Erick Schonfeld is the Editor in Chief of TechCrunch. He oversees the editorial content of the site, helps to program the Disrupt conferences and CrunchUps, produces TCTV shows, and writes daily for the blog. He is also the father of three adorable children.
He joined TechCrunch as Co-Editor in 2007, and helped take it from a popular blog to a thriving media property.
Prior to TechCrunch, he was Editor-at-Large for Business 2.0 magazine, where he wrote feature stories and ran their main blog, The Next Net. He also launched an online video series with CNN/Money and hosted regular panels and conferences of industry luminaries.
Schonfeld started his career at Fortune magazine in 1993. In 1999, he won the prize for best information technology submission at London’s Business Journalist of the Year Awards, and in 2001 he won the prize for best space submission at the Aerospace Journalist of the Year Awards in Paris. In 1996 and 1997, Schonfeld was recognized in the TJFR Business News Reporter’s list of the best and brightest financial journalists under the age of 30.
He appears regularly on CNBC, CNN, and NY1, and is a frequent speaker at industry conferences.
Schonfeld graduated magna cum laude from Cornell University in 1993.
Groupon CEO Andrew Mason just finished his first post-IPO earnings calls with Wall Street analysts. (We covered it live and looked at the numbers). “We believe we are on the cusp of a sea change” in behavior, he noted. “We’re about to see what technology can do for local commerce.”
Listening to the call, I’d say his performance was mixed. He sounded a little nervous at first, but warmed up to the task just as he did during the IPO roadshow, joking with the analysts that one of the most requested features Groupon hears from customers to “stop sending me pole-dancing deals.” → Read More
Groupon just announced its first earnings report after going public last October (it missed, read our liveblog of the earnings call here.). For the full year, Groupon’s revenues were $1.6 billion, up 419 percent. The daily deal company, however, lost $350 million, most of that attributable to its very aggressive international expansion (7,000 out of its 10,000 employees are overseas). In North America, it turned an operating profit of $22 million, which was counteracted by $137 million in international operating losses.
For the quarter, revenues were $506 million, up 194 percent. The net loss was $42.7 million, which at least was down from $379 million quarterly net loss the year before. We’ll be doing our liveblog of the earnings call here. → Read More
Before big data was a hot investing theme, Roger Ehrenberg was one of the first seed investors to focus almost exclusively on startups using data as a competitive edge. His NYC-based fund, IA Ventures, has backed companies such as Billguard, Coursekit, DataSift, Next Big Sound, Simple, ThinkNear, and Yipit. His first fund, raised in 2010, was a $50 million seed fund. Now, IA Ventures just raised $105 million to double down on data plays in Fund II. → Read More
Blip.tv is going through some changes, with founder Mike Hudack gone and a search for a new CEO still ongoing. But the company raised a $6 million C round from its two main investors in December, and now just added to that with another $6 million credit facility from Silicon Valley Bank. There is also a new logo, and the company is now called just Blip.
So how is the indie Web video distribution service doing? “We essentially doubled revenue in 2011,” reports COO Steve Brookstein. → Read More
Yahoo has its new CEO, Scott Thompson, and founder Jerry Yang stepped down from the company and the board a few weeks ago. But all along, people have been asking when is the rest of the Yahoo board going to resign?
Well, that day is today for four more directors, including chairman Roy Bostock. He was sticking around to try to oversee the disposition of Yahoo’s Asian assets. It doesn’t look like that is going so well. Today, in his letter to shareholders, Bostock disclosed that he would not be standing for re-election to the board, and neither would 3 other directors. Meanwhile, Yahoo elected two new board members: Maynard Webb and Alfred Amoroso. → Read More
Brands love marketing across social media, but it is a little like TV advertising in that it is hard to measure how effective it is. Sure, you can count retweets, likes, and Klout scores, but how does that translate into real engagement with a brand or actual spending? SocialFlow is trying to answer these questions, and in the process is growing like crazy.
“I don’t know who put the call out to put money into social media, but it is out there,” says CEO Frank Speiser. A year ago, Socialflow had two employees. Today, it has 34. “We have 5,500 leads active and qualified,” says Speiser. “I just need people to work the phones.” → Read More
All the major map apps like Google Maps, Bing Maps, and Mapquest have walking directions as a standard feature, but the folks at Lumatic don’t think they are good enough. It is creating mobile maps designed for pedestrians, cyclists, and people who use public transit. Originally a TechStars company called Omniar, serial entrepreneur Scott Rafer (MyBlogLog, Lookery, Mashery) joined as CEO a year ago.
He recently raised a seed round of $800,000 from Joi Ito’s Neoteny Labs, 500 Startups, Chamath Palihapitiya, Allen Morgan, Ted Rheingold, and other angels. → Read More
Now that Facebook is preparing the biggest tech IPO in history, it is possible to compare its financials and potential market value to Google’s when it went public. At first glance, all of Facebook’s numbers look bigger. Its pre-IPO revenues of $3.7 billion in 2011 are more than two and a half times larger than Google’s 2003 revenues of $1.5 billion (Google’s IPO was in 2004). Facebook’s $1 billion in profits is ten times larger than Google’s pre-IPO profits of $106 million. And its expected market cap of between $85 billion and $100 billion will dwarf Google’s IPO market cap of $23 billion.
Facebook, no doubt, will be emphasizing these differences. But in many ways it is a false comparison. Facebook is going public after 8 years as a private company. Google went public much earlier in its development, after 5 full years. So, yes, Facebook at Year 8 is much bigger than Google was at Year 5 of its trajectory. A better way to see how the two companies stack up is to compare their revenues and profits at the same points in their histories. → Read More
Following in the tradition of “Shit Silicon Valley Says” and other Shit ______ Says memes, August Capital’s David Hornick has made “Shit VCs Say.”
There are some gems in here, including: → Read More
Yammer grew like crazy last year. How crazy? Product VP Jim Patterson just tweeted out the Yammer 2011 Year in Review infographic below with the comment: “Pretty much everything tripled.”
Paid seats went from 300,000 to 800,000, total users went from 1.6 million to 4 million (2.5X growth), and employees went from 80 to 250. Also, all told, 200,000 companies are using Yammer, including 85 percent of the Fortune 500 (and TechCrunch). → Read More
We learned a lot of things about Facebook today from its IPO filing. But there is one detail that sticks out for its improbable exactness: The $1.000 billion in profits Facebook reported for 2011.
The number wasn’t $998 million. It wasn’t $1.003 billion. It was $1.000 billion right on the dot. → Read More
Facebook just filed its IPO registration (SEC doc here) and its financials are off the charts. Facebook’s IPO document provides the first peek at its financials.
The company did $3.7 billion in revenues in 2011, and $1 billion in profits. That’s right. Net income was $1 billion. Profits grew 65 percent last year from $606 million in 2010. And revenues grew 88 percent. → Read More
Nothing is made in this country anymore. In terms of actual manufacturing, America is increasingly at a disadvantage. The logic of the global economy moves jobs overseas. Get used to it, we are told. Well, Bayard Winthrop thinks the conventional wisdom is wrong. He wants to bring manufacturing back to America, in the apparel industry, no less! His clothing startup, American Giant (gotta love the name), launches today.
American Giant is starting small, with a line of basic sweatshirts made in Brisbane, CA. American Giant doesn’t have any stores. It sells its sweatshirts only on the web, and soon will expand to other men’s basics such as T-shirts, polos, and button-downs. While the cost of materials and labor would be cheaper in Asia, a much bigger portion of the cost of a shirt is distribution. → Read More
Andreessen Horowitz is definitely killing it these days. The unconventional VC firm founded by Marc Andreessen and Ben Horowitz is less than three years old, but just raised its third fund. The amount raised: $1.5 billion. That puts Andreessen Horowitz in the rarified realm of only a handful of VC firms with funds of that size.
And how long did it take to raise all that money? “It took about 3 weeks of actual fundraisng activity,” Horowitz tells me. It took longer to do the actual paperwork—another 6 weeks.
→ Read More
Last year, Hulu brought in $420 million in revenues, with was 60 percent above the year before. The news, however, was seen as a miss because Hulu earlier in the year suggested that it would make $500 million.
Today at the D: Dive Into Media conference, CEO Jason Kilar defended his record, revealing that “our board plan was $408 million.” So Hulu came in above the internal goal it had set for its board. → Read More
We measure every last click when it comes to the Web, but there remains a gulf between online and the real world. Yet the online world increasingly drives behavior offline, especially when it comes to purchasing habits. How many times have you researched something online or on your mobile phone before buying it? Yet when you go to a store to buy it, everything you did online might as well disappear as far as the merchant is concerned.
It doesn’t have to be that way. The last mile in local commerce is really only the last few inches between the credit card in your outstretched hand and the card swipe at the register. → Read More
Does Twitter need Google or does Google need Twitter? It’s a question complicated by recent events, such as the two companies not coming to an agreement to extend their previous partnership through which Google showed Tweets in search results. That deal wasn’t renewed,and then Google decided to promote its own Google+ results in search, which didn’t go over well with Twitter at all.
Asked about this at by Peter Kafka at the D: Dive Into Media conference this evening, Twitter CEO Dick Costolo responded: → Read More
As everyone waits for Facebook to file for its IPO this week, one of the big questions is what will its valuation be. Will it hit the magic $100 billion?
Well, we are not going to find out this week because IPOs don’t get priced unti right before the offering, which isn’t expected until April or May. And a lot can happen between now and then. (What will be filed is the preliminary S-1 with all of Facebook’s financials and other corporate information). But if Facebook went public today, chances are that it would get a valuation of around $85 billion. → Read More
The local commerce industry as represented by daily deal sites like Groupon and LivingSocial is still barely learning to walk, even though Groupon has 10,000 employees and LivingSocial has 5,000. While the two companies look nearly identical today, don’t be surprised if they diverge.
LivingSocial CEO Tim O’Shaughnessy reminded me in a conversation last week that “a lot of people lumped eBay and Amazon together 10 years ago” because they both were “ecommerce” companies. → Read More
