In a previous post, I discussed several “hot” trends in entrepreneurial companies, according to Peter Barris, General Managing Partner of venture capital firm New Enterprise Associates. These were:
The mobile element refers to the movement of computing and Internet access to smartphones and tablet computers. Barris said that the number of minutes consumers spend accessing Internet services on mobile devices now exceeds the number of minutes they spend accessing Internet services on desktop and laptop computers.
The local element integrates well with the mobility element of smartphones and tablets. We will quickly be getting to the point where a consumer can ask the question: “What deals (shopping, restaurant, etc.) can I get during the next two hours within a mile of where I’m currently located, and what ratings have other consumers given about this place so I know which deal to pick?”
These local and mobile elements, in combination, will enable advertising that is personalized and targeted to an extent not possible before.
Barris had one other interesting thing to say in response to a question about how New Enterprise Associates decides which entrepreneurs to invest in. He said that one things they try to detect is whether an entrepreneur has Cement Ear Syndrome, i.e., whether the entrepreneur is able to listen to suggestions from others. New Enterprise Associates tries to avoid those with cement ears because, Barris said, most companies will need to pivot and change direction as they grow to be successful. Not all entrepreneurs listen to others, or to the market.