Again, this has been produced by college students. Intended for students, the site allows you to lay down your course’s structure and create notes, and also the beginnings of a social network, within that. There are a number of other PIM tools, such as bookmarking, a calendar and an address book.

The work they have produced is promising, if not at all finished. I wasn’t able to edit homework assignments, for example, and a couple of actions produced PHP errors. It also requires internet connections in lecture theatres, to be able to do the central task of making notes during lectures. Is this now the norm? When I went to university, the presence of girls was quite enough distraction as it was.

I’d have to say that this a crowded marketplace, in most respects. All the major educational suppliers in the UK, RM, Blackboard, Viglen, Microsoft, Capitas, Granada Learning and a number of others already have Virtual Learning Environment (VLE) solutions. mynoteIT might work, though, for informal groups of students, who can share notes.

While moodle and some other wiki solutions remain free, they are not nearly so easy for newcomers as mynoteIT.

(a) Describe your product offering briefly.

mynoteIT is a simple and easy way for any student to take, store and search through school notes and papers quickly and easily. You can also store all your professor contact information, keep track of all your current grades, be reminded of upcoming assignments and much more. A couple newer features are mynoteIT groups, which allows you to join class groups with other people in your classes. We also have workspace utilities, which allows you to find the definition of a word, or translate a phrase between languages instantly without leaving your workspace.

(b) What is your business model?

Our business model consists of ads from Google AdSense. We offer mynoteIT for free but we still have to pay server charges.

© How long did it take to set up mynoteIT and how much money did it cost? Any funding?

mynoteIT was first thought up and created in December, 2004. We only have two developers working on it right now (twin brothers, myself and my brother Justin). The only thing it costs is monthly server charges and a lot of time. So far we have not had any outside funding, but hopefully that will change.

(d) To what extent is this a Web 2.0 product?

Although “web 2.0″ is hard to define, the usability and functionality of mynoteIT make it more advanced than your normal website. For example, workspace utilities are use AJAX in your workspace so you can look up words and translate words without leaving your workspace.

(e) How many users will you need to make a profit?

We aren’t worried about making a profit from mynoteIT. Although both the developers are college students, we both have jobs and can pay server fees with what we have right now. We’re a lot more concerned with making school life easier than making a profit.

Is this a toy? Marc Fawzi, whose opinion I respect a lot, said that the radio app I talked about last week was a toy. On this… no, it is not a marketable product that you could charge for as a service. But I feel it’s a rough draft of something that could potentially get funding towards a bigger thing. Or be picked up by a major developer. Or at least, Alex and his brother could.

1. Getting dugg. Getting onto the front page of digg can lift your traffic through the roof. My friend Marc from evolving trends was briefly the author of the number one site on wordpress.com, higher than “that scobleizer guy [his words and well worth quoting]”, thanks to a well-worded headline on a contentious topic. However, your chances of this happening are roughly 10% depending on (a) who dugg you (most important); (b) when; © your headline (maybe second-most important); and (d) the content (not important at all, IMHO, so long as it is about a hot topic). Duggtrends is the place to go to get all this information.

2. Google AdSense. If you don’t have 200,000 visitors a week then you will not earn enough money to support yourself, even if you have really excellent click-through ratios (say 5%). And you probably don’t. If you want the sort of income you might get doing something else, assuming you have a degree, double that number. You can check your CTR at any time on AdSense. If it’s one percent (more likely), then multiply the figures by five. If it’s 0.1% (most likely) then you need 1mn visitors a week to earn a decent living from AdSense. There are a lot of people on the web who will tell you different. Work out the maths for yourself is all I can say.

3. Leaders to also-rans. The famous Sacred Cow Dung list of Web 2.0 sites contains 44 social bookmarking sites. The list was published in March 2006, so I guess there are a few more by now. As the name implies, these social bookmarking sites — and the same is true of most Web 2.0 sites — add value by having lots of users. People will gravitate towards the services that offer the most value, won’t they? MySpace and deli.cio.us aren’t winning on their looks, eh?

4. Users to contributors. I need to increase the scales a little here. For web sites that take some effort to contribute or are very popular viewing, then roughly one percent contribute. (1.8% of users have written more than 72% of all Wikipedia articles, for example). This doesn’t matter in some environments — for example — if the contributors are getting paid. But a new, free, video sharing site that doesn’t pay and has no other USP … I think not.

5. Critics to actual producers. Yeah, that’s me in the 80% on this occasion. Sorry for this brief rant. As Tim said in my last entry, focusing on failure is pretty poor way way to go about things. Normal optimism and good feeling will be resumed shortly. Please get back to producing cool blogs, photos, videos and apps. I’m loving all of them.

See also: Power Laws, Weblogs, and Inequality if you really want to be demotivated.