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So long, and thanks for all the fish

tipjoys2cents.blogspot.com

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Re: So long, and thanks for all the fish

#41

Post by psawaya »

ivankirigin wrote: post #24
zackattack wrote: post #20

Earlier quoted context omitted.

how did the math work out, taking a cut of tips (presumably small, and even smaller after payment processing fees?) how many users would you have needed to reach profitability? i actually tried doing the back-of-envelope math for your site a while back, and was perplexed. i'm curious as to your answer..

Tips don't really work. You need to sell stuff. Branding in the name sucked when we were pushing long and hard* to become a general purpose payments company. Our twitter API could power a full freemium model, subscriptions, etc. - but not enough apps on twitter used it. *twss

I've nothing constructive to add, but I just wanted to say the twss gag made me smile. =) At least you've still got your sense of humor.

Re: So long, and thanks for all the fish

#43

Post by johnyzee »

ivankirigin wrote: post #38
bk wrote: post #35

Earlier quoted context omitted.

Just out of curiosity: Are you dissolving the corporation (and YC involvement) or are you continuing with YC involvement for a future venture?

I'd love to give YC advisory shares in a future startup. We're eventually dissolving the corporation, but need to handle cash out properly.

Give, or sell, shares? I am just wondering if you consider YC involvement so valuable that you would actually hand over shares just to have them on board in a venture.

Re: So long, and thanks for all the fish

#44

Post by medianama »

nreece wrote: post #18
ivankirigin wrote: post #6

Earlier quoted context omitted.

We were advised (in retrospect incorrectly) to be ambiguous and say "raised under $1M" when the amount we raised was actually much less. Our burn rate was slightly higher than most poor grad students, but not _that_ high.

We were advised (in retrospect incorrectly) to be ambiguous and say "raised under $1M" when the amount we raised was actually much less. Advised?! By whom.

YC?

Re: So long, and thanks for all the fish

#45

Post by 10ren »

With your attitude, it's just a matter of time before you succeed.

BTW: I appreciate your analysis. It reminds me of how hard EDI is to get started without a dominant trading partner who mandates it, such as a dept. store or supermarket chain.

Re: So long, and thanks for all the fish

#46

Post by adrianwaj »

ivankirigin wrote: post #24
zackattack wrote: post #20

Earlier quoted context omitted.

how did the math work out, taking a cut of tips (presumably small, and even smaller after payment processing fees?) how many users would you have needed to reach profitability? i actually tried doing the back-of-envelope math for your site a while back, and was perplexed. i'm curious as to your answer..

Tips don't really work. You need to sell stuff. Branding in the name sucked when we were pushing long and hard* to become a general purpose payments company. Our twitter API could power a full freemium model, subscriptions, etc. - but not enough apps on twitter used it. *twss

Did you ever see http://www.harmony-central.com/Features/Fairtunes/ - tips for music artists in 2000 that closed down.

For musicians, what if there was a way to offer downloads or a virtual chatroom where musicans could interact with tippers only. Artists could keep log of all their fans.

The problem may have been a tip niche wasn't honed in upon.

Re: So long, and thanks for all the fish

#47

Post by jacquesm »

ivankirigin wrote: post #6
auston wrote: post #5

Earlier quoted context omitted.

I've been following you guys for a bit and wonder did you guys really spend over $1m since inception? ( http://www.techcrunch.com/2008/09/24/tipjoy-raises-1-million... )

We were advised (in retrospect incorrectly) to be ambiguous and say "raised under $1M" when the amount we raised was actually much less. Our burn rate was slightly higher than most poor grad students, but not _that_ high.

What a strange advice!

You should never play for 'perception', after all, everybody that it matters to will have full disclosure anyway and you set yourself up for being called out at some point in the future.

Just say it like it is. I notice that you're still not coming clean about how much you in fact did raise. You're under no obligation to say it but the way it stands right now it could be $100K or it could be $999,999.

If somebody misquotes you that is not your problem, if the press embellishes your story, well, that's what the press does more often than not. But if you purposefully engage in the spreading of false (or suggestive) information then that does not really help.

Re: So long, and thanks for all the fish

#48

Post by tjic »

Having launched a few ventures, I've learned that smarts and hard work are not most of the story - having the right venture is.

Tipjoy struck me, from the very first time I heard of it, as the entirely wrong idea. It "solved" a problem that didn't really exist, competed with multiple existing solutions, and I couldn't figure out who the customers were supposed to be.

I will say that ivankirigin came to his senses and abandoned his bad idea far faster than I came to my senses and abandoned various of my bad ideas, so hats off for that.

Re: So long, and thanks for all the fish

#49

Post by drusenko »

medianama wrote: post #44
nreece wrote: post #18

Earlier quoted context omitted.

We were advised (in retrospect incorrectly) to be ambiguous and say "raised under $1M" when the amount we raised was actually much less. Advised?! By whom.

YC?

I could be wrong, but that doesn't sound like the type of thing YC would advise...

Re: So long, and thanks for all the fish

#50

Post by daleharvey »

johnyzee wrote: post #43
ivankirigin wrote: post #38

Earlier quoted context omitted.

I'd love to give YC advisory shares in a future startup. We're eventually dissolving the corporation, but need to handle cash out properly.

Give, or sell, shares? I am just wondering if you consider YC involvement so valuable that you would actually hand over shares just to have them on board in a venture.

thats quite common for advisary board positions (usually < 1%)
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