The iPhone apps VCs want to see

I just came back from the iPhoneDevCamp where Chi-Hua Chien, a partner at Kleiner Perkins Caufield & Byers and Stanford GSB alumn,  was the Friday keynote speaker.

Chi-Hua is actively involved in the iFund, KPCB’s $100 million iPhone investment fund.

Chi-Hua first gave a quick overview of how the iFund came to be and how it is going today.

I found particularly interesting  where they think the big iPhone hits will come from, the big ideas:

  • Mobile commerce
  • Real time everywhere and anywhere
  • Local search
  • Healthcare
  • Augmented Reality
  • Real-world gaming

Chi-Hua was quite disappointed by the fact that most of the current top apps fail at the three criteria he values most:

  • innovation
  • value creation
  • significance

These criteria and the previous themes frame pretty well the iPhone apps VCs want to see. Unfortunately, right now the top free app is probably the opposite: Do Not Press the Red Button. The market (and hopefully some intervention from Apple) will certainly correct this with time, just like it in the case of Facebook applications.

Update: the slides of his presentation are now available below:

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  2. Joram

    The iPhone app store has turned into mostly crappy 99 cent apps that make fart noises. The Iphone in general is pretty much a proprietary toy. I think the real market for real applications that go beyond touch screen bejeweled clones and fart noise apps is with Android and Blackberry phones.

  3. ppaniagua

    As it is right now it might be heading that way. Let’s see if Apple realizes that and makes some changes. It’s a good thing they at least banned the apps from Khalid Shaikh.