The document appears to be notes from November 2005 about an independent photo sharing website called Fotki. It lists that Fotki had over 1.4 million members and 1.5 billion photos at the time. It also notes that Fotki was profitable and self-funded with a business-to-consumer and business-to-business model. The document discusses two potential approaches for Fotki in terms of fundraising and growth - a slower organic "WTF" approach versus a faster venture capital backed "FTW" strategy.

1. November 2005
 The largest independent photo site
 1,400,000+ members
 1.5 Billion photos
 Profitable. Self-funded.
 B2C (membership, ads, prints, gifts, etc.)
 B2B (platform for Sears, Telecom Italia, etc.)
 Founders: i@fotki.com
 Users:

2. T Approaches
wo
ASPECTS VC? WTF… VC! FTW!
Growth slow and somewhat steady the key to everything
PR/Hype guerilla-style and small-scale the main leverage
Revenues tied to profits slow you down, complicate exit
Profits the key goal what's "profits"?
Opportunism oh, yes! none: "Focus!"
Product polished: years' worth of sweat beautiful cover, less polished inside
underpaid, overworked, naïve better paid, less naïve, brighter
Employees and romantic prospects
focused on, loved, listened, mass-market to them, don't let
Customers catered to them distract you
Big Hope Lifestyle biz? Sale? Funding? The Exit

3. T Approaches
wo
WTF FTW
Business Models Giveaways
Sales and Marketing Hyper B2B Deals
Distribution Channels Great PR
Viral Mechanisms New Distribution Channels
Community No Need in Profits
Products/Services No Need in Revenues
Applications Focus
Technology Buy Standard Existing IT

4. IF A GORILLA
COMES TO A PARTY…
… a party dies:
• Google Calendar
• Twitter
• YouTube
IF A VC DOESN’T
CREATE A GORILLA…
… a little monkey dies:
• Digital Railroad
• Film Loop
• Mercora (Social.fm)

5. Win-Lose Matrix
WTF winners FTW winners
• Too many winners to list • The few, the proud
• Wins are small • Wins are big and loud
• Great “lifestyle”/fulfillment • Fun ride, always a sprint
• Lower risk • Lower homerun probability
WTF losers FTW losers
• Too many losers to list • Too many losers to list
• Losses are not as “fun”... • “Losses” are “fun”
• Losses don’t earn you • Losses still earn you
“medals” “medals”

6. WHATS A ST - TO DO?
’ ARTUP
1. Create a low-cost foundation
2. Follow the Power Users and the $
3. Let your users play and pay
4. Focus on the kind of growth that brings $
5. Fight where you can win
6. Don’t put all eggs into one basket
7. Constantly tweak the Vision and Product
8. Don’t let Big Opportunities slip away
9. Be ready to scale
10. Be close-fisted but open-minded