The Real Story Behind AngelList: Interview with Founder @Nivi [Video & Photos]


Last Friday night, BostInno and Atlas Venture partnered to host AngelList Unplugged with special guest Babak Nivi. Nivi is the founder of popular blog Venture Hacks and of course AngelList. The goal of the event was to give entrepreneurs unique insights on how to raise money using AngelList. And there was no better way than to hear from the co-founder of the site himself. The sold out event was held in the  atrium of Atlas Venture’s office, which is also home to HubSpot.

In front of a crowd of 200 people, the event began with a fireside chat featuring Atlas partner Jeff Fagnan and Nivi. The two go back over 10 years to Nivi’s days as an engineering student at MIT. Fagnan made it clear that if we wanted to really understand AngelList, we had to understand Nivi. So we took a ride down memory lane.

Editor’s Note: I included time cues to where you can find the story in the video below.

The two met while Fagnan was at Seed Capital when a long haired, unmatched shoe-wearing engineer came into his office looking to become a venture associate. Regardless of his appearance (and thanks to Fagnan’s gut), Fagnan reluctantly hired Nivi.

At that time Nivi was in a fraternity called TEP, which turned out to be an incredible breeding ground for high tech startups. Datapower, Veracode, Covio, Squid Labs, Instructables all came out of that MIT fraternity. Nivi noted that a lot of that was luck, but he did always surround himself with quality people. (3:45)

After a seven year stint at MIT (Nivi joked that he should have dropped out way before) and after successfully raising a few rounds of investment, Nivi teamed up with Naval to write down their some of their entrepreneurial experiences and advice that they had come across over the years. And VentureHacks was born.

The tagline for Venture Hacks was “valuation is temporary, control is forever,” meaning that your valuation doesn’t matter today, what matters is your valuation when you exit, which is determined by how much you control of the company. The goal of the site was to level the playing field for entrepreneurs and share some of the great advice that the two founders had acquired along the way. (5:05)

Venture Hacks worked because entrepreneurs were always seeking the answer to one question, “I have a term sheet, is this a good deal?” said Nivi. ”But the real question [is] do [we] know any investors?”

“Dude,” Nivi recalls Naval saying. “Just make a list of investors and put it up on a web page.” (11:45) And just like that AngelList was born.

The site started as a simple list of investors on WordPress page and a Wuffoo form. “We asked investors the right questions though,” said Nivi. “How do you add value, how much are your typical investment amounts and how many investments do you do a year?”

“We’re trying to take the advice on Venture Hacks and productize it on AngelList.”

Now, startups and investors can create profiles and network in a private online community all through AngelList. The site has facilitated over 10,000 intros between startups and investors and somewhere between $100 to $200 million in funding has gone through AngelList. Jeff Fagnan referred to AngelList as “the most interesting and compelling thing that has changed venture capital in the last decade.” (14:25)

Today, 75 startups and 15 new investors sign up EVERY day. If you are a startup looking to raise a round of investment, it is imperative that you sign up and get on AngelList. (Find tips and tricks here)

Just like most startups, AngelList is constantly being iterated on. And Nivi was lucky enough to give us a sneak peak on what we can expect to see soon. (16:38)

The most prominent new futures include a job board and a one-click check out, essentially automating the funding closing process. These features could potentially save investors and startups thousands of dollars in recruiting and legal fees.

AngelList hopes to suck all the friction out of raising money for a startup. And they are well on their way.

Check out the video below of the incredible chat with Jeff Fagnan and Babak Nivi.

Don't have many Facebook friends? Blame it on your brain


Do you ever look at people on Facebook and wonder why they have so many—or so few—friends? It turns out that the number of friends you list online may be linked to your brain structure. New research in Proc B has found that the amount of grey matter in specific areas of our brain is correlated to the number of friends we have on Facebook, even though there's no correlation with real-world social network size.

Researchers already knew that the size of our real-life social network is related to amygdala size, presumably because the volume of this area of the brain limits the amount of social information we can process; those with large amygdalae tend to have larger groups of friends and acquaintances than those with smaller amygdalae. Since Facebook and other social networks have become so popular, researchers have begun to wonder whether this relationship holds true for online networks as well, or whether other regions of the brain are more closely correlated to the number of friends we have online.

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Mint Finally Comes to the iPad



Mint, the web-based personal finance manager, has finally come to the iPad.

Mint for iPad, now available in the iOS App Store, brings most of the website’s bill tracking and analytics features to the tablet. The app lets users access their financial data, analyze spending trends, get budget alerts and read tips for better managing finances.

The app’s home screen allows users to dig deeper into their spending by moving through the charts. The iPad is especially suited for this type of consumption experience, Intuit’s GM for Mint Aaron Forth says. It also includes a simple feature for searching through spending history.

The Mint iPad app also lets users add their expenses on-the-go. Purchases made with cash can’t be tracked automatically by Mint, but the app has a section for typing in these expenses so users can really get a full picture of their finances.

Mint, acquired by Intuit in 2009, boasts nearly 7 million users. It now tracks approximately $1 trillion in financial transactions and another half a trillion in loans and assets. Intuit also recently released a new version of its Quicken personal finance software that integrates many of the design principles that defined Mint.

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Why Women Make Excellent Entrepreneurs in the Digital Age



Mashable OP-ED: This post reflects the opinions of the author and not necessarily those of Mashable as a publication.

Nellie Akalp is CEO of CorpNet.com. Since forming more than 100,000 corporations and LLCs across the U.S, she has built a strong passion to assist small business owners and entrepreneurs in starting and protecting their business the right way. To learn more about Nellie and see how she can help your business get off the ground quickly, visit here or “Like” CorpNet.com on Facebook.

In 2010, women became the majority of the U.S. workforce for the first time in the country’s history. Also, 57% of college students are now women. While men continue to dominate the executive ranks and corporate board rooms, women now hold a number of lucrative careers: they make up 54% of accountants, 45% of law associates and approximately 50% of all banking and insurance jobs. These statistics, which appeared in Hanna Rosin’s Atlantic article “The End of Men,” have prompted considerable attention and debate.

Women are advancing in entrepreneurship as well. An American Express OPEN State of Women-Owned Businesses report found that between 1997 and 2011, the number of businesses in the U.S. increased by 34%, but the number of women-owned firms increased by 50%. That compares to a growth rate of just 25% for male-owned firms and has allowed businesses owned by females to reach 49% of U.S. firms — near parity with their male counterparts.

Why exactly are women advancing so quickly as business owners? Are women better equipped to thrive in this digital age? Is today’s business climate more inviting for aspiring women entrepreneurs?


The “Man-cession” and the Fall of the Single Income Household


The growth in women-owned businesses can partly be attributed to sheer necessity. Increasingly, families must rely on a dual-income household. Following increased unemployment rates and a higher cost of living, women stepped in to supplement household income, often to compensate for an out-of-work spouse.

Men took a bigger hit in the employment market during the recession. Traditionally male-dominated industries, like construction and manufacturing, have been severely affected by the economy. On the other hand, fields traditionally dominated by women, such as healthcare and education, have added jobs. The Bureau of Labor Statistics calculates that women make up more than two-thirds of employees in 10 of the 15 job categories projected to grow the fastest in the coming years.

As the recession hit, job-holding women worked more hours to support their households; and more women became the family’s sole wage-earner. In 2008, employed women contributed to 45% of household earnings — the highest figure in that decade.


The Digital Age and Childcare


Entrepreneurship in the digital age lends itself to childcare, a consideration that affects any discussion of women in the workforce. Young, single, urban woman are outearning their male counterparts; however, this trend reverses as workers age and start families. And even though many companies are replacing “maternity leave” with more gender-neutral “flex time,” it’s clear that working women will always be seeking that balance of career and family.

Virtual workplaces and digitally mobile lifestyles give aspiring women entrepreneurs the flexibility to achieve that balance. Digital tools mean that women can now build a business from home and create unique work schedules.


Essential Skills in the Digital Age


Do women’s strong communication and social skills make them more equipped to thrive in our post-industrial digital age? In short, do women have specific skills — whether the result of biology or social conditioning — that can help them succeed as entrepreneurs? In my experience helping entrepreneurs and small business owners launch their brands, I believe there are several traditionally “feminine” leadership qualities that are more significant now than ever.

1. Women possess strong communication skills and social intelligence. The digital economy requires these skills, and women enjoy a slight edge over their male counterparts (according to numerous studies). Rosin’s article discusses a Columbia Business School program that teaches sensitive leadership and social intelligence, including a lesson in reading facial expressions and body language. “We never explicitly say, ‘Develop your feminine side,’ but it’s clear that’s what we’re advocating,” says Jamie Ladge, a business professor at Northeastern University.

2. Women make good listeners. One study found that the collective intelligence of a group rose if the group included more women. Anita Woolley, assistant professor at Carnegie Mellon University, asks, “What do you hear about great groups? Not that the members are all really smart, but that they listen to each other. They share criticism constructively. They have open minds. They’re not autocratic.”

Whether due to biology or cultural conditioning, women tend to be better listeners and are stronger at drawing people into conversation. This translates to several advantages for the entrepreneur, who can better attune herself to customer needs and build more effective teams of employees, contractors and partners. In fact, many women entrepreneurs often describe building their business as building a team.

3. Women collaborate. Women have worked well together since the earliest female enterprises, whether dividing grains in the village or working in quilting bees. Even some of today’s cultural stereotypes have legs, for instance, women’s joint trips to the restroom!

A 2009 Time magazine article by Claire Shipman and Katty Kay says, “[Women are] consensus builders, conciliators and collaborators, and they employ what is called a transformational leadership style — heavily engaged, motivational, extremely well suited for the emerging, less hierarchical workplace.” The article, entitled “Women Will Rule Business,” cited projections from the Chartered Management Institute in the UK. Looking ahead to 2018, CMI believes the work world will be more fluid and virtual, and the demand for female management skills will be stronger than ever.

4. Women prefer lower risk. Researchers have begun focusing on the relationship between testosterone and excessive risk, thus evaluating whether groups of men spur each other toward reckless decisions. Whether testosterone influences decision-making or not, research shows that, as a whole, women prefer lower risk opportunities and are willing to settle for lower returns.

Risk aversion may go hand-in-hand with motivations for starting a business. A 2007 study from the Small Business Administration (Are Male and Female Entrepreneurs Really That Different?) observes the differences between male and female entrepreneurs in the U.S. The results found that male owners are more likely to start a business to make money, and have higher expectations for their business. Women are more likely to prioritize that business and personal lives work in harmony.

The digital age offers a wealth of low-risk opportunities. Ventures like blogging, web-based services, ecommerce and software development require smaller upstart costs than manufacturing-based, brick and mortar type businesses. Cloud-based tools and virtual workforces further lower the cost of entry, making the idea of starting a business more feasible and/or palatable for risk-averse entrepreneurs.

But a strength can also be a weakness. Yes, the tendency to minimize risk can lead to higher success rates for female entrepreneurs (that 2007 SBA study linked above found that woman-owned businesses were more likely to have positive revenues). However, risk-phobia can also mean women are more likely to limit the size of their businesses, and less likely pursue outside funding from investors to fuel growth (which might partially explain the abysmal discrepancy in VC funding between the sexes).

On average, men-owned firms are larger than women-owned firms. In firms owned by men, twice as many have 10 or more employees, and three times as many have reached the $1 million revenue mark.

It’s up to each individual business owner to define the goals of his or her business. If a woman chooses to pursue a smaller business venture that lets her balance her business and personal life in more harmony, more power to her. For now, I think we should celebrate the growth in women entrepreneurs, but also wonder if woman-owned high growth startups are an under-utilized resource in our economy. It’s time we made space for the underdog — if that term even applies anymore.

Images courtesy of Flickr, www.jeremylim.ca, Bertelsmann Stiftung

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“Half of the venture capitalists in Boston have not written a check in the last 12 months.” #unCon


Most funded startups never make it past the initial seed round. What is stopping them? Three of Boston’s top investors – TechStars’ Katie Rae, Matrix Partners’ Antonio Rodriguez, and Eric Paley of Founder Collective – gave a bit of insight into what can make or break a startup aiming to make it to the next phase of funding.

1. Balance is everything.

A great idea is nothing without development. A great product is nothing without marketing. “It takes a fully-formed founder team, both on the engineering and the marketing side,” says Rae. “You have to be both. You cannot be a cobbled-together team. You need true traction and balance.”

2. The (actual) presentation should…

“I know it is en vogue to ‘put away the laptops’ and ‘just talk,’ but you need a way to tell your story,” says Paley. “I’m one of the few guys who still believes in PowerPoint. Quite often, some of the right questions will not be asked if you’re just having a face-to-face discussion. The old-fashioned presentation is a way you can make sure you’re putting everything you need out there on the table.”

3. Learn what works as fast as you can.

If something doesn’t work, scrap it. Learn from it. Rinse. Repeat. “People just  throw things at the wall and see what sticks,” says Paley. “People are getting swings, but not always a ton of at-bats. Little pivots and big pivots. They key is actually to change up your game as early as possible. Taking too long to learn the inevitable. If you learn in a day what it takes others six months to learn, you’ll get more chances to swing at the plate.”

4. East Coast VCs are not always willing to work with one another.

Even with all this talk of Boston’s nurturing startup community, competition will always be in play—quite often when it comes to those looking to fund the next big thing. Most big investors are looking to make an initial contribution of at 20-25%. Splitting it between two funds would mean 10%, and the larger VCs are not willing to go after 10% each round. “Elbows are sharp up here,” says Rodriguez. “Most East Coast VCs are not willing to work with one another. A lot of it has to do with capital intensity and the quality of the partnership, but there are a lot of investors I would definitely be happy to invest with.”

5. Even if you don’t get funding, you can still get feedback.

“Quite often, VCs will give you generic excuses—not enough traction, lack of market,” says Paley. “Frequently these are generally true, but can be thrown out there with much thoughtlessness. But it is a two-way street. Some entrepreneurs can’t take the criticism. If you are open-minded to feedback, and you take it well, it encourages VCs to give it.”

“When I turn a deal down, I try and give specifics, but if you don’t want it, you’re not going to get it,” says Rodriguez. “The worst part of our job is saying no. If your response is a verbal attack, you’re not getting my feedback.

I’ll leave you with a quote…

“Half of the venture capitalists in Boston have not written a check in the last 12 months.” – Eric Paley

Is it lack of business-development balance? An over-abundance of startups in the area? Uncertain economy? Do you think this trend will change Boston’s ecosystem?

Google TV Take Two Launches Next Week with Streamlined Interface, Android Apps


Back in May 2010, Google announced plans to launch "Google TV", a software offering available either in a set-top box or built into TV sets and designed to integrate television with the Web. Google TV officially launched in October of that year, but has so far failed to catch on with consumers.


Addressing the platform's shortcomings, Google today announced that early next week it will launch a major software update intended to significantly improve the functionality of the Google TV software. Among the most notable improvements are a streamlined interface with improved searching capabilities and compatibility with apps through the Android Market.

The interface is now much simpler. The new customizable home screen gets you to your favorite content quickly. And within “all apps” you can see all of your shortcuts, similar to your Android phone or tablet.

...

We are opening up the TV to the creativity of content creators large and small through Android Market. Android developers can now bring existing mobile apps or entirely new ones to TV. Initially, the number of apps won’t be large – apps requiring a touch screen, GPS, or telephony won’t show up – but 50 developers have seeded the Market with cool and useful apps for the TV. We’re excited to see the number of apps grow.

The update will be rolling out to Sony devices early next week, with Logitech's set-top boxes set to receive the update shortly after.


Google's movements in the television space have been closely watched by Apple observers, in part due to Apple's own efforts in the market with the Apple TV, which was relaunched late last year as a set-top box for streaming content. Apple has also been said to be working on its own connected television set, with the most recent report arriving yesterday and indicating that Apple is seeking to launch a Siri-enabled TV by 2013.


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Bloomberg TV and DirecTV Debut New Live Streaming Services for iPad



Financial media and data company Bloomberg today launched a new Bloomberg TV+ app for the iPad, offering free, ad-supported live streaming of the financial news channel.
- Live TV: Bloomberg Television Live 24-hours a day
- Featured videos: The biggest business stories right now prioritized by importance
- Last 24 Hours: All the important business stories from the last 24 hours
- Exclusive interviews with the most influential people in business, finance and investment
- Original content produced for mobile
- Bloomberg's critically acclaimed shows on demand
Bloomberg TV+ also allows users to download video content for offline viewing, view bonus content, set reminders for live shows, and share videos via social media and email.


Meanwhile, satellite television provider DirecTV yesterday updated its iPad app to provide free live TV for subscribers. Like several other similar apps from cable companies such as Time Warner, DirecTV customers can only view live TV on their iPads while in their home and connected to the same Wi-Fi network as their DirecTV HD DVR.

What's new

Turn your iPad into a portable TV and watch your favorite shows in any room of your home.
- Quickly scroll through a list of channels available to watch on your iPad with a dedicated “Live TV Streaming” Module.
- Get tips in the help section to guide you through features in the app.
- Set parental controls to block live TV channels viewed on the iPad.
- Change start and end times to add padding to a program when setting a recording.

DirecTV is offering an initial batch of over three dozen channels for live streaming to the iPad, with additional channels presumably coming in the future. The DirecTV app also offers easy transitions from iPad to TV, allowing users watching a channel live on their iPad to simply swipe up on the video to have their DirecTV DVR automatically tune to the channel for viewing on their television set.


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Internet bandwidth report: Have we reached "Peak Netflix?"


Remember that Sandvine report published five months ago that called Netflix the "king" of North American fixed download Internet data? That survey estimated the online video company's share at 29.7 percent of all peak download time, a 44 percent boost in Netflix's share of traffic since 2010.

Well, Sandvine has issued another estimate. Netflix now accounts for 32.7 percent of all North American peak fixed access downstream content. That's a relative increase of almost ten percent since the spring, and it puts Netflix way beyond the the other three top Internet protocols or services by daily volume—approaching double HTTP (17.48 percent), just shy of three times YouTube (11.32), and nearly four times BitTorrent.

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Livestream Reinvents Itself, Becomes the “New Livestream”


livestream image


Livestream, the popular live streaming site which essentially coined the term, just announced a serious relaunch under the title “New Livestream.”

New Livestream will retain all the same video features of Livestream but with a suite of social and multimedia tools. Users and event hosts will now be able to combine streaming coverage with real-time photos, messages, social posts and video clips. This will make New Livestream much more interactive and immersive than its predecessor.

The new player will have adaptive video quality, meaning it will naturally scale video quality (up to 720p HD) depending on a user’s Internet connection or computer speed. Livestream has been known to overload with heavy traffic, causing videos to skip, pause or crash entirely. The adaptive tech should help create a more seamless viewing experience even if it might be a little blurry for some users.

Livestream has been duking it out with YouTube to be the top video site. It recently created channels and subscriptions, much the same way that YouTube does, while YouTube has been running more live-streamed concerts and events.

New Livestream is available as an open beta providing that users follow the content of Livestream’s launch partners, such as the Volvo Ocean Race. It’s not an ideal bargain, but it beats having to pay to get on the new platform. Web and mobile developer tools will be released in December along with a renewed focus on brand and event-based channels. The New Livestream will be fully open by April 2012 for free and premium users.

It’s clear that Livestream is trying to keep up with other video sites that have jumped ahead in terms of features and social integration. Can New Livestream help keep it relevant? Does Livestream have a chance of taking down YouTube? Is that even the point? Let us know your thoughts in the comments.

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