The Elevator Pitch
The Company: Colleaguester.com, Jersey City, N.J.
The Founder: Abdullah Anwar
The Concept: A social network for young professionals that combines personal and career components.
The Pitch: Colleaguester is the fun way of doing business networking for professionals. It's similar to LinkedIn but will target young professionals and startups seeking advice and business tools. Users at Colleaguester can maintain separate business and social profiles, then filter out friends, colleagues, and business connections and share appropriate information with each. Some big social networks are having trouble monetizing traffic, so we have two unique models that will satisfy advertisers. Any company, regardless of size, can begin advertising with $10 or $10,000.
Patrick ChungPartner, New Enterprise AssociatesMenlo Park, Calif.
Chung says this pitch accomplishes an important goal: It piques interest. "Finally, an integrated approach to social networking," he says. "I love the idea." Chung, however, thinks the business could define other groups besides just personal and professional contacts.
The pitch fails to explain how the site will attract users and make money. "The world's most successful networks are having difficulty figuring out how to make money," Chung says. "Colleaguester says it has not one, but two unique advertising models that will crack the nut, but it doesn't tell me what they are." Any financier will need to know.
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