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Wakoopa Secures $1 Million for App-Monitoring Social Network

Mon, 02 Jun 2008 09:40:59 -0700

Wakoopa, the application monitoring service that we’ve described as a Last.fm for desktop apps, has raised $1 million in a funding round led by Big Bang Ventures and HENQ Invest.

Wakoopa monitors the amount of time each application is open on a user’s desktop (or iPhone), and uses the aggregated data to create a social network. The site also serves as an application database that can be used to look up general information or reviews.

Wakoopa launched in May 2007 and has grown to 30,000 users that that have generated 250 million hours of software usage data. The site has compiled the data to create Alexa-like graphs, though most of the data is highly biased towards the tech-savvy.

RescueTime is a similar offering in this space, but it is geared more towards improving productivity than discovering new useful applications. You can see a recent analysis we did on their data here.

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The F|R Interview: Y Combinator’s Paul Graham

Sat, 03 May 2008 02:15:25 -0700

Editor’s note: For the sake of accuracy, we have replaced the edited questions and answers with their unedited version (save for some minor stylistic changes). We sincerely apologize for any confusion.

This week Found|READ interviews software entrepreneur Paul Graham, co-founder of the influential startup incubator, Y Combinator.

Since 2005, Y Combinator has seed-funded 250 founders and over 45 startups including Justin.TV, RescueTime, Weebly and Zecter. Many other “YC shops” have quickly achieved liquidity events, among them Reddit (Condé Nast) and Auctomatic (Live Current Media). Fresh from Y Combinator’s fourth annual Startup School ‘08, Graham talks about the competition, various success factors, and how Y Combinator picks its winners.

F|R: What is the mathematical function from which Y Combinator
takes its name, and why did you choose this?

Graham: It’s a function that builds recursive functions without them needing to have names. The Y Combinator is one of those things that seems miraculous when you first encounter it. You wouldn’t necessarily have expected such a thing to be possible. We named the company after it partly because we thought it was such a cool concept, and partly as a secret signal to the kind of people we hoped would apply.

F|R: How quickly can you now tell whether a startup will make it? And what are the key characteristics that indicate potential success to Y Combinator?

Graham: We can never tell for sure. No investor can. But we are trying hard to get better at predicting.

I think the key quality is determination. The founders who do the best are the type of people who just refuse to fail. Most startups have at least one low point where any reasonable person would give up. That bottleneck is the reason there are so few successful startups. The only people who get through it are the ones who have an unreasonable aversion to failing.

F|R: I know you’re not a fan of Y Combinator copycats (TechStars, Y Europe, Seedcamp, BoostPhase, Basecamp etc.) but what is it about the original Y Combinator model that distinguishes it from these copycats? What aspects of your model cannot be copied and how is Y Combinator positioned to succeed where these others may not? Or, has you opinion changed, do you think your model be replicated and is that a good thing for entrepreneurship?

Graham: There are a few things they haven’t copied correctly, but really it’s not our model that distinguishes us. It’s the people that make the difference — not just us, but the 250 or so founders we’ve now funded. The amount of knowledge accumulated in all these heads is remarkable.

F|R: I read that when you call Y Combinator winners, the founders have only five minutes to accept. (”If people turn us down,” he says, “as far as we’re concerned they’ve failed an IQ test.”) Have startups turned you down? Are there any that have turned Y Combinator down and still gone on to succeed with a liquidity event?

Graham: You’re confusing two separate things. The reason people are supposed to decide quickly whether or not to accept is that they already know everything except the percent we’ll ask for. They’ve already seen the deal terms, and they already know as much as they’re going to know about YC before actually working with us. So they should already know when we call what percentage they’d be OK with. Since all they have to do is subtract one integer from another, five
minutes should be enough.

The “IQ test” quote refers not to how fast they have to decide, but the amount of equity we usually ask for. In the median case it’s 6 percent. If we take 6 percent, we have to improve a startup’s outcome by 6.4 percent for them to end up net ahead. That’s a ridiculously low bar. So the IQ test is whether they grasp that.

There was one startup that turned us down because they received an acquisition offer during the weekend when we did interviews. It was a pretty good offer. I’d have taken it in their position, and
they did. But other than that I don’t know of anyone who turned us down and went on to succeed. There have only been about three others who turned us down.

F|R: For practical purposes, how did you determine the 12-week term of each Y Combinator class? Why is three months the right amount of time, but two too few, or six months too long to properly “incubate” these startup ideas?

Graham: We discovered it by accident. When we first started YC, we began
with a summer program. We were trying to learn how to be investors, so we invited college students to come to Cambridge and start startups instead of getting summer jobs.

Now we’re looking for founders who consider the startup as a real job, not just a summer one. But we kept the 3-month cycle because it is a good length of time to build a version 1. Some startups may not be able to launch in such a short time, but they should all be able to build something impressive.

F|R: What is the ONE thing founders can/should do to increase their odds of succeeding in the Y Combinator “American Idol-meets-WIRED” competition? Is Andreessen right that “the market” matters more than the idea, the tech, and even the talent?

Graham: Get good co-founders. You can’t change who you are, at least not in a short time. And the idea doesn’t matter to us as much as the people. So the best thing any individual can do is find good people to work with.

I think Marc may be right that market is the biggest determinant in the outcome of successful startups. But that’s not unrelated to the qualities of the founders. Smart people will find big markets.

Y Combinator Demo Day Roundup for Spring 2008

Fri, 14 Mar 2008 12:43:42 -0700

The fledgling startups listed below will present their ideas and initial products to investors at this spring’s Y Combinator Demo Day on March 18. Of the 19 companies in this batch, 10 have already launched and only one remains in stealth mode. Most of them have been in development for only three months.

Chatterous

Chatterous connects various forms of communication so that people can message each other regardless of the form they use most. Currently the service ties SMS, email, IM, and web together so that messages sent using one technology will be received by others using any of the other technologies. This works by setting up a group on Chatterous’s website and putting down all the ways your friends can be contacted. You can then start sending messages to them immediately, meaning that they don’t even have to change their own behavior all that much. Chatterous launched in public beta last week.

Addmired

Addmired provides the AddHer and AddHim social network widgets, both of which display two user profile pictures at a time and ask users to answer certain questions about them, such as “Who’s more popular?” The founders argue that their widgets are more appealing to social network owners than other widgets, because they help drive traffic within the social networks, not siphon traffic out of them. They look to establish service level agreements with some of the smaller social networks. We covered the service in February here.

Snaptalent

Snaptalent is an advertising network for job listings that uses IP detection to determine whether website viewers work or study at particular companies or institutions. It then displays listings from employers who want to attract workers from organizations known for their talent, such as Facebook or Harvard. See our review of the service from this week here.

RescueTime

RescueTime helps individuals and businesses track how they spend their time at the computer, and consequently, find ways to become more productive. The web-based dashboard charts application and website usage over long periods of time and shows you whether you’ve been reaching your goals. So far, 278 businesses have signed up for RescueTime for a total of 26,132 seats. See our review from last May here.

MightyQuiz

MightyQuiz is a user generated quiz destination and widget provider that we covered recently. Users are encouraged to answer trivia questions from a wide range of categories. They can also submit their own questions and embed them on their sites. The site is very sticky: the average session lasts 8 minutes (or 19 questions). As a comparison, the founders claim that Slate has an average session length of 4:22 and Wired has 3:34.

Tipjoy

Tipjoy is an easy micropayment system for the web. It has been designed to cut out the steps necessary for website visitors to leave small amounts of money for content publishers, such as bloggers. The Tipjoy button placed on a website asks for only an email address and by default registers a donation of 10 cents. The service is nearing 70,000 impressions per day and the founders are exploring different models for micropayments, such as employing them to finance high definition video on the web. We wrote about Tipjoy here.

8aWeek

8aweek promises to save you hours of time wasted each week on time-drain websites like Facebook and Drudge Report. The 8aweek browser toolbar will track your website usage, remind you of how much permitted time you have left on each restricted site, and even block you from particular sites once you’ve spent too much time on them. See our review from February here.

WebMynd

WebMynd provides a visual interface for reviewing your browsing history. The founders draw comparisons to Gmail - just as Gmail obviated the need to sort messages into folders by providing effective search and tagging, WebMynd renders it unnecessary to manually bookmark sites and organized them into folders because it’s easy to search and visually flip through the pages you’ve visited. WebMynd operates as a Firefox toolbar and has already indexed 8M page impressions. We wrote about them in January.

BaseShield

BaseShield will protect Windows PCs from malicious viruses and attacks by leveraging virtualization software. Its methods improve on existing anti-virus solutions by preventing all types of attacks, not just the recognized and documented ones. The service has yet to launch.

Insoshi

Insoshi is an upcoming white label social networking platform. It will differentiate itself from many of the other social networking platforms by taking a completely open source approach (think: WordPress of social networks). The software has yet to be released.

Mixwit

Mixwit describes itself as a combination of Slide and iTunes. While it has more ambitious long-term plans, it currently provides an easy way to make sharable mix tapes with songs found through the MP3 search engine Seeqpod.

Omnisio

Omnisio will help you annotate and share videos from any website. It will also add structure to the existing video content on the web. The service has yet to launch.

Deluux

Deluux aims to become a distributed Facebook, or an inverted Ning, by relocating the center of people’s online identities to their websites, which exist outside of any one social network. The service will facilitate the distribution of personalized content around the web and help drive traffic to these personal websites. It has yet to launch.

Wundrbar

Wundrbar wants to improve upon the search bar experience by providing users with powerful inline commands. The idea is reminiscent of YubNub but Wundrbar strives to appeal to a larger audience and to incorporate functionality that helps people manage their personal online accounts in addition to searching the web.

YumDots

YumDots wants to be the go-to mobile application for finding places to eat when out on the town. Its emphasis on using interactive maps to display information about local restaurants makes it more efficient than other mobile review services like Yelp’s. The service has yet to launch.

280 North

280 North will debut with a web-based PowerPoint clone called “280 Slides” that strives to mimic the desktop experience and features the ability to export presentations to PowerPoint format. The founders’ longer term goals consist of providing a JavaScript-based development framework for building desktop-like applications for the web. None of these services, however, have been launched yet.

Kirkland North
Kirkland North wants to take an infectious campus-wide game popular at Yale and Harvard last year and spread it to other campuses around the country. The Risk-like game pits sections of campuses against each other in a virtual battle for university-wide domination. While the founders have plans to roll out an integrated solution that can serve many institutions at once, they are currently rolling out individual versions of their online service, such as one for Stanford that launched only two weeks ago and already involves 20% of the campus.

Joberator
Joberator will help employers find developer talent by encouraging computer science students to refer their developer friends, of whom they have more intimate knowledge than any professional recruiter. Incentives for personal referrals are created by employers who list the bonuses they will pay to pay those who recommend candidates eventually hired. The service has yet to launch.

CrunchBase Information

Y Combinator

Information provided by CrunchBase

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8aweek To Help You Kick That Internet Time Wasting Addiction

Fri, 15 Feb 2008 00:38:33 -0800

New Y Combinator startup 8aweek aims to help you stop wasting all that time on random Internet sites. They offer a Firefox plugin that monitors the web sites you visit and how long you spend on each site. If you are on a user-defined “restricted site,” the plugin will tell you when you’ve spent too much time there. Or alternatively, it will block sites if you tell it to be a little more aggressive about time management.

Some users may not be all that Interested in having the plugin try to change their surfing habits. But the service also provides an interesting chart showing all the sites you visited the previous 24 hours and how much total time was spent there. Some users may be surprised to see, for example, just how much of their life is spent on Facebook. The product includes a privacy option that allows users to turn off monitoring, or have the data stored only on their PC, not the Internet.

The company is offering the plugin for free; they want to make money by selling the service to businesses who want to limit the amount of time their employees waste on the Internet. Today businesses can buy a web filter to block access to known time wasting sites. But filters don’t catch everything, and some companies may want to take a softer stance by simply monitoring time on these sites rather than blocking them outright.

8aweek is very similar to RescueTime, another Y Combinator startup that launched last November. RescueTime montiors usage of both websites as well as desktop applications, so the products are not identical. But the products seem too close for comfort - I’m surprised Y Combinator is backing both of them.

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RescueTime Out Of Private Beta, Tracking How (Un)Productive You Are

Thu, 15 Nov 2007 00:43:49 -0800

Tony Wright has been up to a new project since selling two-month-old Jobby to Jobster last May. It’s called RescueTime and it’s meant to help manage your time and stop you from ending up like this guy. We looked at the product previously, but they’ve now come out of private beta. Wright and his team have also taken funding from Y Combinator, and stand in stark contrast to the usual twenty-something ramen-eating stereotype of YC founders.

Wright and his team wanted to make their time management tool as seamless as possible. So unlike other more manual tools or logs, ResucueTime is a desktop/web-based productivity tool that automatically tracks how long and where you spend time on your computer, be it Mac or PC. All the data the program collects is sent to your online account every half hour where it can be analyzed or shared with team members through their analytics package. Their souped up stopwatch tracks what program you have in focus and for how long. It also allows for advanced features, like program tagging and grouping, and can easily be turned on and off.

Currently, it doesn’t get all too specific about what you’re doing other than the program’s name or tag. But for web browsers, it will track what domain name you’re on as well (IE, FF, Safari). In part this limitation is because of RescueTime’s privacy concerns and in part because RescueTime can’t yet recognize what file is open. They don’t want to play Big Brother, so users can always delete time entries or shut off the program for some alone time. However, since they only list the domain you’re surfing, your stats will probably see a lot of time on Google and Yahoo since they don’t recognize these sub domains.

Although my own particular experience of using the application wasn’t all too enlightening, project teams could find it as a useful way of collectively managing time as the product gets more nuanced in the data they collect. After a day of trying it out, I found (surprise) I spent of a lot of time on Firefox surfing TechCrunch and Techmeme, while sifting through email.

RescueTime

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YCombinator

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