The Future of Money & Technology Summit
#FutureOfMoney - conference San Francisco about #crowdFunding #newBanking #mobilePayments #virtualCurrencies #socialCapital
26.4.2010 hotel kabuki SF
Whats the next innovation in finance after ebay and paypal?
>We still pay with paper and plastic, no exciting innovations at all.
Financial crisis is not over yet.
> Stronger regulations and no new models making it even worst.
Why is there no banking revolution in the Valley?
> Lendingclub and kiva could not become the next big thing. Maybe mint, blippy and facebook credits addressing a real customer need.
Why most mobile payment examples are from unbanked people?
> Is there no market need in the developed world?
#VirtualGoods and Markets panel
@BillTai #Charles River Ventures
@Vikas Gupta #social gold
#"You don't want to be a poker chip without a casino." On creating new virtual economies/currencies.
#social exposure helps protect against casual fraud
#ILindenlab (second life) annual currency market is more that $700 million
#big topic "Facebook credits" - fraud is their biggest concern before launch
@steveSchultz - Venrock (moderator)
@BhavaniRana - Intel Capital
@Christine Herron - First Round Capital
@JeffClavier - SoftTech VC
@konatbone TravasKalanick - entrepreneur, angel investor
#Do you see crowdFunding as a future competitor?
not seen yet, they still ask us for money, interesting, could fund we never would fund,
#Angelsoft invested the same ammount of money like VCs did.
#Summary of VC market end of April 2010 "liquidity is amazing and deals are happening fast" Hooray! VCs are investing again!
#Avg person has relationships with 11 financial institutions - no wonder it's so hard to manage.
#Success of blippy is their good PR coverage because of their controverse model.
#Jeff clavier: cost of acquiring an unbanked customer is $50
#Perspective from funding panel: each market is very different in compliance terms. global scaling is much more challenging
#What are your criterieas in A-rounds?
- nice people, exciting ideas (Angel)
- track record of the team (VCs)
@BenParr, #mashable - moderator
IPO market will never return to the place where it was.
Time to founder cash has gotten too long.
#DemoSession - on new technologies
#BillingRevolution @AndyKleitsch - mobile payment system
#HomeAccount @MarkGoldstein - mortgage comparison platform
>lead generation landing page and affiliate model
#plasticJungle @GaryBriggs - sell giftcards you dont want
> Why do we buy giftcards, to sell them later for 50% of the original price?
#shwowp @TaraHunt - customer focused ecommerce (forward your shopping data via email to comment on it)
> I dont get it before they launch it. Right now doing it on facebook.
#pageonce @GuyGoldstein - consolidated finance overview like mint + blippy
>They should allow sharing like blippy to get more user attention.
#a register and check it out
#enole @KurtCollins - zapcash: bluetooth ewallet with paypal on iphone
>just a paypal transaction on iphone. where is the innovation?
#blingNation @WencesCasares - RFID mobile wallet
> its gonna be hard to distribute a proprietary hardware to everybody
#expensify @DavidBarrett - create expense reports on your iphone
> blippy and mint just got funding and make the same issue more fun
#Compliance Issues - Will Voorhess, Silicon Valley Bank
money business is in the highest risk class of the high risk businesses
make sure: identity of your customers, security of transactions, controls about fraud, dont deal with terrorists etc.,
#new banking models panel
Laura hertzfeld - economystory.org
@bruce cahan - GoodBank
@Arno hesse - bernal bucks (german guy)
virtual currency ecosystem (pagerank 2)
"Financial crisis is not over"
@John bates - mindark.se
online game platform, 3D virtual world, virtual currency,
Lending club started 2007 very slow
Easy to use for everybody
facebook was not good for finance topics
banks will not go away
3needs: where is my money, better returns, transparent transactions
#mobile payments panel
@menekseGencer (moderator, she runs a #a linkedin group of moderator about mobile payment)
@billBarhydt - m-via
@redgSnodgrass - alcatel
@ronHirason - boku
#biggest challenges: carrier rates, sincerity is market ready to change, financial regulations, safety issues
# to many companoies try to sell tech instead of solving real problems (bonus cards,
# looks like mobile payments right now are only a topic for unbanked people in afrika, india etc.
#Single most imporant customer feedback - appreciation for simplicity.
Sponsors 1/2 of #futureofmoney @m-via @secondmarket @expensify @paypal @transfs @billshrink @mpayy @plasticjungle @pageonce
Sponsors 2/2 of #futureofmoney @socialgold @bling @sonic.net @collecta @mashable @ReadWriteWeb @BillingRevolution