I was recently made aware of a new online social network called SiteTalk through a friend. SiteTalk sits under the umbrella of a new startup company called Unaico Ltd (United Nordic Alliance Investment Company) which sits under a bigger umbrella called The Enigro Group.
Yesterday I attended SiteTalk’s launch event in Hong Kong, and after sitting through the 3 hour event (which included 3 presentations and a lot of razzle dazzle), I decided that I should write something about it. I am writing because I’m concerned about their business. More specifically, I’m concerned for the people who are blindly investing in a company that promises so much, yet offers very little to demonstrate how it would become a success.
I left yesterday’s event feeling troubled at heart. Couldn’t the audience see behind the rhetoric of the presenters Dan Andersson & Rune Evensen? It was clearly a money-making scam.
As you can probably tell, the overall impression I received from yesterday’s event wasn’t great. It was a bit like two white foreigners trying to impress an audience of technically illiterate Asian investors of what the Internet can do. Except the technology described has been around since 2006. Believe it or not, they were pitching to the audience Web 2.0.
In essence, SiteTalk is trying to be a Facebook… but with a lot less capital and no solid revenue model. In fact, the website hasn’t even been finished, yet they have already “launched” it. Apparently, basic social networking features such as photo sharing and friend searching will appear in “phases”. Funny that.
One of the presenters yesterday also mentioned that a marketing campaign will commence in 2 weeks time and thus thousands of buses throughout Hong Kong will bear SiteTalk advertising. Now I’m not sure who on earth would visit a new website after seeing its web address on a bus, but for those who would, I wouldn’t be too surprised if they are greeted with a half-completed social website.
So to conclude my maiden blog post, I’d like you to warn people who have invested or are thinking of investing in SiteTalk. Reason with them… plead with them if you will, to pull out before they lose all their money.