At Xconomy’s Mobile Madness conference this week, entrepreneurs dished The Daily and talked about what works when it comes to starting a business. Robby Stein, Yahoo director of product development, said his prior work at Google helped prepare him for getting his mobile app Stamped off the ground. The app allows users to put a stamp of approval on restaurants, movies and anything else that’s sharable on a social network. Rich Miner, of Google Ventures, backed Stamped and agreed with Stein. He told the audience, “More and more I’ve heard seasoned entrepreneurs say the foundation they got working for large companies was really helpful.”
Duncan McCall, CEO of PlaceIQ cautioned that early stage companies have to kiss a lot of frogs when it comes finding the right funders. Rahul Sood, a partner at Bing Fund, said that putting money into startups comes with a lot of risks. “There’s a shitload of dumb ideas out there,” he said.
But large companies don’t always find their way. Jason Baptiste, CEO of Onswipe, pointed to The Daily, which he said confined access to its content behind a pay wall instead of making it interactive and sharable. “I think they sat in a room and said ‘what is the most amount of friction we can add to make this succeed,’” he said.