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Published 04 October 2012 04:14, Updated 04 October 2012 05:07
Many social networking businesses begin life without clear models of how to come by revenue and profit. But that is “a path to failure for most people”, says Mozo chief executive Rohan Gamble.
“It’s not good enough to say, ‘I’ve got an idea and let’s go’,” he says. “You need to know that there’s a product I’ve got that people are going to pay for.
“So often we see people who have ideas and they worry about how to make money later. I don’t prescribe to that at all.”
Gamble calls companies such as Twitter, Facebook and Instagram “absolute one-offs”. “There’s a very small number of high-profile success stories among tens of thousands that go for that approach.”
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