Books In The Mail

Ev's Medium: Shaking It

Nieman Lab: 13 ways of looking at Medium, the new blogging/sharing/discovery platform from @ev and Obvious
Huffington Post: Medium, Twitter Co-Founders' Latest, Has Big Goals For Even Your Small Updates
CNet: Twitter co-founders preview Medium, a new publishing tool
GigaOm: With Medium, Twitter founders want to ‘reimagine publishing’ — again
MSNBC: Twitter founders start new 'Medium' social publishing site
Network World: Introducing Medium, the next big thing in Web publishing
PC Mag: Twitter Founders Unveil New Social Products: Branch, Medium
The Atlantic Wire: Medium Isn't Going to Save the Internet
Red Orbit: New Online Platforms To Share Ideas In Elegant Ways
PC World: Twitter Co-founders Seek to Shake up Web Publishing With Medium
App Advice: Twitter Founders Introduce Medium For Non-Bloggers To Speak To The World
Tech Week Europe: Twitter Creators Say Medium Is the Message
The Guardian: Twitter founders launch two new websites, Medium and Branch
San Francisco Chronicle: Medium is latest work from Obvious Corp.
GigaOm: Medium is well done, but is it the future of publishing?
Wall Street Journal: Twitter Founders Unveil New Publishing ‘Medium’
CIO Today: Twitter Co-Founders Launch Medium, Say It's Evolutionary

Someone once asked Sam Walton if retailing can be reinvented again. Oh yes, he said, it can be reinvented over and over again. That might be extra true for publishing.

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Cathy Erway: My Kind Of Chef

Cathy Erway was featured on the FoodSpotting blog a few days ago. No, the FoodSpotting blog is not on my blogroll, not yet, although now I am thinking why not, but I must have pressed the like button enough times that the FoodSpotting Facebook page is often in my Facebook stream. So there was Cathy Erway.

FoodSpotting's Dish As Starting Point
Twitter ---> Instagram ---> FoodSpotting

I remember exchanging a tweet or two with her over a year back. I was amazed to find her. The eating in concept is revolutionary, if you think about it.

The First Walmart Store

So Sam Walton decides he wants to take his company public. Although the company was in debt, its fundamentals were looking really strong. Besides he figured he could use the money generated from the IPO for the company's future growth.

So he shows up in New York, shows up at an investment bank.

"Hi. I am Sam Walton from Arkansas. I need to take my company public. Who do I talk to?"

The receptionist takes her to see that lone soul from Arkansas who happens to be working at that bank.

How Wal-Mart Got Started

Image via Wikipedia"In 1962, four new retailers were born. One called Kmart was started in Garden City, Michigan, another called Target was started in Minneapolis, another from Woolworth, the big name in retailing at the time, called Woolco was started, and the final one in rural Rogers, Arkansas, called Wal-Mart. Thirty years later, Woolco had met its demise and one of the other two was the largest retailer in the country. Surprisingly, the top retailer was the one from Arkansas."

The Guardian: It all began in a small store in Arkansas...: Four of the world's top 15 billionaires are from one family. ..... retail is a good place to be. Of the top 15 billionaires, nine made their money the old-fashioned way, by selling us clothes, food and furniture ..... together, the clan are nearly as rich as Warren Buffett and Bill Gates (the top two on the list) combined. ....... Sam Walton began his conquest of the world in 1945, with a loan of $20,000 from his father-in-law and a small variety store in Newport, Arkansas, where he established the practices that define present-day Wal-Mart: he kept prices as low as possible, stocked a wide range of goods, and stayed open longer than anyone else. His margins were small, but he sold large quantities, which meant he could bargain for even lower prices from wholesalers - policies that still drive smaller local stores out of business. ....... Even in his later years, when he was worth $24bn, he was famously frugal, opting for $5 haircuts (no tip), and cheap food at his local Wal-Mart. He drove an old pick-up and often borrowed money from his employees. And he was ruthless. "Some people try to turn it into this 'Save the Small-Town Merchants' deal, like they were whales or something that have a right to be protected," he wrote in his autobiography. But he was having none of it. "What happened was as inevitable as the replacement of the buggy by the car." When he died, in 1992, the state got almost nothing in taxes, because he had divided his wealth between his wife Helen, who died in 2007, and his children. ....... Wal-Mart employs more than 2 million people worldwide, meaning it has twice as many men and women in uniform than the US army. ...... A reporter for Fortune, strolling round Bentonville, Arkansas, was hard put to even find the offices from which their fortunes are run. ....... Rob Walton, company chairman (the CEO is a non-Walton, Mike Duke), worked in a small windowless room,
Image via Wikipedia 10ft by 10ft square ..... in fact, anyone who lives in Bentonville probably shops in Wal-mart for food, clothes, furniture and electronics, banks at Arvest, and, until recently, read a Walton-owned paper. They can drive down Walton Boulevard to watch sport at the Walton Arena. They can wander around the Walton Arts Centre, or go to the Wal-Mart Museum, where old Sam's office and pick-up are preserved exactly as they were the day he died. They can study at the Sam Walton business school, or fly from the Alice L Walton terminal of the airport.

Played Farmville After Long Months

Image via CrunchBaseI think it has been almost a year. I stopped after the game started acting funny. It simply would not load for me. Anu Shukla could not understand. She thought maybe my blogging stole me from Farmville. My conspiracy theory was that Mark Pincus was personally punishing me for having taken credit for an idea.

I tried the game on a Mac at an Apple store. Last year. Still not loading. Was that a Flash/Apple thing? I don't know.

Anyways, my Chrome Notebook did not arrive, and recently I bought myself a new computer, a PC, after having tried a Mac for a few weeks: I liked it. But if all you need is a browser almost all the time, the PC works just fine. And costs matter. Sam Walton is my hero.

More Sam Walton Than Bill Gates

My startup is a tech startup, sure. But it is first and foremost a high touch startup. Face time is key to my operations to be.

I keep thinking in terms of companies like Zappos. Zappos sells phone calls, not shoes. Customer service is key to how Zappos rolls. I also end up thinking about the offline components of companies like GroupOn.

Walmart early on became a major user of computer technology. Walmart collects so much data. Every transaction is valuable data. And you can only hope to make meaningful sense of all that data if you employ computers. So that's there.

But in microfinance, you can do all the tech trick in the parlor, but it still boils down to face time. The most precious time you will spend with your customers will be in person. Technology helps, but technology can't be front and center, that space is reserved for flesh and blood people.

Having Kenya And Chinatown Thoughts

Image via WikipediaMy startup is not even officially launched yet, and we already just went through a major reorganization. Some early people parted ways. I am blaming it on too much partying. A lot of early Facebook people left saying it is not easy to have a friend for boss.

I am now in touch with a major social media talent.

"The best people you can recruit are already working for someone else."
- Sam Walton

I started out with India thoughts. I got nudged towards Latin America. You have to start out in a middle income country first was the suggestion. I said okay. But now, with the reorganization, I got a clean slate all over again. And I find myself thinking Kenya.

My Third World Advantage

Image via CrunchBaseThere are five broad categories in tech: web tech, clean tech, bio tech, nano tech, fin tech. Each of those five categories are broad. Each has sub categories, and sub sub categories.

There is no next Google in web tech, there is no next Facebook in web tech. Google is the next Google. Facebook is the next Facebook. But the Googles and Facebooks of clean tech, bio tech and nano tech are still out there. They are still small. If you can locate them and put some money into them, you are going to end up uber rich. But it is not easy to locate them, not easy at all. Even the Google of today was not easy to locate when it was small. Yahoo could have had the Google search engine for a few tens of millions, but they passed up on the offer.

Who Hired You?

Image via WikipediaSam Walton is an inspiration of mine. I find Walmart, Dell and the dollar pizza places fascinating. I admire those who can keep the costs down.

Sam Walton had plastic chairs at his Arkansas headquarters. And this was after Walmart had gone public, and Sam Walton was a billionaire already. His logic was obvious. If we buy expensive chairs, the costs get passed on to the customers. It made perfect sense to buy plastic chairs. When he traveled for business, he made a point to stay in cheap motels.

I read his autobiography a long time ago. It is a slim book, a great read.

Millions And Millions

Image via CrunchBaseSteven Carpenter

TC Teardown: 13 Ways To Get To $10 Million In Revenues (Part I)

cheap to start but expensive to achieve scale

TC Teardown: 13 Ways To Get To $10 Million In Revenues (Part II)

media, paid service, and physical commerce ..... search, gaming, social networks, and new media ..... marketplace, video, commerce, retail, subscription, music, lead generation, hardware and payments ..... Video ad rates are typically amongst the highest in online media ($15-$20 CPM) ..... audio ads are not actionable, and display ads often get ignored (music apps tend to stay open in a browser tab in the background). ..... we will see an explosion of innovative hardware companies over the next few years

Steven Carpenter has done a good job of demystifying here, perhaps too good a job. I think the money is in the mystery. A business is much more than the sum of its parts. And there is that creative part, the human element to the sauce. Each startup really is unique, although it is perfectly plausible for a Steven Carpenter to come along and box them up into a few swift categories.

"It can be done over and over again," Sam Walton said. He was talking about reinventing retailing, of course.

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Rich People's Kids

Image via Wikipedia

So Bill Gates is on my BlogRoll, (so is Amitabh Bachchan), one the richest dude on the planet, another a fairly rich dude, but the most recognized face on the planet. And I was just reading one of his blog posts for the first time. In it he talks of a Buffett son. "Contrary to what many people might assume, Peter won’t inherit great wealth from his father." Well, why thank you, Bill Gates!

Bill Gates: Life Is What You Make It

Contrary to what many people might assume, Peter won’t inherit great wealth from his father.

Warren Buffett gave most of his money to the Gates Foundation, an entity I am a fan of. I never called myself a fan of Microsoft, although I have admired Gates' path in business greatly. I hope Buffett left at least one billion, or half a billion for his kids. Or I am going to think the guy is cheap, a rich cheap guy. Buffett's logic has been, "but I did not deliver my children myself either." As in, his children perhaps are not the best professionals to be doling out money. Let Bill G do it.

Sam Walton went the other way. Many people don't know this but Walton created more wealth than Gates: there is more money in people skills than in software, always will be. That Republican dude left everything to his children. I don't approve of that either. That is taking family values a little too far.

An honest rich guy is Larry Ellison. He was not born rich. He was born in "Chicago's Jewish ghetto" - his words - where you could hear "gunshots." He talks of having to eat "macaroni and cheese" late into his 20s. He claims his first wife left him because he "did not work hard enough." He went ahead and bought a boat, and that sent the wife into therapy. His second wife left him because he "worked too hard."

About money and children he said, "I am not going to pretend that my children are going to have to work for a living." That's my kind of a rich guy: brutally honest, interesting.

Although, did I say, I am a huge fan of the Gates Foundation? I am a Third World guy, after all. Bill Gates has challenged many racist viewpoints about the "bottom two billion," as he calls it. He is not talking about the first two billion he made, but the two billion poorest people.

Steven Spielberg once said about his huge wealth. "It's just numbers. Some accountant takes care of it." Bill Gates said only a few weeks back about being rich, after a few million, it does not really matter. Makes no material difference to your life. I buy into the Spielberg line. I have 47,000 followers on Twitter. I remember being very excited when I hit 2,000 followers. Me? What? Popular? At 47,000 it just feels like numbers.

Larry, again, has quite another attitude. "There is nothing that can be bought with money that I can not buy," he boasted to a biographer. Well, that car you see is going down Larry Ellison Boulevard.

There has got to be joy in actively giving. Dying and letting others figure it out can't be joyous. You are not even around. But I am not against financial freedom for one's children. They can still end up normal people doing good, productive work. I think.

Larry Ellison

There are only two income/wealth brackets that fascinate me: the dollar a day people, and the self-made billionaires. In between lies the gray zone.

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The Next Big Thing In Social Networking

The social has been all the buzz on the web for a few years now. And it is still going strong, for good reason. You might not remember Friendster, but that came along before MySpace. And MySpace was all

Image via CrunchBase

the rage. Then Facebook took over. Like Sam Walton claimed, you can reinvent retailing "again and again and again."

The social has been the web maturing. It is not about technology, it is about people. That is the message.

The joke at my high school back in the days was trousers narrow at the bottom and then go wide again a few years later. How else could the fashion pendulum swing? The social is the trousers going wide

Image via CrunchBase

at the botttom. But the pendulum will swing.

The next generation of social networking is going to be about the individual. That well defined individual's social interactions online will reflect the ones offline. You are closer to some people than others. You share more with some than others. Everybody on Facebook being your general friend is going to start looking bland.

Image via CrunchBase

But first Facebook has to run its course. Twitter already stole a lot of its buzz. Google Wave will likely steal a lot of buzz from both Twitter and Facebook. But Wave is still the pendulum swinging in the same direction. And Wave might remain a great way to collaborate on projects.

At what point will have the pendulum swung all the way? Perhaps when Facebook hits 600 million people? More?

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In The News

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~ The way of the world is meeting people through other people. ~
Robert Kerrigan


~ It's not what you know but who you know that makes the difference. ~
Annonymous


~ It isn't just what you know, and it isn't just who you know. It's actually who you know, who knows you, and what you do for a living. ~
Bob Burg


~ More business decisions occur over lunch and dinner than at any other time, yet no MBA courses are given on the subject. ~
Peter Drucker


~ Informal conversation is probably the oldest mechanism by which opinions on products and brands are developed, expressed, and spread. ~
Johan Arndt


~ It's all about people. It's about networking and being nice to people and not burning any bridges. ~
Mike Davidson


~ Position yourself as a center of influence - the one who knows the movers and shakers. People will respond to that, and you'll soon become what you project. ~
Bob Burg


~ In the earliest days, this was a project I worked on with great passion because I wanted to solve the Defense Department's problem: it did not want proprietary networking and it didn't want to be confined to a single network technology. ~
Vinton Cerf


~ Social networking sites like Myspace, Friendster, and Facebook have literally exploded in popularity in just a few short years. ~
Mike Fitzpatrick


Katherine Berry at Pajamas Media discusses social networking: "Having just spent another morning of my life reading the most boring details of other people's mornings, I've realized how very little things like Twitter, FaceBook, or FriendFeed actually contribute to one's life: it's more like sitting in a room full of over-caffeinated narcissistic Tourette's patients with ADHD who are all trying to be the most entertaining. And, really, what's so social about a monologue?"