Hooper, Patel and Dyor at the WTIA Predictions event.
Last week, the Washington Technology Industry Association (WTIA), a Sterling client, hosted their annual “Predictions” event – bringing together some of the brightest minds in the Seattle tech industry to get their take on what trends and events defined the previous year — and what will be big in the coming year. This year’s panel was unique as it looked at the tech industry from a VC perspective, as all panelists came from various stages in the investment process.
From the traditional VC perspective was Steve Hooper, founding partner at Ignition. Matt Dyor, managing director of the Microsoft Accelerator, spoke from the incubator perspective; and Sujal Patel, former president at Isilon, shared his viewpoint as an angel investor. The panel was moderated by Enrique Godreau III, managing director at GSharp Ventures.
When asked what was one of the most important qualities of a company seeking funding, all agreed that the willingness to listen was important. According to Hooper, “If they can’t listen, they can’t take advice.”
When Godreau asked the panel their opinion as to what trends were on their way out, Dyor was quick to note that zero revenue models are waning. Companies and investors now are interested in monetizing from the start. Patel said that VCs have already funded too many cloud companies, and Godreau noted that that consumer Internet entertainment is overcrowded.
Panelists were next asked what scares them, and most agreed that losing our entrepreneurial spirit would be the demise of innovation. According to Hooper, certain government regulations could threaten an environment that fosters entrepreneurialism. Patel noted that China and India are poised to step in and fill America’s entrepreneurial shoes, should the U.S. lose its entrepreneurial drive. On a related but more local scale, Dyor cited the talent flight to Silicon Valley, should entrepreneurship wane in the Pacific Northwest. Godreau cited an entirely unrelated fear and a valid question: “who owns my ‘data exhaust?’”
When asked which industry is next to be transformed by technology, Dyor answered with “my inbox.” Patel referred back to “data exhaust,” noting that big opportunities await for those who find a way to analyze it and turn into action. Hooper hoped we would continue to evolve phones, citing technologies such as RFID and calling us a “click and done society.” Godreau believed the next revolution was lurking in the education industry, which stands to impede the next generation of entrepreneurs if standards don’t improve.
Next, Godreau asked the panelists what they were surprised hasn’t been fixed yet. Both Hooper and Patel referred to phones again, with Hooper lamenting why in this day and age, we still find dropped calls normal and acceptable. Patel commented on how ridiculous it was that email is still so limited on your smartphone. Godreau laughed at the fact that three way conference calls are still so difficult!
When asked whether there is a social media bubble, both Dyor and Godreau agreed that the next step is finding value. According to Godreau we’ve delivered entertainment, now how to we deliver value?
In closing, Hooper noted that there’s a lot of money to be raised, even in bad times. If it’s a great idea, great ideas get funded.
Patel added that there are so many misunderstood ideas, where no one believes in a product but the founder.
Misunderstood ideas? Sounds like clear messaging and a good communications strategy may be the answer, if you ask me!
Amanda Hoffman can be reached at firstname.lastname@example.org. Follow her on Twitter @hoffmandy.
Image via GeekWire.com.