The next billion dollar app

Uber investor and Eniac Ventures partner Nihal Mehta talks to Katie Roof about the future of mobile and his search for the next billion dollar app.

Search for the Next Billion Dollar App

By Small Business FOXBusiness

In a video with FOXBusiness.com, Uber investor and Eniac Ventures partner Nihal Mehta chatted about the changing landscape of mobile technology and explained how he plans to identify the next Uber.

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Uber “would never exist without mobile,” Mehta said.  Mehta pointed to the convenience of geolocation, making it easy to hail a car from wherever you are at a given moment.

“To create that magical experience on a consumer, you’re not going to get that on a laptop," he said.

Uber succeeded because it took advantage of the “inefficiencies in transportation.” Mehta also sees healthcare, education, marketing and messaging as industries that are ripe for “disruption.”

A former hacker, Mehta sees opportunity to eliminate password security, and has invested in LaunchKey, a service that aims to do just that.

“There will continue to be hacks as long as there are passwords," he explained.

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When searching for the next big investment, Mehta is particularly optimistic about smartwatches. "People are going to be able to communicate with their friends and loved ones on their wrists," Mehta said. “A video camera format  for messaging is potentially going to replace text messaging.”

He is forecasting “less of a dependence on this actual phone and more on the Internet of Things, with connected devices everywhere.” A year from now, people are going to be “looking at their Apple Watch” instead of their iPhones, Mehta said.

This is the “first or second inning in mobile,” Mehta said. "There’s going to be a lot more innovation.”  

Eniac Ventures recently raised a $55 million fund, solely focused on mobile.  They hold a stake in SoundCloud and AirBnB.