Monthly Archive: October 2009

VC Fundraising hitting bottom?

The latest NVCA Numbers on fundraising of VC Funds are here, and essentially it is falling of a cliff. In Q3 of 2009 only 17 funds raised capital. While this will probably go up to 18 or 19 (initial numbers by the NVCA usually are corrected upwards in their later reports) this is still abysmal.

VC Fund Raising 3Q2009

Based on the back-of-the-envelope math in my previous post this rate of fundraising would mean venture captial would shrink to a little over 200 firms or a quarter of its current size. While possible, that seems pessimistic. From what I hear from people in the VC industry, there is at least some evidence that investors are still interested in VC as an asset class and investments will increase as the liquidity of long-term investors gets better. I think there is a chance that this is the low point of the fund raising activities for this downturn.

Moving your memory to the cloud

I had the privilege today to be on a great panel this evening organized by the Churchill Club on storing your data and personal experiences in the cloud. The discussion was kicked off by Gordon Bell (photo to the right) who recently published a book on the subject called “Total Recall: How the E-Memory Revolution Will Change Everything“. The book is a great read and I can definitely recommend it. While I have been moving a lot of my data to the cloud, my efforts seem trivial compared to Gordon’s vision.The discussion on the panel was fun with Rob Coneybeer of Shasta Ventures, Suni Vermuri of reQall and terrific moderation from Barron’s Eric Savitz.

One of the more interesting discussions was around what companies will do well in this space. It was great to see how Evernote, reQall and Eye-Fi (all represented by the people on the panel) integrate their services. I think the fact that many data stores with relevant information have no APIs for integration is one of the main issues that this emerging sector is facing.

AskSunday – Not the right virtual assistant for me

Note: AskSunday is a legitimate company, however there is a scam that uses the name of AskSunday (and variations including MakeSunda, Ask-Sunday, 5 Star Concierge LLC) to defraud people. See the comments below this post for lots of information about the scam. I also wrote up a short summary in this ost.

I am currently looking for a virtual assistant that can help me with simple everyday tasks such as scheduling meetings, dealing with call centers, organizing travel and simple research tasks. After hearing good things about AskSunday I decided to give it a try. Overall it was a disappointing experience. Ask Sunday feels very much in beta and the staff doesn’t seem to be up to the task. The basic test assignment (schedule a haircut) was not successfully completed after one week and 25+ emails. If anyone has a better experience with another service, please let me know.

Going into this experiment, my thinking had been that the two biggest challenges when working with a virtual assistant would be context and security. The problem with context is that an assistant knows very little about me, my job(s), where I live, how I organize my life etc. For the assistant to be successful I need to provide a lot of detail (e.g. it takes 30 minutes from Stanford to the place I get a haircut , leave that much buffer please) which reduces the time saving. The second problem is security. Assume I want to call my dental plan about a billing issue. At a minimum the assistant needs access to my health records, social security number, credit card information,  address and online credentials. The perfect Identity Theft Starter Kit. But it turned out with AskSunday I never got far enough to even get into these issues. Details below.