Yesterday Techmeme covered the Twitter Business Model meme
and being an avid AVC blog reader, I immediately knew we (the technology blogosphere,
Twitter fans, etc.) needed Fred’s input, for two separate reasons:
1) He
has great insight about the web and the business worlds
2) He’s
an investor in Twitter
And this is why I love Twitter. I twittered the idea above,
wondering what Fred would think, and then sent him a quick "@fredwilson"
tweet (see Dave Winer’s recent podcast explaining the power of @ symbol on
Twitter). Now Fred’s a busy guy and on vacation presently but he’s a hardcore blogger
(part of the reason I respect him and always read his posts). That means he’ll
respond and get engaged in this conversation even if he’s half-way across the
world (which he is).
So why do I love
Twitter?
1) For this simple yet powerful example above. I can post a
message, tag it to a particular conversation and to a particular person, and
instantly know that someone like Fred, who, granted is super-connected, will
see the link/gesture, whatever you want to call it, and join the conversation.
Email could have done the same thing but it would have been
overkill and antithetical to the basics of this entire Twitter conversation.
Email occurs in a private silo while engaging people in this
discussion should be a public and linkable event. Not only will Fred see
the tweet but all of my Twitter followers (no, there aren’t many) but Twitter
goes to my blog, to Jaiku in case you find me there, to my Tumblr page, and
could go to my Google Reader or Facebook page too if I wanted.
I can’t link to an email I send Fred and that email wouldn’t
become a part of the conversation. The beauty of Twitter here is precisely that
the message I send Fred regarding Twitter used the platform itself to demonstrate
it’s own power. Quick, efficient, linkable, and public so that everyone can see
the conversation develop. Email can’t do that.
2) Listening to the Dave Winer podcast, he referenced
one of his Twitter followers, NewMediaJim, who happens to be involved in new
media and is based in DC, as I am too. I would never have been introduced to
Jim otherwise and now I’m following him on Twitter.
Part of Chris Anderson’s Long Tail idea is premised on the
fact the internet becomes a better discovery engine, that in a world of
infinite choices we need better tools to help us discover relevant content,
news, people, etc. Twitter does just that.
Serendipity perhaps, but I discovered a new contact thanks
to Twitter (and Dave Winer) and I’m now following NewMediaJim because he has an
interesting blog, Twitters often, and is a local person.
Why Twitter’s focus
on size and scale, rather than on revenue or an explicit business model, isn’t
New Economy BS?
I work with corporate America so when I’ve talked with work
colleagues about Twitter, invariably they ask what’s the business model, how do
they make money? That’s not a wrong question to ask, it’s quite logical coming
from our type of work. Follow the money, what are the incentives, etc.
Twitter is a young company in an entirely new field (I wouldn’t
call it a business) of communication and as Evan Williams, Twitter’s co-founder
will admit (use BugMeNot's free password to bypass the registration), they don’t know yet how to make money. Being innovative implies
some ambiguity by definition and with any new platform, whether it be the
telegraph, the telephone, TV, email, or blogging, there will doubt in the
beginning.
It’s a real phenomenon, with staying power too (for the two
reasons explained above), so the business model and revenue questions aren’t irrelevant
but it part of Twitter’s future success comes down to being a first-mover in
this burgeoning field of micro-blogging, or however you classify or describe it.
That’s good old fashioned MBA lexicon there.
There are other services out there but Twitter could be the
leader and the platform that everybody drifts towards as the non-tech blogsphere
catches on to the power of this kind of communication.
If you want to know how to monetize Twitter’s users, read
Jason, Dave, and of course Fred’s post. But more importantly, join the service
and start exploring. Then you’ll understand that Twitter’s future is bright,
even if they don’t have a business model right now. It may take some time getting used to but give it time (I'm 8-9 months in on Twitter and still learning things). You'll thank me, I promise.
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