I attended a recent presentation on Entrepreneurship sponsored by Bisnow, a local media company who, according to their founder, is trying to position themselves as the People magazine of business.
One of the presenters was Peter Barris, General Managing Partner of venture capital firm New Enterprise Associates (one of their investments is GroupOn). He talked about hot trends in entrepreneurship, and characterized these into four areas (sometimes interacting):
Barris said that the benefit of social media is that it allows new companies to scale their marketing at unprecedented rates, compared to the old models of advertising and field sales forces. He cited several examples of companies whose products or services had “gone viral,” reaching large numbers of potential customers within days or hours.
The cloud element (cloud computing and storage) also allows entrepreneurs to scale their companies quickly, only buying as much computing power as needed and being able to add more quickly. It is also much more cost-effective than building their own data centers.
I’ll continue with Barris’ insights in a future post.