Tech Meetups

Night at the Hatchery, an American Idol for Apps

hatchery yao Night at the Hatchery, an American Idol for Apps

The Hatchery's Yao Hui Huang

“It’s supposed to be like American Idol,” we were told about The Hatchery’s “Are You Serious?” pitchfest, wherein five entrepreneurs pitch a panel of four investors, who then deconstruct the presentation and give a score out of 22 possible points. Last night’s scores were 9, 20, 12, 14 and 9.

No one said “Are you serious?” but judges did compare the first app, LikeBids, to a “16 year-old boy that just wants to get laid quick” and the second app, Bindo, to notorious dot-com flop Kozmo: “The reason Kozmo went under was because they were spending an obscene amount of money on an unprofitable business.”

One entrepreneur with a daily deal-esque site charmed the audience with the fact that people in China organize flash mobs online to storm physical stores, demanding a discount. “I’ve seen six or seven of these. Everyone has that story about the people in China,”  Jay Levy of Zelkova Ventures said. Would the business succeed? “Stranger things have happened,” one judge said.

The best part of the event was the running commentary by a pair of giggly grandfather-aged men sitting next to Betabeat, exulting in schadenufreude. “I like it!” one said after the first teardown. “It’s tough!” the other agreed. “Knocks the stars right out of their eyes!” said the first.

The apps: LikeBids, which enables brands to give away free stuff to people based on how many friends they convince to “like” it.

Bindo, a site that puts local stores’ inventory on the web and allows customers to buy online (this was the 20/22).

CartMob, a reverse daily deal site which lets consumers name their own prices for items with the expectation that brands will offer that price after critical mass is reached.

Takeoff, a web app for collaborative video editing.

And finally a platform for brand-hosted contests that incentivizes bloggers to participate, which Betabeat didn’t catch the name of–it was something like RankClimber. That presenter got a 9/22; the judges found his concept spammy. “So you’re saying if I’m successful I will ruin the blogosphere?” he asked defensively, quickly adding, “Kidding, of course.” (“He couldn’t handle it,” one of the men sitting next to Betabeat murmered.)

“I’m not sure the blogosphere hasn’t been ruined already,” David Blumenstein, managing partner at The Hatchery, said sagely.

Follow Adrianne Jeffries on Twitter or via RSS. ajeffries@observer.com

Comments

  1. Mark Nejmeh says:

    Well written and factual article. I like the journalists honesty here.

    Mark Nejmeh
    http://www.jobcreation.us

  2. Anonymous says:

    I have to agree with the previous comment, and I was there as well. :)

    The event runs 10 times a year. The panelists learn just as much or more than the audience and the presenters. Don’t kid yourself. Knowing what’s going on around you at the grass roots level can be very useful.

    As for the demise of Kosmo, there are a number of reasons and we’ll leave it at that. And as for the ‘ruination of the blogosphere’ – if Bloggers want to be taken seriously as journalists – by those they would like to be seen as peers – and maintain a level of trust, honesty and ‘transparency’ with their readership, accepting money/payment – regardless of the rationale, for the publishing of content, whether or not it be gerund to the the blog’s thesis will NOT further either of the above objectives.

    For purposes of disclosure: I am the “sage” Managing Partner and Founder of The Hatchery – http://www.hatchery.vc.

    If you are an entrepreneur/start-up or know of one and believe you/they have what it takes – then by all means apply to present at the Hatchery’s next Are You Serious? event – send email to: pitch@hatchery.vc – AND!!! Include a well written overview of your company in Prose, and your presentation deck in Microsoft’s POWERPOINT – not Adobe Acrobat (PDF), not KeyNote, or any other presentation format.

    Are You Serious is a MeetUp Group -http://events.hatchery.vc/ join us there and then click through to any of the event listings and you will see the list of points we’d like to see you cover in your presentation.

    Consider yourself released. Return to what you were doing :)

  3. I think likebids is a pretty awesome concept… original… and you get free stuff just by liking it. Sounds good to me!