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I really want to see a working prototype first. Rarely do i invest without that.

How far along do you expect a prototype to be?

E.G., if I'm building a social web app, do you expect to just see a prototype with a few of the basic concepts? Or do you expect a first version that's already online and starting to get users?

The latter. You aren't learning anything until you are interacting with users, and learning is the most important thing you can possibly be doing.

Through friction the apple is polished, I think.

With that in mind, how do you feel about all of the people who rushed to send money to the NYU kids with the 'Facebook killer' in mind?

Well, as an investor in Kickstarter, I approve.

I feel bad for the Diaspora kids. They can't help but fail. Everyone will forget about it shortly, except for the people that gave money. I wish them the best of luck.

You don't see this as the best possible scenario for them?

They've been able to get everything they should need for success - adequate funding, lots of press, users who want what they're going to build so badly that they're giving them money sight unseen.

How could there be a better situation for someone who wants to take on Facebook?

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