My-oh-my: $100 million miomi web 2.0 frenzy?

Is this just another of those turning points that we will look back on in time as the culmination of irrational exuberance around the latest buzz-word like the sale of business.com for the domain market or the bankruptcy of boo.com for the dot-com bubble have been before or am I just totally missing the potential of an amazing idea?

miomi wants to provide a tool that enables everybody to map their personal experiences on a timeline. You will then be able to browse through time, discovering what your friends did while you went shopping for toilet paper or to discover new friends because they had the same need at the same time. Microsoft is heralding it as the next YouTube or Skype.

The problems I have with this concept are the following:

  1. Will I really be mapping all the details of my life as I am busy enough living it? There might be a certain degree of automation that is possible through cameras supporting geocoding and date-tagging, which will make mapping and sharing straighforward. The ubiquity of those devices in the near future and broadband access from everywhere will make this process pretty seamless. But what is miomi’s added value over a flickr map mashup which is already available today?
  2. Will the community of mappers find the right level of abstraction for mapping their activities that will actually provide some interesting insights for others? As there is probably a positive correlation of events I want to remember and events that I take a picture of the positive impact of the ubiquity of camera functionality as described above comes into play here as well – but so do the limitations if I want to differentiate miomi. If I want to go beyond what I am already doing through flickr map mashups and map additional events and experiences that are less well documented, how do I really create relevance for others? This leads me to the third problem:
  3. Am I really interested in what everybody else is doing? As the newsfeeds on Facebook demonstrate it might be very interesting to stalk my friends and have a topic for starting a conversation – but do I really care that someone I don’t know was shopping at the shop around the corner at the same time that I shopped there? Does this create a level of affinity that I want to build a friendship on – even if it is just virtual one?
  4. How can $100 million be needed to build a platform like miomi? We are in the post-dot-com bubble web 2.0 era and not in web 1.0, after all. Although strategic reasons of scaring away competitors and creating free coverage in the media might have played a role in inflating the number communicated beyond the real numbers, it sounds a little far fetched.

Looking at the press coverage so far it seems like the strategy of creating a splash without much reflection by the journalists covering the story has worked quite well. Or I’m just not getting how brilliant this idea really is? I’d love to hear what you think!

More articles on miomi:

Update (July 5th, 2007):
Interesting insight on my doubts about the $100 million: apparently the check only read ‘Whatever it takes’. The size of the fund is 50 million pounds = $100 million -> perfect line for the media frenzy: they are investing $100 million… maybe some of these journalists should be checking their sources.

Here is where I got this update from – comment #5:
Visualblog: Der neue Web 2.0 Wahnsinn: Miomi (German)

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2 Responses to My-oh-my: $100 million miomi web 2.0 frenzy?

  1. owen says:

    sounds like it could go either way to me but what i don’t get is why anyone would pay

  2. Interesting insight on my doubts about the $100 million: apparently the check only read ‘Whatever it takes’. The size of the fund is 50 million pounds = $100 million -> perfect line for the media frenzy: they are investing $100 million… maybe some of these journalists should be checking their sources.
    Here is where I got this update from – comment #5:
    http://www.visualblog.de/?p=761 (German)

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