We are still only at the tip of the iceberg when it comes to mobile and doing business in real time. According to Kate Mitchell, Managing Director of Scale Venture Partners. “I think the ability to get computing everywhere and anywhere that extends in the internet of things and extends around the world, has yet to show us how our lives might be changed…I think we are still in the early days of that.”
Mitchell believes that social media is probably the sector within the tech industry that is most overhyped. However, it is still a big part of how we are doing business in real time and something that can’t be ignored. “Social media is now social media 2.0…It’s now thinking of ways it can be more effective. More narrower but perhaps maybe deeper”.
When looking to invest in a new business, Mitchell relies on keeping an eye on key trends and on growing markets. Getting to know the founder or CEO is also important, particularly focusing in on their passion and their ability to attract new talent. “I think it’s a combination of passion, it doesn’t have to be 20 years worth of experience, and it doesn’t have to be just people who have experienced success”.
There are occurring trends within entrepreneurs that have gone through funding. They are usually people who are passionate about what they are doing; “they’re not doing it because they should, they’re doing it because they can’t help themselves.” Another factor is the ability to accept failure as part of the learning; “understanding failure is all about iterating to success.”
Looking at the kinds of companies that could bring in the highest valuation over the next 3-5 years, Mitchell predicts digital transaction management companies like DocuSign have the opportunity to do that. “We’re all global now, we are all doing business in real time…we are all mobile first and we’re all used to instant gratification.”