Start-Up of the Week – Viddiction.com!
Jul 9th, 2008 by admin
This is the first of what I hope to be many posts about hot new start-ups – those up-and-comers worth keeping an eye on. One I highly recommend you bookmark is Viddiction. Viddiction takes the video sharing social network space a notch higher by offering competitions and a unique revenue sharing model. Recently I had a chance to tap the creative mind of Alex Koyfman, Viddiction’s founder, to learn more about this user-focused idea and what his journey has been like. Here’s more:
In your own words, what is Viddiction and where does it fit into the marketplace? What makes it unique? Target markets?
AK: Viddiction is a video sharing social network designed to be a place where people, not large companies or TV networks, can meet and share ideas, thoughts and opinions through moving images and sound. It is different because it is built around a profit sharing scheme. Right now it’s in the form of popularity point contests, but later I will actually share ad revenue with users in proportion with their contribution to traffic. My target market is universal, as I think that anybody can and should use whatever electronic means possible to communicate with the world. For the purposes of profit sharing, however, I am targeting the 14-29 American user market (there are numerous legal implications whenever you give money away).
What inspired you to launch the site and how have you funded its start-up?
AK: I was moved to start the site when I realized that YouTube owes every penny of its $1.5 billion sales price to the content that its users create and upload. They share money too, but not that much, and in doing so, they are failing to credit their most important employees (because as content providers, that is essentially what their users are). Now, of course, YouTube provides publicity and even fame to some, but if you look closely this number is small and is more and more dominated by big name users and legal entities instead of your regular Joe or Jane. I got the funding by making a well-timed investment last year.
What have been the greatest challenges?
AK: The greatest challenge is getting people to know the name and trust the system. Certain brands, like Google and Yahoo are forever burned into the public psyche. They are household names and are recognized everywhere. Getting to that point isn’t just hard; it’s a matter of luck and timing. If Viddiction reaches the status of a recognizable brand, my goal will have been achieved.
Do you consider yourself an entrepreneur?
AK: I do not know what I need to be to be considered entrepreneurial. I like business, get a thrill from the idea, the inspiration and enjoy a little risk. I have another endeavor moving forward in parallel to this [Viddiction].
What advice can you give other entrepreneurs looking to start their own businesses?
AK: My only suggestion is don’t be afraid of taking a well thought-out risk. Don’t be afraid to move on your ideas and never, ever, ever listen to the naysayers. People will discourage you at every turn. People who themselves bend under their fear and insecurity will try to force you to commiserate by giving up on your own dreams. Do not fall into this trap. Be careful but remember that small business is the only way that this nation, or any nation, will succeed in the long run. Independent people with their livelihoods staked on their ideas and sweat are the driving force behind any healthy economy, not giant sterile corporations. Also remember that so many of the big companies we know and love today started out as the idea of one or two people - people that were once small, scared and anonymous that went on to make a difference to millions, and, not to mention, grow rich in the process. If you have an idea that you feel needs to be born, make sure it is. The future rides on people like you. And who knows…maybe one day you’ll employ some of those very naysayers that once tried to stop you from realizing your dreams.
I’ve used Viddiction.com and really enjoy how user-friendly, interactive and entertaining the site is. My teens have even made the switch from YouTube to this emerging video sharing site, because they “like how easy it is to upload and watch videos.”
Interested? Well hop on, upload your most compelling (or humorous or completely wacky) video and sign-up for Viddiction’s regular monthly Popularity Point competition. Prizes range from $50 to $500, with twenty people receiving $50.
Dream. Create. Transmit. Viddiction.
