Mobile is the next big thing, says Google’s Eric Schmidt in 2007. However, just today, myself and a few other mobile developers got together and watched a chilling reminder of the last time mobile was supposed to be big.
Riot-On is a documentary-movie about a Finnish company that set out to conquer the mobile space. The year is 2000, and the company was called Riot-Entertainment. Six founders, 21 million euros, and an astounding bankruptcy that left the company an additional 3 million euros in debt just 666 days later.
In 2000, Finland had the biggest penetration of mobile phones in the world at over 80%. It was just before the bubble bursted. The founders were persuasive, and had amazing CVs, diverse and highly desirable skill sets, and a promise of game-changing mobile applications.
With no product to demo, no infrastructure, and no understanding of technical feasibility, Jan Wellmann, CEO of Riot-E, was not only able to persuade almost 10 investors to put in millions of euros, but he developed exclusive contracts with media companies for Lord of the Rings, X-men and uncountable other large deals for the mobile game space. Their product, however, was ultimately a mobile game that involves rock-paper-scissor. No, seriously, rock-paper-scissor. With X-Men and Lord of the Rings nevertheless.
While the company went bankrupt just two years after its start, it is estimated that the media contracts that these guys came up was worth over $200 million. Where did they fail? How did this all happen? Where was oversight?
The movie did an astounding job of explaining exactly what happened, and the trailer did not do full justice about the whole company. In fact, as the movie ended, I realized that these guys were really on to something, but their time was over. It was too late. They lost the trust of investors, their employees, and have disappointed far too many people. Somewhere in between the falsification of their concepts, the lies, and the contracts, I feel that at least someone in the company knew what he was doing. Granted that the coders had sex orgies in the company’s sauna, and the financial officer was given a free trip to Spain with four hookers so that he would shut up about the budget, nevertheless, the business team was incredible.
They certainly had their joy, their fun and their seasons in the sun, but the hills that they climbed were just seasons out of time. Perhaps they were too early for their time, or perhaps they just had too much %*@$## fun to get anything done.
So now I come back to present day. Is it time again for the rise of the mobile kings? Or is it just another overblown-hype. Sure, the big guys are saying that, yes, now it is the time for mobile to conquer new territories; but many things have been said many time in the past, and people typically forget the predictions that never happened.
… But you know what, I’m optimistic. So optimistic, in fact, that my partners and I gave up other *wonderful* opportunities to work on our mobile application. Do you know what I’m most excited about? The idea that mobile phones could replace the computers in third world countries. India. China. Africa. But I digress, and I’ll talk about that soon enough.
Oh yeah, have a drink when you watch this movie. We had three bottles of wine, and so should you.
The movie is available on Amazon.
