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
- 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:
- value creation
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: