AOL Sets Up $10 Million Venture Fund To Back Local Startups

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AOL Sets Up $10 Million Venture Fund To Back Local Startups

AOL (NYSE: AOL)—which is doubling down on its own local efforts—is now setting up a $10 million venture capital fund to invest in the local space. The company cites the “increasing number of startups” in the market as driving the creation of the fund, which will operate as part of AOL Ventures. Also likely not a coincidence: AOL Ventures head Jon Brod joined the company via its acquisition last summer of hyperlocal news startup Patch.

AOL is already spending $50 million this year to expand Patch; specifically, the company now says it will add 15 hyperlocal sites to its current 40 over the next three months. It’s also announcing it will relaunch its City’s Best entertainment guides in 25 cities in order to add “high-quality, city-specific content” and will add geo-targeted local content to AOL.com.

In its announcement, AOL CEO Tim Armstrong says that the local space online is “an untapped market for the most part and one of the largest commercial opportunities online that has yet to be won.” He elaborated on that view in this CNBC interview today. But, as we’ve pointed out before, AOL isn’t alone in its ambitions. The other large internet companies, including Microsoft (NSDQ: MSFT) and Yahoo (NSDQ: YHOO), are also zeroing in on the same opportunity.

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Joseph Tartakoff

@josephtartakoff Mar 17, 2010 3:59 PM ET

Photo: Corbis

Posted In: Advertising, Local, Money, M&A & Venture Capital, Venture Capital, Companies, AOL

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SUKANTA BASAK

AIRTEL AND SBI

Tarun

AirTel m-wallet app hw it works..in details !!
Let me explain, how this M-wallet application works
*When you register u r fone nbr with bank account they will send u one PIN nbr .
*IT works on the bases of sms payment.

#regarding security:-

Every transaction has to be authorized by 4 digit PIN which is know only to you,the PIN needs to be sent form u r mobile nbr not some other ensuring tht u r the one authorizing the transaction.

*Every transaction also has a different 3 alphabet code or know as alpha code which is hard coded in to SMS and authenticated by the user. This add second layer of security apart form u r PIN.

Now what if u lose ur mobile .

Unless someone knows u r PIN there is no way u r lost or stolen fone can be misused for payments.
After every transaction ota(over the air) server will remind you not to store u r PIN in ur mobile sent items.
In case u lose u r mobile the first thing what u have to do is call 121 and get the SIM deactivated .once this is done fone is not capable of making payments in any case.

Ok now what if by mistake someone knows ur mobi nbr and PIN.

The person cannot do a transaction unless he or she has u r very mobile.PIN and alpha code authorizations must happen frm u r nbr.
Now u will be wondering is PIN confidential well let me tell u the PIN is auto generated frm Highly secure systems and is not know to any person other than u .

Hope this will help you and do join in AirTel Youth CLUB
http://www.orkut.com/Community.aspx?cmm=31506607

Valroy

How will this work? I'm confused?! Will I get money on my mobile or will my brother send the money to a agent in my area and then i go there and collect it? Please help here.. with an example if possible