How does MeetAdvisors make money?
Fridman: MeetAdvisors generates revenue from Google (GOOG) Ads; the vision is to create events in main cities across the U.S. When we go to a networking event, it is common to despise going up to a stranger and ask, "What do you do?" Advisers at networking events will wear an "A" that stands for "adviser," with their expertise listed below. If you are an entrepreneur looking for advice from a lawyer, look for "A" with a lawyer expertise. These events will be a place where digital meets the real world. The first event will be held in Chicago, and there will be a guest speaker.
While LinkedIn does a great job connecting business professionals, MeetAdvisors identifies a subset of a subset. LinkedIn doesn't allow you to connect with someone you don't know unless you pay. It is also awkward to approach 20 advisers and ask for free advice.
Why is MeetAdvisors the biggest idea you ever had?
Fridman: MeetAdvisors is an efficient solution for a big audience. There are millions of entrepreneurs in the USA alone, and I hope MeetAdvisors makes connecting with advisers fast and simple. Eventually, I hope MeetAdvisors, like Yelp, will allow community reviews to promote knowledgeable advisers to the top, and will be the starting point for entrepreneurs to make decisions related to hiring experts.What is your favorite start-up? Fridman: As cliche as it sounds, Facebook (FB - Get Report). Facebook answered a need we didn't know was there -- being connected. A debate can be made that we are now too plugged in, but my admiration for the concept is the simplicity of an idea with remarkable global impact. What advice do you have for other entrepreneurs? Fridman: Never underestimate the importance of planning and executing a strategy after launch. "Build it and they will come" is a dream, mostly, and companies flooded with users and media are an exception to the rule. A rigorous and disciplined launch is required to understand the audience and pivot until finding the right approach. What is the biggest mistake entrepreneurs make? Fridman: Marginalizing the value of advice from the right professional at every milestone from idea incubation. We -- I am including myself on purpose -- get excited about an idea and we fire. Pausing to listen to advice seems a waste of time. We only want to hear what supports our often euphoric feeling that only allows praise through, and we push forward. You had experience in the real world. How has that helped you? Should all entrepreneurs have real-world experience? Fridman: Hard question. On one hand, I believe my experience in corporate finance provided lessons in structure and discipline as well as a very strong toolkit in analytics. On the other hand, it can get hard to see the forest for the trees. Corporate structure can hinder creativity and innovation. In my case, I am happy to have had corporate experience to help me move forward with my entrepreneurial career. What do you see for the future of LinkedIn and other networking sites? Fridman: I am a very big fan of LinkedIn and the value their platform offers. It is quite remarkable to be able to connect and start a dialog with professionals across the globe. In terms of the future, outside of the obvious continued facilitation of connecting professionals both virtually and in person, networking sites are ideally positioned, almost scarily so, to observe our behavior and tailor solutions to make us more efficient.