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From jokes about Brett Favre to South Park stealing lines, we're in a crisis of originality thanks to easy searching on the internet, writes Ben Greenman. Whatever happened to getting credit for an idea?

Recently, Brett Favre met with NFL Commissioner Roger Gooddell to discuss whether or not he took pictures of his penis and texted them to Jenn Sterger, a former New York Jets game hostess. Favre, an egomaniac, became the subject of yet another round of mockery as a result of this scandal. Saturday Night Live ran a skit about Wrangler, the jeans company for whom Favre serves as a spokesman, marketing pants that let the offending organ hang loose. Concerns were raised about the skit, not on the basis of taste, but because it was relevantly similar to a Modern Humorist sketch that had run a week earlier.

SNL ran a skit about Wrangler, for whom Favre is a spokesman, marketing pants that let the offending organ hang loose. South Park creators apologized for a show that stole jokes from a College Humor feature. (Photo: Nam Y. Huh / AP Photo; Comedy Central)

This has happened to plenty of people, in one way or another. Almost 10 years ago, I published a musical about the Elian Gonzalez controversy on McSweeneys. Less than a week later, Saturday Night Live ran a similar parody. The similarities were indisputable, but as I told a reporter at the time, that’s no proof of plagiarism, even of the subconscious variety (paging Robin Williams). The same is true of the SNL/Modern Humorist case. Sometimes similar ideas spring up in two places at once, or in two places in different times without any connection between them. And even when there are connections, what of it? Take Rod Stewart’s “Do Ya Think I’m Sexy,” the huge disco hit from 1978. Now listen to Bobby Womack’s “Put Something Down on It,” from 1975. Sounds like a straightforward case of thievery, doesn’t it? But now listen to Jorge Ben’s “Taj Mahal,” from 1972. There are enough points of contact to raise more than eyebrows, but that doesn’t affect the quality (good or bad) of any of the work. Everything comes from somewhere. Most seeds are hybrids. The human brain, while complex, is not infinite, and all creativity is a mix of innovation and imitation.

Thanks to places like Google, the Internet is now the equivalent of an instant patent search that allows you to search for recurrences of phrases, puns, neologisms.

With that said, though, there’s a problem, and it isn’t about Saturday Night Live or Brett Favre’s naked bootleg. It’s about the Internet, and how quickly it lets us track cases of alleged borrowing and appropriation. When Juan Williams was fired by NPR last month for what the radio network considered intemperate remarks regarding Muslims, the Internet erupted. That’s what it does. People accused Williams of racism at the same time that other people accused NPR of overreaction and knee-jerk political correctness. I didn’t want to weigh in until I had seen the actual interview—which now, thanks to that same Internet, is efficiently archived. Williams said that he’s nervous when he sees people in “Muslim garb.” I understood his point, at some level. He was saying that his perception of Muslims was permanently changed by the 9/11 attacks.

But there was a flaw in his reasoning. Leaving aside that Williams seemed to have a monolithic, almost cartoonish idea of “Muslim garb,” it occurred to me that Islamic terrorists are the least likely to dress traditionally. Their strategy, were they to try to board a plane with a weapon, would be to dress as inconspicuously as possible. I was thinking about it, so I sent something out via Twitter.

About 10 minutes later, I got an email from someone I didn’t know. It accused me of stealing the insight. I don’t know why he didn’t just tweet back or even send me a direct message. Twitter has all those features built into it, for maximum annoyance. But he chose to email.

He told me that other people online had already thought of that argument, and had even said so online. One of them, he said, was Jeffrey Goldberg, who used to work at The New Yorker, where I work: The implication, I guess, was that I had somehow shadowed Jeff, taken his idea, and then claimed it as my own.

This is idiotic in many ways. First of all, it’s not true. I didn’t see anything that Jeff wrote, and while I agree with him on this point, it’s only because he agrees with me. Second of all, how have we reached the point where the standard for a thought is chronological primacy? There are, of course, still cases where ideas move from one brain to another by way without authorization. Last week, the creators of South Park apologized for a show that satirized the Christopher Nolan film Inception after it became clear that they had pilfered a few of the jokes from a College Humor feature. South Park co-creator Matt Stone told Dave Itzkoff of The New York Times that they had run across the piece online and assumed that College Humor was using dialogue from the actual film: “It’s just because we do the show in six days, and we’re stupid and we just threw it together. But in the end, there are some lines that we had to call and apologize for.” The South Park case demonstrates how easy it is to accidentally run across an idea online, and claim it as your own, even without malicious intent. There’s no question that the Internet, which distributes an unprecedented amount of content to an unprecedented number of destinations, enables theft of intellectual property. But if the Internet can enable theft, it can also detect it. If your original content—your ideas, your jokes—gets redistributed without proper credit, it’s easier than ever to track down the culprits. Thanks to places like Google, the Internet is now the equivalent of an instant patent search that allows you to search for recurrences of phrases, puns, neologisms. Here, though, is the root of a larger issue: The cure is far worse than the disease. The Internet’s search capabilities, which permit easy detection of unoriginality, also have a chilling effect on originality.

An example: There’s a guy in my neighborhood who dresses exactly like Bruce Springsteen, circa 1975. He has the jeans. He has the cap. He has the beard. After seeing him a handful of times on the street, I nicknamed him “Born to Rerun.” It made me laugh, for a second. It was a pointless little joke, no more than that. Out of curiosity, I searched for the phrase, which I thought I had invented—or rather, which I had invented, at least for my purposes. I discovered, predictably, that the phrase has been used before, frequently: in 2003 by Entertainment Weekly, last year by a fan posting a review of “Darkness on the Edge of Town,” and on and on. I’d like to report that I don’t care about those earlier occurrences, that I brushed them off and moved on, but the fact is that I do care. It’s deflating to learn that your original idea, no matter how trivial, has already made an appearance. Before the Internet, I might have kept that pointless little joke alive in my head. It might have ripened into something or it might have died on the vine. But it would have been my tomato. Now, the process works differently. The incontrovertible proof that the phrase was already circulating made it difficult, if not impossible, for me to claim it as my own. It acquired the feel of something shoddy and second-hand, and I jettisoned it.

This is an exceedingly trivial case. I readily, happily, heartily admit that. But originality can be an extremely serious issue (the last few weeks have seen claims of appropriation or plagiarism against the poet Raymond McDaniel and the fiction writer Jonathan Safran Foer) so maybe it’s easier to illuminate it without the interference of significance. The first spark of an idea—whether a short story, a song lyric, a newspaper headline, a movie title, or a joke about an oddly dressed neighbor—is tenuous at best, and conditions need to be perfect not to douse it before it can kindle something more substantive. If the Internet moves us toward a get-there-first-or-not-at-all world (that phrase, by the way, seems all new, at least according to Google), then hundreds of thousands of newly born “proto-ideas” (1180 results) will end before they have a chance to “flower into genuine articles of faith” (9 results). And that means fewer “moronic skits” (151 results) about “Brett Favre’s organ” (4 results).

Ben Greenman is an editor at The New Yorker and the author of several acclaimed books of fiction, including Superbad, Please Step Back, and the new What He's Poised to Do. He lives in Brooklyn.

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For inquiries, please contact The Daily Beast at editorial@thedailybeast.com.

This post originally appeared on the American Express OPEN Forum, where Mashable regularly contributes articles about leveraging social media and technology in small business.

Social games, like FarmVille, Mafia Wars and MyTown, racked up a number of high-value brand partnerships during the past year, and the social gaming industry in general is seeing huge interest from investors and consumers.

The top 10 class='blippr-nobr'>Facebookclass="blippr-nobr">Facebook games, for example, all have more than 10 million monthly active users each, with FarmVille leading at 62 million monthly active users, followed by FrontierVille at nearly 37 million and class='blippr-nobr'>Zynga Pokerclass="blippr-nobr">zynga poker with nearly 33 million. Granted, these are small portions of Facebook’s total network of more than 500 million users. But with a budding industry like social gaming, these are still impressive numbers, especially given the growth that these games are experiencing — all of the top 10 games were launched after 2008, with the top three games being launched after mid-2009.

The U.S. population alone is also a good indicator of user adoption — one in five Americans over the age of six have played an online social game, according to a recent study.

Increased user activity has spurred attention from investors. From an acquisition point of view, we witnesed Disney’s $763.2 million acquisition of Playdom, Electronic Arts’s $400 million acquisition of Playfish, and Google’s acquisition of Slide. Regarding investment, the big winner this year is Zynga, having now raised a total of $366 million.

Brands are taking notice and acting quickly, implementing innovative ways to advertise in social games and capitalize on the rise of virtual gaming.

Carree Syrek, a partner in social media strategy at Mindshare, a global media and marketing services company, recently spoke at ad:tech on the common misconceptions that companies have about marketing in social games. Here’s are the four concerns she discussed.

1. My Audience Doesn’t Play Social Games

Brands often look at social gaming as something that only a niche group of gamers partake in, but multiple surveys show that social gaming actually appeals to a much broader audience than most would expect. One early 2010 survey found that the average social gamer was a 43-year-old female.

“One of the biggest things that I hear when I talk to brands is ’social gamers are moms. They’re middle-aged moms,’” said Syrek. “But actually, this is not the case. Each of the games or the worlds that you’re in have very specific audiences that you wouldn’t necessarily see unless you dug a little bit deeper.”

Syrek pointed to the disparity between FarmVille and Mafia Wars demographics as an example of diversity among social gamers, as presented in the 2010 PopCap Social Gaming Research Results.

• FarmVille pulls an audience that is 62% female, 33% of its audience is between 18 and 34 years old, and the average income is between $60,000 and $100,000. The FarmVille audience is also 84% caucasian and 7% Hispanic.
• Mafia Wars’s audience, on the other hand, is 51% female, with 28% of the audience between 18 and 34 years old, and the average income falling below $30,000. Seventy-one percent of Mafia Wars users are caucasian, while 17% are African American.

Syrek clarified that raw numbers don’t explain the full story, pointing to index numbers as a way to better understand an audience. Index numbers are used in marketing research and indicate the strength to which a certain demographic is represented on a site or service, generally with a weighted base number of 100 representing the average class='blippr-nobr'>Internetclass="blippr-nobr">Internet user.

“There are different ways to segment for ethnicity if you’re going after specific markets,” she stated. “The numbers in parentheses [as pictured above] are index numbers. So, you can see that even though, say in Mafia Wars, the African American segment is only 17% of the people who play that, their index is 198. So, you’ve got a really receptive market there that you can tap into.”

“The point is that you can actually dig deep, and you can find the proper environment for your target demographic,” stated Syrek.

Before writing off social gamers as middle-aged moms or male teenagers, be sure to look at the types of games out there and learn about their audiences — you may find that your audience is present on a few niche social games.

2. Virtual Worlds Are Not for “Serious” Companies

“I think it’s important to note that there’s a place here for everyone. It’s not just about the Jolly Green Giant being in FarmVille… it doesn’t have to be that literal, and there are spots for everyone here to play,” said Syrek.

It is a misconception that advertising in social games is only territory for entertainment brands or brands that want to be seen as “fun.” On the contrary, many serious brands were discussed during Syrek’sad:tech session.

Linda Gangeri, manager of national advertising for Volvo Cars of North America, discussed Volvo’s recent campaign on MyTown, in which Volvo’s strategy was to “leverage location-based services to deliver Volvo-branded messaging and virtual goods to people checking in to competing dealerships.”

Upon launching the Volvo S60, the Volvo marketing team decided to test virtual goods as a way to build awareness for the new vehicle.

“It was a 30-day campaign from September 1 to September 30,” explained Gangeri. During the 30-day period, 5.3 million Volvo-branded checkins were reached, 1.3 million Volvo-branded virtual goods (including a steering wheel, a wheel, the Volvo iron mark and the S60 vehicle) were delivered, and 20,000 clicks to “See the S60 in Action” were logged, for a click-through rate (CTR) of 1.5%, which is much higher than the CTRs that the rest of the marketing industry is accustomed to.

“It gave us the opportunity to dig deeper, to immerse ourselves in an environment where people are having fun [and are] engaged, and then to take branded items, embed them and expose them to this huge audience of people,” said Gangeri, happy with the results of the campaign.

3. It’s Always About Capitalism

Within social gaming, the virtual goods market is the top revenue driver for social game creators — virtual goods makes up 90% of Zynga’s revenue, for example. Social gamers are willing to buy digital goods in order to improve their positions in the games. This is great for game creators, obviously, as they are technically selling nothing. Users buy fake shovels and tractors to tend to their fake fields. There’s a lot of money in that — the U.S. virtual goods market is predicted to pass $2 billion in 2011.

While the money is certainly there, social gaming and the virtual goods market aren’t always about capitalism. In fact, Syrek mentioned four examples of social good on social gaming platforms:

• Pet adoptions in class='blippr-nobr'>YoVilleclass="blippr-nobr">Yoville raised $90,000 for SF/SPCA during the spring of 2009.
• Teddy bear purchases in Mafia Wars raised more than $100,000 for Coalition for the Cure (Huntington’s Disease) in March 2010.
• The Pandaren Monk pet in World of Warcraft generated $1.1 million in donations for the Make-a-Wish Foundation.
• To date, Zynga players have raised more than $3 million in connection with Zynga.org social partnerships, the majority of which has been directed to the welfare of women and children in Haiti.

These cases illustrate that social games could be a good route for for-profit or non-profit businesses hoping to raise a little awareness for social good projects.

4. Social Games Are a Fad

Social networking dominates most people’s time spent online, but next in line is online gaming, Nielsen reported in August. Of course, social gaming only accounts for a portion of that sector, but still, the fact that social networking and online gaming dominate online activity is a nod to the growing importance of social gaming.

Syrek pointed to the 2010 PopCap Social Gaming Research Results to validate her argument that social gaming isn’t a fad. The study found that 24% of U.S. and UK Internet users play social games at least once a week, and that most social gamers play other genres of games, including casual and hardcore games.

In another portion of the session, Manny Anekal, director of brand advertising at Zynga, illustrated that users are spending a lot of time playing social games. FarmVille users average a whopping 68 minutes of FarmVille play per day and Mafia Wars users average 52 minutes per day on the game, according to April 2010 Cisco Security Intelligence Operation data, for example. It’s no secret that social games are engaging (and addictive), but who knew users were spending so much time tending to virtual farms and brawls?

While it is admittedly difficult to decide if social gaming is truly a fad or not, data points toward its continued and growing popularity.

What are your thoughts on marketing in social games? Let us know in the comments below.

For more Business coverage:

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Senator Rockefeller Wants FCC To &#39;End&#39; Fox <b>News</b>, MSNBC

During a committee meeting on Wednesday about television retransmission consent, Senator Jay Rockefeller (D-WV) veered away from his prepared remarks to take aim at both Fox News and MSNBC: More than just retransmission consent ails our ...

eric seiger
eric seiger

eric seiger
eric seiger

Great <b>News</b>: The Donald May Agree to be President « Hot Air

During a longer video with Fox News (video) The Donald goes into more detail about how the world has lost respect for America under the Obama administration, as well as the need for his type of “finesse” to be a truly effective ...

Ominous Colts Injury <b>News</b> From Phil Wilson UPDATE Collie Cleared <b>...</b>

Phil Wilson Tweets some ominous news on the injury front for the Colts.

Senator Rockefeller Wants FCC To &#39;End&#39; Fox <b>News</b>, MSNBC

During a committee meeting on Wednesday about television retransmission consent, Senator Jay Rockefeller (D-WV) veered away from his prepared remarks to take aim at both Fox News and MSNBC: More than just retransmission consent ails our ...

personal finance money management

A survey released today by Javelin Strategy & Research, which serves financial institutions, found in August that nearly one in five Americans doesn't monitor or manage their personal finances. That rate is double what it was just a year ago. Despite the fact the recession has made it more important than ever to carefully track our money, when it comes to personal finances, 19% of Americans stuck their head in the sand. A year before, another survey had the figure at just 8%.



More anxiety-induced news: The percentage of Americans who say they sometimes log onto their checking account balances with their banks' websites dropped to 46%, down 13 points from 59% a year ago. Even those who track their money by pen and paper dropped, from 50% to 46%.




"It's a natural human reaction to stress: 'Maybe if I don't look at it, it will go away.'" explains the study's co-author, senior analyst Mark Schwanhausser. "I think you have fewer people checking their finances online because they don't like what they're seeing. 'I'm going to be a financial sleepwalker. I'm not going to look.'"



Schwanhausser's prescription for the problem involves convincing America's major financial institutions that they're doing a lousy job helping make it easier and less stressful for their customers to track their money. "It's not enough to tell you how to fix the toilet," he says. "You've got to have the wrench."



Yet despite the fact that most Americans' money resides at a bank, few banks are interested in furnishing financial planning tools. Right now, Schwanhausser argues, most people are required to log into a wide variety of websites to track their money. For example, 75% of Americans who have a credit card get it from somewhere other than their primary bank, meaning their finances are scattered across many websites, unreconciled.



When people do turn to their bank's websites, he argues, the financial planning tools are nearly non-existent despite the fact our society increasingly demands greater personal control through technology. "Today's online banking is like having avocado green appliances from the 1970s. It just doesn't cut it," says Schwanhausser.



Schwanhausser is using the survey to convince banks that it will actually endear customers to them if they put personal finance tools front and center on their sites, helping customers paint a clear picture of their own financial habits. He's pressing them to develop systems, both on the Web and through mobile apps, that can draw in customers' information from other sites, such as credit cards and mortgage lenders, so financial care-taking can be a one-stop process.



So far, banks and lenders have been slow to use existing technology to make money management a less daunting chore. Part of the issue is that many banks don't want to acknowledge competitors by drawing in account balances from elsewhere. Banks also stand to make money off poor financial planning through penalties and fees. Like a doctor who makes money off treating disease, promoting financial good health does not on the surface appear to be in a bank's best interest.



"You can't manage what you don't measure," says Schwanhausser. "And if the bank's not going to provide it for you, you have to go get it in other places."



He recommends existing aggregators such as Mint.com, which pulls your data from multiple sources and lays it out in spreadsheets and in spending plans, as a model for what all the banks should be doing for their customers.



He also notes that Bank of America's "My Portfolio" and Wells Fargo's "My Savings Plan" are two fledgling, if little-known, bank-created features that are slowly reaching toward the sort of comprehensive personal finance planning features he advocates.



As long as it remains difficult or scary, though, when it comes to their finances, Americans will remain more likely to use the Ostrich Method.

Are you an entrepreneur, solo business owner or freelancer? Are you keen to get regular business advice but don’t have the time to work out which blogs to subscribe to? Well, we’ve done the research for you.

Here’s a collection of business blogs aimed at entrepreneurs and small businesses. These have been chosen for their insights, advice, presentation and overall appeal to business people. Hopefully you’ll find these blogs cover all the business management advice and business trends analysis for your needs.

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1. Harvard Business Review

Harvard Business Review is a staple in any entrepreneur blog collection. The blog delivers timely business analysis and professional management advice.

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2. Young Entrepreneur

When you’re just starting our with your business venture, things can be a little tough. Young Entrepreneur focuses on the things you’ll need to know – financing, bootstrapping, identifying opportunities and making sales.

style="text-align: center;">

3. 64 Notes

64 Notes gets straight to the nuggets of gold by bypassing straightforward management tips and filling each post with those eye-opening things that change your business from alright to amazing. They also write a lot about how to avoid being the start-up that failed.

style="text-align: center;">

4. The Personal MBA

The Personal MBA is a blog dedicated to teaching all the tips and tricks you would have learned if you had done a degree in business. It recommends books, summarises books and draws on advice given freely by great minds in business. If you follow this blog you will learn a great deal about managing your business.

style="text-align: center;">

5. Instigator Blog

Instigator Blog is a very insightful blog, mainly discussing thoughts relevant to small business and entrepreneurs, written by an entrepreneur as he works on his business.

style="text-align: center;">

6. Fast Company

Fast Company is a major business blog, covering business news and trends. It’s vital information if you want to know where business is heading.

style="text-align: center;">

7. Entrepreneur Blog

Entrepreneur Blog is a site dedicated to providing business insights to entrepreneurs. It will analyse business failures, successes and trends, while offering sensible advice for any business owner.

style="text-align: center;">

8. The Entrepreneurial Mind

The Entrepreneurial Mind is a business blog written by a Belmont University professor of Entrepreneurship. His academic insight into the world of the entrepreneur is a great balance to the news and trends offered by other blogs.

style="text-align: center;">

9. Creative Web Biz

Creative Web Biz is a great blog for all the artistic entrepreneurs out there. This is a place for those people who are entrepreneurs, but don’t much care for all the business management advice and trends. This blog is entirely focused on how to get that art out there and sold. Highly recommended for musicians, artists, and makers of other crafts.

style="text-align: center;">

10. Work Happy

Work Happy is a blog offering advice for anyone in business for themselves. It’s useful for freelancers, small business owners and entrepreneurs alike. It features a lot of video presentations from entrepreneurs to keep things interesting.

style="text-align: center;">

Bonus: Entrepreneurship Interviews

Entrepreneurship Interviews added itself on to the list by being a wealth of information in the form of interviews with entrepreneurs. It’s not much to look at, but there is a lot to be gained by listening to what other entrepreneurs say candidly about their own business ventures.

More Blogs

If you’re keen to see some more great blog lists from MakeUseOf, read on:

• Four Best Inspiring Blogs Every Life Hacker Should Subscribe To
• 3 Personal Finance Blogs That Will Get You Out Of Debt
• The 10 Most Stunning Photo Blogs
• 6 Best Web Design Blogs To Follow
• The 6 Best Blogs For Architectural & Interior Design Ideas

If you know of other great blogs for business people, let us know in the comments!

Image Credit: Shutterstock

alpine payment systems scam

New Yorker&#39;s Music Critic Moves to <b>News</b> Corp.&#39;s Daily - NYTimes.com

Sasha Frere-Jones, a music critic at The New Yorker, will become the culture editor of The Daily, News Corporation's so-called iPad newspaper which is currently in development.

Movie <b>News</b> Quick Hits: &#39;Paranormal Activity 3&#39; Gets a Release Date <b>...</b>

This 'Toy Story' Engagement Ring Box is just too adorable. - It shouldn't be much of a surprise, but Oren Peli has confirmed that 'Paranormal.

Google <b>News</b> Blog: Credit where credit is due

News publishers and readers both benefit when journalists get proper credit for their work. That can be difficult, with news spreading so quickly and many websites syndicating articles to others. That's why we're experimenting with two ...

New Yorker&#39;s Music Critic Moves to <b>News</b> Corp.&#39;s Daily - NYTimes.com

Sasha Frere-Jones, a music critic at The New Yorker, will become the culture editor of The Daily, News Corporation's so-called iPad newspaper which is currently in development.

Movie <b>News</b> Quick Hits: &#39;Paranormal Activity 3&#39; Gets a Release Date <b>...</b>

This 'Toy Story' Engagement Ring Box is just too adorable. - It shouldn't be much of a surprise, but Oren Peli has confirmed that 'Paranormal.

Google <b>News</b> Blog: Credit where credit is due

News publishers and readers both benefit when journalists get proper credit for their work. That can be difficult, with news spreading so quickly and many websites syndicating articles to others. That's why we're experimenting with two ...

alpine payment systems scam

New Yorker&#39;s Music Critic Moves to <b>News</b> Corp.&#39;s Daily - NYTimes.com

Sasha Frere-Jones, a music critic at The New Yorker, will become the culture editor of The Daily, News Corporation's so-called iPad newspaper which is currently in development.

Movie <b>News</b> Quick Hits: &#39;Paranormal Activity 3&#39; Gets a Release Date <b>...</b>

This 'Toy Story' Engagement Ring Box is just too adorable. - It shouldn't be much of a surprise, but Oren Peli has confirmed that 'Paranormal.

Google <b>News</b> Blog: Credit where credit is due

News publishers and readers both benefit when journalists get proper credit for their work. That can be difficult, with news spreading so quickly and many websites syndicating articles to others. That's why we're experimenting with two ...

Making Easy Money

I’ve had a checkered relationship with OpenTable. Initially, I loved it as a user, then was let down as the service evolved. For instance I found the eat-at-100-restaurants-and-get-a-measly-$20-check rewards system slightly better than a punch in the face and was annoyed that restaurants still required me to call to verify a reservation. If I had time to make a phone call, I wouldn’t have used OpenTable. Duh.

I’ve vocally accused the site of tailoring its service too much to the restaurants’ needs– who after all pay the bills– and ignoring a better customer experience. (Once a customer service rep for OpenTable actually told me they only cared if the restaurants were happy.) Then, the company addressed a lot of my issues, for instance offering easy ways to get larger numbers of dining points, and the CEO Jeff Jordan and I sat down and hashed it out in a video interview and I came away more impressed with him and the company’s management generally.

Lately, a diner like me isn’t the one doing the bitching–it’s restaurants. Something strange has been happening in San Francisco, which is OpenTable’s home market and oldest market. I dismissed it all for a while as purely anecdotal: The half-dozen or so new hot restaurants in my neighborhood that didn’t use OpenTable, the scattered emails from restauranteurs asking my opinion on whether the service was worth the money, based on how vocal I’d been about it in the past. Then yesterday we got this in the TechCrunch Tip jar: A reasonably-articulated, scathing rebuke of why a local restauranteur named Mark Pastore doesn’t use OpenTable, and how he thinks the service’s success has robbed restaurants of their most valuable asset, the relationship with diners, and charged way too much for the privilege. Even if he’s a lone squeaky wheel, it’s worth a read if you’re a regular OpenTable diner, investor or would-be competitor.

At the core of his argument is the belief that OpenTable’s $1.5 billion market capitalization isn’t a result of creating that much value for the market as a whole; it’s largely taken it from thousands of mom and pop restaurants. Pastore did a survey of his friends who were also restaurant owners and only one said that he felt OpenTable actually increased the value of his business. Tellingly, most of the others use it and don’t plan on quitting– but not because they love the service, because they are terrified of disrupting how diners are accustomed to making reservations. It turns out OpenTable is an astoundingly sticky business. It’s billed as a modern pay-only-as-long-as-you-love-it cloud subscription business, but Pastore’s description sounds like what most on-premise enterprise software customers would say. (Paging Ben Horowitz…) This puts a whole new spin on why OpenTable was growing as restaurants over all were losing money.

The most devastating blow is Pastore’s economic break down of what OpenTable costs restaurants:

“The access fees can be substantial, particularly for restaurants operating on thin margins. One independent study estimates that OpenTable’s fees (comprised of startup fees, fixed monthly fees, and per-person reservation fees) translate to a cost of roughly $10.40 for each “incremental” 4-top booked through OpenTable.com. To put that in perspective, consider that the average profit margin, before taxes, for a U.S. restaurant is roughly 5%. This means that a table of 4 spending $200 on dinner would generate a $10 profit. In this example, all of that profit would then go to OpenTable fees for having delivered the reservation, leaving the restaurant with nothing other than the hope that that customer would come back (and hopefully book by telephone the next time).”

Most restaurants suck up the cost to have the competitive edge of easy bookings. But with so many restaurants all using the same system– is it really much of a competitive edge or is it just table stakes? Pastore cites one 3.5 star restaurant in San Francisco where the owner has spent years paying OpenTable substantially more than he pays himself for 80-plus hour workweeks. When the economics are that lopsided, one would have to start wondering exactly how many diners wouldn’t book directly on a restaurant’s site if that were the only option.

Here’s the stunning thing this post made me realize for the first time: Unlike most large Web companies that built their businesses on cutting costs out of an industry and eliminating middlemen, OpenTable has managed to do the exact opposite. It has created a new middleman. So is there room for this new middleman to be disrupted?

It’s not going to be easy, as Pastore’s own survey shows. Restaurants are terrified of getting rid of OpenTable and sending diners to another restaurant that still uses the site. And this is a hard, pounding-the-pavement business to build. It took OpenTable a decade to get to any kind of critical mass and it still provides software for less than 15,000 restaurants network-wide.

But there are ways to disrupt some of what has made OpenTable powerful. As Pastore argues and I’ve seen increasingly in San Francisco, a lot of new restaurants try their own online booking systems first. They mimic the convenience that OpenTable proved customers want, while keeping control of the relationship with the diner. It’s similar to what you saw in the travel industry: Early online travel agents proved people wanted convenience to book online and airline and hotel companies didn’t want the headache of building a site. But increasingly, they’ve all been trying to send customers to their own sites, either directly or through an aggregator like Kayak.

There’s also clearly a role that Yelp, FourSquare and Groupon could play as spoilers. As a diner, I usually go to OpenTable to browse what restaurants in a given neighborhood have availability. It’s less for the transaction of making a reservation itself. There’s definitely some overlap when it comes to on-the-spot browsing with Yelp’s mobile app, and there’s no reason FourSquare couldn’t use geotagging to push a list of restaurants with availability to you. (Yelp’s past partnership with OpenTable doesn’t necessarily preclude something like this.) If they don’t provide the back-end software, they will never have the same inventory that OpenTable has. But so what? They won’t charge restaurants as much either. That might be compelling enough.

Likewise, I wouldn’t be surprised to see some restaurants experiment with using Groupon to drive diners to them instead of paying OpenTable’s monthly fee. They get someone to come in the door once with a hefty discount, but it’s a one-time expense. You could even see Facebook Pages playing a role here. In general, the iPads, iPhones and Android platforms give would-be competitors powerful new tools to challenge OpenTable, which players like UrbanSpoon are counting on. Designing an app from the ground up to take advantage of how far the local game has come with location-aware smartphones is a world away from OpenTable’s DNA as a circa-2000 Web and back-end software company.

And really, all these players would have to do is erode OpenTable’s ability to sign new customers to have an impact. This earnings report was good, but the company’s shares have jumped a staggering 230% since its IPO 18 months ago, trading at a price-to-earnings ratio eight times higher than the Standard & Poors index. Bloomberg reports that short sells are increasing and some analysts call it the most overvalued stock in the sector.

When you’re priced beyond perfection, it doesn’t take much to stumble. Maybe OpenTable should listen to the squeaky wheels out there once again.

Due diligence should always be a two-way street. A while back, I published an article on “Understanding the Dreaded Investor Due Diligence,” describing what investors do to validate your startup before they invest. Here is the inverse, sometimes called reverse due diligence, describing what you should do to validate your investor before signing up for an equity partnership.

I’ve had startup founders tell me that it’s only about the color of the money, but I disagree. Particularly if you are desperate, keep in mind the person who finds a good-looking partner to take home from the bar at closing time, but then wakes up in the morning wondering “What did I just do?” Taking on an investor is like getting married – the relationship has to work at all levels.

Due diligence on an investor is where you validate the track record, operating style, and motivation of your new potential partner. Maybe more importantly, you need to confirm that the investor “chemistry” matches yours. Here are some techniques for making the assessment:

1. Talk to other investors. The investment community in any geographic area is not that large, and most investors have relationships or knowledge of most of the others. Of course, you need to listen for biases, but local angel group leaders can quickly tell you who the bad angels and good angels are, and what kind of terms they typically demand.


2. Network with other entrepreneurs. Contact peers you have met through networking, both ones who have used this investor, and ones who haven’t. Ask the investor for “references,” meaning contacts at companies where previous investments were made. Don’t just call, but personally visit these contacts.


3. Check track record on the Internet and social network. Do a simple Google search like you would on any company or individual before signing a contract. Look for positive or negative news articles, any controversial relationships, and involvement in community organizations. Check the profile of principals on LinkedIn and Facebook.


4. Spend time with investors in a non-work environment. As with any relationship, don’t just close the deal in a heated rush. Invite the investment principal to a sports event, or join them in helping at a non-profit cause. Here is where you will really learn if there is a chemistry match that will likely lead to a good mentoring and business relationship.


5. Validate business and financial status. Visit the firm’s website and read it carefully. Look for a background and experience in your industry, as well as quality and style. Conduct a routine credit and criminal check, using commercial services like HireRight. Be wary of individuals or funds sourced from offshore.

If you think all this sounds a bit sinister and unnecessary, go back and read again some of the articles about Bernie Madoff and recent investment scams. Remember, if it sounds too good to be true, it probably isn’t true. Entrepreneurs are optimists by nature, so I definitely recommend the involvement of your favorite attorney (usually the pessimist).

I recognize that it has been tough to raise capital these last couple of years, but don’t be tempted to take money from any source. This can be a big mistake, with common complaints running the gamut from unreasonable terms, constant pressure, to company takeovers. Be vigilant and ask questions.

A successful entrepreneur-investor agreement better be the beginning of a long-term relationship. If you don’t feel excited and energized by your first discussions with an investor, give it some time and do your homework. If the feeling doesn’t grow, it may be time to move on. It’s better to be alone than to wish you were alone.

Martin Zwilling is CEO & Founder of Startup Professionals, Inc.; he also serves as Board Member and Executive in Residence at Callaman Ventures and is an advisory board member for multiple startups.This post was originally published on his blog, and it is republished here with permission.

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Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber

But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...

Scripting <b>News</b>: Design challenge: River of <b>News</b> in HTML

The design challenge is this. GIven the latest HTML techniques, do a mockup of a great River of News. If it's really something new, I'll put the software behind it and make it live. Permanent link to this item in the archive. ...

Great Dolly <b>News</b>! | PerezHilton.com

Yes! We´re totes excited for this! Dolly Parton made the official announcement on her website today that she is planning not only a brand new album full of brand new music, but a worldwide...

bench craft company scam

I’ve had a checkered relationship with OpenTable. Initially, I loved it as a user, then was let down as the service evolved. For instance I found the eat-at-100-restaurants-and-get-a-measly-$20-check rewards system slightly better than a punch in the face and was annoyed that restaurants still required me to call to verify a reservation. If I had time to make a phone call, I wouldn’t have used OpenTable. Duh.

I’ve vocally accused the site of tailoring its service too much to the restaurants’ needs– who after all pay the bills– and ignoring a better customer experience. (Once a customer service rep for OpenTable actually told me they only cared if the restaurants were happy.) Then, the company addressed a lot of my issues, for instance offering easy ways to get larger numbers of dining points, and the CEO Jeff Jordan and I sat down and hashed it out in a video interview and I came away more impressed with him and the company’s management generally.

Lately, a diner like me isn’t the one doing the bitching–it’s restaurants. Something strange has been happening in San Francisco, which is OpenTable’s home market and oldest market. I dismissed it all for a while as purely anecdotal: The half-dozen or so new hot restaurants in my neighborhood that didn’t use OpenTable, the scattered emails from restauranteurs asking my opinion on whether the service was worth the money, based on how vocal I’d been about it in the past. Then yesterday we got this in the TechCrunch Tip jar: A reasonably-articulated, scathing rebuke of why a local restauranteur named Mark Pastore doesn’t use OpenTable, and how he thinks the service’s success has robbed restaurants of their most valuable asset, the relationship with diners, and charged way too much for the privilege. Even if he’s a lone squeaky wheel, it’s worth a read if you’re a regular OpenTable diner, investor or would-be competitor.

At the core of his argument is the belief that OpenTable’s $1.5 billion market capitalization isn’t a result of creating that much value for the market as a whole; it’s largely taken it from thousands of mom and pop restaurants. Pastore did a survey of his friends who were also restaurant owners and only one said that he felt OpenTable actually increased the value of his business. Tellingly, most of the others use it and don’t plan on quitting– but not because they love the service, because they are terrified of disrupting how diners are accustomed to making reservations. It turns out OpenTable is an astoundingly sticky business. It’s billed as a modern pay-only-as-long-as-you-love-it cloud subscription business, but Pastore’s description sounds like what most on-premise enterprise software customers would say. (Paging Ben Horowitz…) This puts a whole new spin on why OpenTable was growing as restaurants over all were losing money.

The most devastating blow is Pastore’s economic break down of what OpenTable costs restaurants:

“The access fees can be substantial, particularly for restaurants operating on thin margins. One independent study estimates that OpenTable’s fees (comprised of startup fees, fixed monthly fees, and per-person reservation fees) translate to a cost of roughly $10.40 for each “incremental” 4-top booked through OpenTable.com. To put that in perspective, consider that the average profit margin, before taxes, for a U.S. restaurant is roughly 5%. This means that a table of 4 spending $200 on dinner would generate a $10 profit. In this example, all of that profit would then go to OpenTable fees for having delivered the reservation, leaving the restaurant with nothing other than the hope that that customer would come back (and hopefully book by telephone the next time).”

Most restaurants suck up the cost to have the competitive edge of easy bookings. But with so many restaurants all using the same system– is it really much of a competitive edge or is it just table stakes? Pastore cites one 3.5 star restaurant in San Francisco where the owner has spent years paying OpenTable substantially more than he pays himself for 80-plus hour workweeks. When the economics are that lopsided, one would have to start wondering exactly how many diners wouldn’t book directly on a restaurant’s site if that were the only option.

Here’s the stunning thing this post made me realize for the first time: Unlike most large Web companies that built their businesses on cutting costs out of an industry and eliminating middlemen, OpenTable has managed to do the exact opposite. It has created a new middleman. So is there room for this new middleman to be disrupted?

It’s not going to be easy, as Pastore’s own survey shows. Restaurants are terrified of getting rid of OpenTable and sending diners to another restaurant that still uses the site. And this is a hard, pounding-the-pavement business to build. It took OpenTable a decade to get to any kind of critical mass and it still provides software for less than 15,000 restaurants network-wide.

But there are ways to disrupt some of what has made OpenTable powerful. As Pastore argues and I’ve seen increasingly in San Francisco, a lot of new restaurants try their own online booking systems first. They mimic the convenience that OpenTable proved customers want, while keeping control of the relationship with the diner. It’s similar to what you saw in the travel industry: Early online travel agents proved people wanted convenience to book online and airline and hotel companies didn’t want the headache of building a site. But increasingly, they’ve all been trying to send customers to their own sites, either directly or through an aggregator like Kayak.

There’s also clearly a role that Yelp, FourSquare and Groupon could play as spoilers. As a diner, I usually go to OpenTable to browse what restaurants in a given neighborhood have availability. It’s less for the transaction of making a reservation itself. There’s definitely some overlap when it comes to on-the-spot browsing with Yelp’s mobile app, and there’s no reason FourSquare couldn’t use geotagging to push a list of restaurants with availability to you. (Yelp’s past partnership with OpenTable doesn’t necessarily preclude something like this.) If they don’t provide the back-end software, they will never have the same inventory that OpenTable has. But so what? They won’t charge restaurants as much either. That might be compelling enough.

Likewise, I wouldn’t be surprised to see some restaurants experiment with using Groupon to drive diners to them instead of paying OpenTable’s monthly fee. They get someone to come in the door once with a hefty discount, but it’s a one-time expense. You could even see Facebook Pages playing a role here. In general, the iPads, iPhones and Android platforms give would-be competitors powerful new tools to challenge OpenTable, which players like UrbanSpoon are counting on. Designing an app from the ground up to take advantage of how far the local game has come with location-aware smartphones is a world away from OpenTable’s DNA as a circa-2000 Web and back-end software company.

And really, all these players would have to do is erode OpenTable’s ability to sign new customers to have an impact. This earnings report was good, but the company’s shares have jumped a staggering 230% since its IPO 18 months ago, trading at a price-to-earnings ratio eight times higher than the Standard & Poors index. Bloomberg reports that short sells are increasing and some analysts call it the most overvalued stock in the sector.

When you’re priced beyond perfection, it doesn’t take much to stumble. Maybe OpenTable should listen to the squeaky wheels out there once again.

Due diligence should always be a two-way street. A while back, I published an article on “Understanding the Dreaded Investor Due Diligence,” describing what investors do to validate your startup before they invest. Here is the inverse, sometimes called reverse due diligence, describing what you should do to validate your investor before signing up for an equity partnership.

I’ve had startup founders tell me that it’s only about the color of the money, but I disagree. Particularly if you are desperate, keep in mind the person who finds a good-looking partner to take home from the bar at closing time, but then wakes up in the morning wondering “What did I just do?” Taking on an investor is like getting married – the relationship has to work at all levels.

Due diligence on an investor is where you validate the track record, operating style, and motivation of your new potential partner. Maybe more importantly, you need to confirm that the investor “chemistry” matches yours. Here are some techniques for making the assessment:

1. Talk to other investors. The investment community in any geographic area is not that large, and most investors have relationships or knowledge of most of the others. Of course, you need to listen for biases, but local angel group leaders can quickly tell you who the bad angels and good angels are, and what kind of terms they typically demand.


2. Network with other entrepreneurs. Contact peers you have met through networking, both ones who have used this investor, and ones who haven’t. Ask the investor for “references,” meaning contacts at companies where previous investments were made. Don’t just call, but personally visit these contacts.


3. Check track record on the Internet and social network. Do a simple Google search like you would on any company or individual before signing a contract. Look for positive or negative news articles, any controversial relationships, and involvement in community organizations. Check the profile of principals on LinkedIn and Facebook.


4. Spend time with investors in a non-work environment. As with any relationship, don’t just close the deal in a heated rush. Invite the investment principal to a sports event, or join them in helping at a non-profit cause. Here is where you will really learn if there is a chemistry match that will likely lead to a good mentoring and business relationship.


5. Validate business and financial status. Visit the firm’s website and read it carefully. Look for a background and experience in your industry, as well as quality and style. Conduct a routine credit and criminal check, using commercial services like HireRight. Be wary of individuals or funds sourced from offshore.

If you think all this sounds a bit sinister and unnecessary, go back and read again some of the articles about Bernie Madoff and recent investment scams. Remember, if it sounds too good to be true, it probably isn’t true. Entrepreneurs are optimists by nature, so I definitely recommend the involvement of your favorite attorney (usually the pessimist).

I recognize that it has been tough to raise capital these last couple of years, but don’t be tempted to take money from any source. This can be a big mistake, with common complaints running the gamut from unreasonable terms, constant pressure, to company takeovers. Be vigilant and ask questions.

A successful entrepreneur-investor agreement better be the beginning of a long-term relationship. If you don’t feel excited and energized by your first discussions with an investor, give it some time and do your homework. If the feeling doesn’t grow, it may be time to move on. It’s better to be alone than to wish you were alone.

Martin Zwilling is CEO & Founder of Startup Professionals, Inc.; he also serves as Board Member and Executive in Residence at Callaman Ventures and is an advisory board member for multiple startups.This post was originally published on his blog, and it is republished here with permission.

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Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber

But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...

Scripting <b>News</b>: Design challenge: River of <b>News</b> in HTML

The design challenge is this. GIven the latest HTML techniques, do a mockup of a great River of News. If it's really something new, I'll put the software behind it and make it live. Permanent link to this item in the archive. ...

Great Dolly <b>News</b>! | PerezHilton.com

Yes! We´re totes excited for this! Dolly Parton made the official announcement on her website today that she is planning not only a brand new album full of brand new music, but a worldwide...

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Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber

But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...

Scripting <b>News</b>: Design challenge: River of <b>News</b> in HTML

The design challenge is this. GIven the latest HTML techniques, do a mockup of a great River of News. If it's really something new, I'll put the software behind it and make it live. Permanent link to this item in the archive. ...

Great Dolly <b>News</b>! | PerezHilton.com

Yes! We´re totes excited for this! Dolly Parton made the official announcement on her website today that she is planning not only a brand new album full of brand new music, but a worldwide...

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I’ve had a checkered relationship with OpenTable. Initially, I loved it as a user, then was let down as the service evolved. For instance I found the eat-at-100-restaurants-and-get-a-measly-$20-check rewards system slightly better than a punch in the face and was annoyed that restaurants still required me to call to verify a reservation. If I had time to make a phone call, I wouldn’t have used OpenTable. Duh.

I’ve vocally accused the site of tailoring its service too much to the restaurants’ needs– who after all pay the bills– and ignoring a better customer experience. (Once a customer service rep for OpenTable actually told me they only cared if the restaurants were happy.) Then, the company addressed a lot of my issues, for instance offering easy ways to get larger numbers of dining points, and the CEO Jeff Jordan and I sat down and hashed it out in a video interview and I came away more impressed with him and the company’s management generally.

Lately, a diner like me isn’t the one doing the bitching–it’s restaurants. Something strange has been happening in San Francisco, which is OpenTable’s home market and oldest market. I dismissed it all for a while as purely anecdotal: The half-dozen or so new hot restaurants in my neighborhood that didn’t use OpenTable, the scattered emails from restauranteurs asking my opinion on whether the service was worth the money, based on how vocal I’d been about it in the past. Then yesterday we got this in the TechCrunch Tip jar: A reasonably-articulated, scathing rebuke of why a local restauranteur named Mark Pastore doesn’t use OpenTable, and how he thinks the service’s success has robbed restaurants of their most valuable asset, the relationship with diners, and charged way too much for the privilege. Even if he’s a lone squeaky wheel, it’s worth a read if you’re a regular OpenTable diner, investor or would-be competitor.

At the core of his argument is the belief that OpenTable’s $1.5 billion market capitalization isn’t a result of creating that much value for the market as a whole; it’s largely taken it from thousands of mom and pop restaurants. Pastore did a survey of his friends who were also restaurant owners and only one said that he felt OpenTable actually increased the value of his business. Tellingly, most of the others use it and don’t plan on quitting– but not because they love the service, because they are terrified of disrupting how diners are accustomed to making reservations. It turns out OpenTable is an astoundingly sticky business. It’s billed as a modern pay-only-as-long-as-you-love-it cloud subscription business, but Pastore’s description sounds like what most on-premise enterprise software customers would say. (Paging Ben Horowitz…) This puts a whole new spin on why OpenTable was growing as restaurants over all were losing money.

The most devastating blow is Pastore’s economic break down of what OpenTable costs restaurants:

“The access fees can be substantial, particularly for restaurants operating on thin margins. One independent study estimates that OpenTable’s fees (comprised of startup fees, fixed monthly fees, and per-person reservation fees) translate to a cost of roughly $10.40 for each “incremental” 4-top booked through OpenTable.com. To put that in perspective, consider that the average profit margin, before taxes, for a U.S. restaurant is roughly 5%. This means that a table of 4 spending $200 on dinner would generate a $10 profit. In this example, all of that profit would then go to OpenTable fees for having delivered the reservation, leaving the restaurant with nothing other than the hope that that customer would come back (and hopefully book by telephone the next time).”

Most restaurants suck up the cost to have the competitive edge of easy bookings. But with so many restaurants all using the same system– is it really much of a competitive edge or is it just table stakes? Pastore cites one 3.5 star restaurant in San Francisco where the owner has spent years paying OpenTable substantially more than he pays himself for 80-plus hour workweeks. When the economics are that lopsided, one would have to start wondering exactly how many diners wouldn’t book directly on a restaurant’s site if that were the only option.

Here’s the stunning thing this post made me realize for the first time: Unlike most large Web companies that built their businesses on cutting costs out of an industry and eliminating middlemen, OpenTable has managed to do the exact opposite. It has created a new middleman. So is there room for this new middleman to be disrupted?

It’s not going to be easy, as Pastore’s own survey shows. Restaurants are terrified of getting rid of OpenTable and sending diners to another restaurant that still uses the site. And this is a hard, pounding-the-pavement business to build. It took OpenTable a decade to get to any kind of critical mass and it still provides software for less than 15,000 restaurants network-wide.

But there are ways to disrupt some of what has made OpenTable powerful. As Pastore argues and I’ve seen increasingly in San Francisco, a lot of new restaurants try their own online booking systems first. They mimic the convenience that OpenTable proved customers want, while keeping control of the relationship with the diner. It’s similar to what you saw in the travel industry: Early online travel agents proved people wanted convenience to book online and airline and hotel companies didn’t want the headache of building a site. But increasingly, they’ve all been trying to send customers to their own sites, either directly or through an aggregator like Kayak.

There’s also clearly a role that Yelp, FourSquare and Groupon could play as spoilers. As a diner, I usually go to OpenTable to browse what restaurants in a given neighborhood have availability. It’s less for the transaction of making a reservation itself. There’s definitely some overlap when it comes to on-the-spot browsing with Yelp’s mobile app, and there’s no reason FourSquare couldn’t use geotagging to push a list of restaurants with availability to you. (Yelp’s past partnership with OpenTable doesn’t necessarily preclude something like this.) If they don’t provide the back-end software, they will never have the same inventory that OpenTable has. But so what? They won’t charge restaurants as much either. That might be compelling enough.

Likewise, I wouldn’t be surprised to see some restaurants experiment with using Groupon to drive diners to them instead of paying OpenTable’s monthly fee. They get someone to come in the door once with a hefty discount, but it’s a one-time expense. You could even see Facebook Pages playing a role here. In general, the iPads, iPhones and Android platforms give would-be competitors powerful new tools to challenge OpenTable, which players like UrbanSpoon are counting on. Designing an app from the ground up to take advantage of how far the local game has come with location-aware smartphones is a world away from OpenTable’s DNA as a circa-2000 Web and back-end software company.

And really, all these players would have to do is erode OpenTable’s ability to sign new customers to have an impact. This earnings report was good, but the company’s shares have jumped a staggering 230% since its IPO 18 months ago, trading at a price-to-earnings ratio eight times higher than the Standard & Poors index. Bloomberg reports that short sells are increasing and some analysts call it the most overvalued stock in the sector.

When you’re priced beyond perfection, it doesn’t take much to stumble. Maybe OpenTable should listen to the squeaky wheels out there once again.

Due diligence should always be a two-way street. A while back, I published an article on “Understanding the Dreaded Investor Due Diligence,” describing what investors do to validate your startup before they invest. Here is the inverse, sometimes called reverse due diligence, describing what you should do to validate your investor before signing up for an equity partnership.

I’ve had startup founders tell me that it’s only about the color of the money, but I disagree. Particularly if you are desperate, keep in mind the person who finds a good-looking partner to take home from the bar at closing time, but then wakes up in the morning wondering “What did I just do?” Taking on an investor is like getting married – the relationship has to work at all levels.

Due diligence on an investor is where you validate the track record, operating style, and motivation of your new potential partner. Maybe more importantly, you need to confirm that the investor “chemistry” matches yours. Here are some techniques for making the assessment:

1. Talk to other investors. The investment community in any geographic area is not that large, and most investors have relationships or knowledge of most of the others. Of course, you need to listen for biases, but local angel group leaders can quickly tell you who the bad angels and good angels are, and what kind of terms they typically demand.


2. Network with other entrepreneurs. Contact peers you have met through networking, both ones who have used this investor, and ones who haven’t. Ask the investor for “references,” meaning contacts at companies where previous investments were made. Don’t just call, but personally visit these contacts.


3. Check track record on the Internet and social network. Do a simple Google search like you would on any company or individual before signing a contract. Look for positive or negative news articles, any controversial relationships, and involvement in community organizations. Check the profile of principals on LinkedIn and Facebook.


4. Spend time with investors in a non-work environment. As with any relationship, don’t just close the deal in a heated rush. Invite the investment principal to a sports event, or join them in helping at a non-profit cause. Here is where you will really learn if there is a chemistry match that will likely lead to a good mentoring and business relationship.


5. Validate business and financial status. Visit the firm’s website and read it carefully. Look for a background and experience in your industry, as well as quality and style. Conduct a routine credit and criminal check, using commercial services like HireRight. Be wary of individuals or funds sourced from offshore.

If you think all this sounds a bit sinister and unnecessary, go back and read again some of the articles about Bernie Madoff and recent investment scams. Remember, if it sounds too good to be true, it probably isn’t true. Entrepreneurs are optimists by nature, so I definitely recommend the involvement of your favorite attorney (usually the pessimist).

I recognize that it has been tough to raise capital these last couple of years, but don’t be tempted to take money from any source. This can be a big mistake, with common complaints running the gamut from unreasonable terms, constant pressure, to company takeovers. Be vigilant and ask questions.

A successful entrepreneur-investor agreement better be the beginning of a long-term relationship. If you don’t feel excited and energized by your first discussions with an investor, give it some time and do your homework. If the feeling doesn’t grow, it may be time to move on. It’s better to be alone than to wish you were alone.

Martin Zwilling is CEO & Founder of Startup Professionals, Inc.; he also serves as Board Member and Executive in Residence at Callaman Ventures and is an advisory board member for multiple startups.This post was originally published on his blog, and it is republished here with permission.

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Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber

But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...

Scripting <b>News</b>: Design challenge: River of <b>News</b> in HTML

The design challenge is this. GIven the latest HTML techniques, do a mockup of a great River of News. If it's really something new, I'll put the software behind it and make it live. Permanent link to this item in the archive. ...

Great Dolly <b>News</b>! | PerezHilton.com

Yes! We´re totes excited for this! Dolly Parton made the official announcement on her website today that she is planning not only a brand new album full of brand new music, but a worldwide...

bench craft company scam

bench craft company scam

Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber

But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...

Scripting <b>News</b>: Design challenge: River of <b>News</b> in HTML

The design challenge is this. GIven the latest HTML techniques, do a mockup of a great River of News. If it's really something new, I'll put the software behind it and make it live. Permanent link to this item in the archive. ...

Great Dolly <b>News</b>! | PerezHilton.com

Yes! We´re totes excited for this! Dolly Parton made the official announcement on her website today that she is planning not only a brand new album full of brand new music, but a worldwide...

bench craft company scam

Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber

But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...

Scripting <b>News</b>: Design challenge: River of <b>News</b> in HTML

The design challenge is this. GIven the latest HTML techniques, do a mockup of a great River of News. If it's really something new, I'll put the software behind it and make it live. Permanent link to this item in the archive. ...

Great Dolly <b>News</b>! | PerezHilton.com

Yes! We´re totes excited for this! Dolly Parton made the official announcement on her website today that she is planning not only a brand new album full of brand new music, but a worldwide...

bench craft company scam

Breaking <b>News</b>: Humanities in Decline! Film at 11. — Crooked Timber

But I just don't know of any realm of human endeavor in which a precipitous decline from 1967 to 1987, followed by a couple of decades of stability, counts as breaking news. It's the equivalent of saying “sales of Sgt. Pepper posters ...

Scripting <b>News</b>: Design challenge: River of <b>News</b> in HTML

The design challenge is this. GIven the latest HTML techniques, do a mockup of a great River of News. If it's really something new, I'll put the software behind it and make it live. Permanent link to this item in the archive. ...

Great Dolly <b>News</b>! | PerezHilton.com

Yes! We´re totes excited for this! Dolly Parton made the official announcement on her website today that she is planning not only a brand new album full of brand new music, but a worldwide...

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