Not sure how it will look but anything that can combine Social + Mobile + Video + Buying (does it exist?) will be more of a threat to Groupon than Gilt City/LivingSocial/e.t.c
Let’s make sure that disruption happens in Chicago!
Thoughts? Suggestions on what industries need disruption?
Seyi Fabode is CEO/Founder of Power2Switch LLC which provides electricity cost reduction and energy use management for small businesses)