For our last discussion at the RealTime CrunchUp, we’ve got a panel on actually generating revenue from these services. Participating in the discussion are some of the Valley’s top VCs and veterans of the space.

Brian Singerman ? Founders Fund

Ron Conway ? Angel Investor

Dan’l Lewin ? Corporate VP for Strategic and Emerging Business Development at Microsoft

George Zachary ? Charles River Ventures

Paul Buchheit ? Facebook/FriendFeed

Andrew Braccia ? Accel Partners

Michael Arrington ? Editor and Founder, TechCrunch

Moderated by Steve Gillmor and Erick Schonfeld

ES: We talk a lot about the overflow of information. Lots of interest in geo-stream. Where do the money making opportunities lie here? We have lots of consumer use cases.

GZ: That’s a broad question. We’re investors in three companies now starting to accrue rev. in this space: Twitter, Yammer, and SMSGupshup (Twitter of India). Regarding Yammer: In 0 for marketing, over 10% conversation of the install base for Yammer. The company has around 550k installed enterprise seats in 14 months.

MA: It’s this insidious product where it’s very sticky and you hae to start paying. It’s a good thing.

GZ: It’s a good thing for the company, and investor..

DL: Good for customer too. Company stays around.

GZ: In response to Marc Benioff copying Yammer, we got lots of calls saying Chatter copied Yammer.

MA: There’s 550k installed enterprise seats, over 10% of new seats convert. There’s below 100k paid seats. Near 100k paying users.

GZ: Marc Benioff setting price at 50 per user gives us some room…

ES: What’s yammer’s strategy to ingest other enterprise data systems.

GZ: I think yammer is going to be the future of enterprise messaging. There’s going to be serious competition and we know that.

ES: FriendFeed was the first sig. acqusition in this space. Wasn’t the size of what people were talking about with Twitter, but it’s a milestone. From a founder perspective you were building this system, can you tell us about, what you thought was obviously the future.

PB: Facebook kept talking to us, they were very persistent. We were never looking to sell, even when we did. What happened is we started talking to them more, learning where they’re going. As we put more thought into the future of Facebook it started seeming like an intriguing possibility. The opportunity at Facebook is very substantial. Nobody has ever announced the deal. The biggest component is what is the value is Facebook. I think the value of Facebook is going to be huge. It is going to get more successful.

ES: Brian can you talk about what you guys are interested in?

BS: We’re also in Yammer. We’re also interested in where real time can go in non consumer/enterprise. There’s lots of room in devices, biotech. Lots of cool companies being able to figure out on the fly if there is E Coli in a substance. You can leverage tech to do lots of stuff that used to take a long time.

…

AB: We’re taking a wide approach.

MA: Kimball Musk this morning said there are gobs of money in search. When Twitter bought Summize, I think they gave them like 8% of the company, not sure if that’s been reported, it was a huge part of the company. I think they realized it was still very hard and passed it to Bing/Google. The places where the money is with Yammer, which touches on things like Echange. And search. But where else are people making money. Where are startups making money if not one of those two buckets?

RC: Those are good buckets. I agree, what you’re seeing with the programmable web. Some business is going to take off, we’re seeing things that haven’t been created yet that are going to see a huge amount of value in things being created.

RC: Coupons alone to inventivize users to go to a nearby place, revenues from that alone could be massive. This is going to happen in 2010.

BS: We’ve seen a huge amont of traffic on real-time coupons/offerings.

ES: How does microsoft look at this.

DL: he first thing for us is to build the infrastructure out, and look at the big information flows, like we did for the Twitter relationship. Some of these things will be things we’ll be interested in. We have been and will continue to be inquisitive. It’s been around 20 companies a year on avg. about 10 of those are bubble up like this and become important parts of a broader strategy. RealTime goes way back to the very beginning of data exchange. Who carries the flow, where is the value at what moment in time of the flow of information. These are all indications of inevitability of realtime. What we’ve done with Twitter/Bing those are foundations for much bigger connections. There’s a little company doing math in the cloud, seven guys optomizing POS information. 5k retail points, 20k units inventory in a warehouse.

SG: What do you know about deal with Twitter.

DL: Which deal?…

MA: What’s the other deal?

DL: They did one with us.

SG: Question is licensing of feeds?

DL: Why would I offer details on this.

RC: Yon can tell Dan’l likes this job.

MA: I feel like panelists know the answer to this.