“Your smartphone is becoming the remote control for the physical world.”
On this segment from Bloomberg Television’s “Money Moves,” Deirdre Bolton interviews Chris Fralic of First Round Capital on funding and recent trends in New York’s tech startups.
Fralic brings some interesting statistics to the interview, mentioning that $1.6 billion in funding has been invested in the first six months of 2013, with a significant amount of funding being awarded in later stages rather than seed stages.
“We think the purpose of seed-stage investing is to help the entrepreneur validate or disprove or derisk their hypothesis,” Fralic said. “The sort of ‘who might be your likely acquirers’ would be certainly a part of that.”
Fralic also discusses Warby Parker, a company that sells designer, vintage-inspired eyeglasses starting at $95. Fralic said the company began selling online and then opened up physical shops.
“The key is they built a brand online and then they took it offline so they could give the customers the best of both worlds,” Fralic said.
Fralic goes on to emphasize that the hybrid of combining online and offline services is becoming more prominent in the industry.