One reassuring voice in all this stock market doom and gloom is Fidelity Ventures' attitude to mobile marketing and investments in that field.

The Boston-based venture capital arm of Fidelity Investments recently invested $15 million to acquire an unspecified minority interest in Vibes Media, a 10-year-old, Chicago-based text messaging specialist (see story). Mobile Marketer's Mickey Alam Khan discusses mobile trends and issues with Dave Power, partner at Fidelity Ventures and new board member of Vibes. The Q&A:

As a venture capitalist, you must come across many proposals. What's the flavor these days?
In general, most companies are positioned to deliver a better, faster and cheaper solution versus breakthrough innovation.

As it relates to mobile media, the flavor these days centers on consumer-focused applications, specifically applications that engage the user to interact more often with their mobile device.

Are you getting pitched by more mobile companies?
Yes, we've seen an increase in the number of mobile companies looking for capital and as a result, are meeting with several management teams each week. The high volume reflects the industry's shift towards open platforms.

You've been in this space a few years and also have marketing experience. Where do you see mobile today?
That depends, in part, by geography. Cleary, mobile marketing represents a compelling way for marketers to reach customers because of the direct and intimate nature of the medium.

However, in the U.S., activity can best be described as experimental as marketers test the power of the third screen.

So what kinds of mobile companies approach you?
A common thread amongst companies we see is how they take advantage of the mobile handset as a portable computational device.

These companies range from marketing services, consumer applications, content and media, mobile social networks, carrier infrastructure and LBS businesses who don't view the handset as just a communications device but rather a total mobile computing environment.

What do you tell them?
We start with a simple question, "What is your approach for broad adoption?"

Dealing with the carriers has its challenges, so we advise companies to focus on defining the use cases and articulating and demonstrating how their products and services drive unique mobile experiences.

How do you know if a mobile marketing or media company has legs?
To have real legs, a marketing and media company has to deliver real value to advertisers by delivering a seamless and integrated brand experience. They also need to have a clear strategy for working with the carriers.

How diverse is your portfolio?
We have a very diverse portfolio in terms of both sector and stage.

In addition to mobile, we invest broadly in the Internet, software, communications and consumer [categories] with an expert focus on service businesses in healthcare, digital media and marketing, business and information and financial technology.

We recently wrote about your $15 million investment in text messaging specialist Vibes Media. What does Fidelity Ventures look for when it explores possible investment in a mobile company?
Clear value proposition, great management team, competitive advantage, revenue traction, growing market [and] relationships with the carriers.

Which areas in mobile excite you today? Where would you like to invest in mobile? Any specific budgets?
Broadly speaking, we are excited about companies that are bringing the mobile device to markets that have yet to be impacted by the power of the mobility. For example, healthcare.

Specifically we see opportunities in a variety of areas, such as
â?¢ Companies using location-based technologies to geo-target consumers
â?¢ Companies facilitating mobile commerce and consumer transactions on the mobile device
â?¢ Companies that are supporting the extension of enterprise wide applications to a mobile platform.

Are there venture capital firms out there, as you have in the Internet space, that focus specifically on mobile?
Certainly Kleiner Perkins Caufield & Byer's iFund is the most obvious example, but it is more typical to find an individual investor with a focus on mobile versus an entire fund.

With that said, there are strategic investors such as Motorola and Nokia whose investments are heavily skewed in the mobile space.

Is Fidelity Ventures trying to become the go-to funding source for mobile marketing companies?
We would prefer to be considered the go-to-funding source for companies with innovative consumer applications that solve big problems.

That solution could come in the form of mobile marketing, SaaS, or health care. However, mobile marketing is a strong area of focus.

What challenges do you see in the mobile marketing space?
The biggest challenge is that mobile marketers are operating in a closed system, controlled by the carriers.

Compounding that challenge is the fact that there is tremendous fragmentation of carriers and handsets, which leads to a lack of standards. Measurement and metrics for advertisers continues to be elusive.

And opportunities?
Many. First, the mobile handset is a personal device that is always with you, giving marketers a unique platform from which to deliver deeper interactions with its customers.

Second, Generation Y. Bigger than the Baby Boomer population, this segment of the market doesn't watch prime time programming or read newspapers, making mobile the primary main media channel.

And last but not least, innovation. From the iPhone to Android to the trend towards carriers opening up their networks, the opportunities continue to surface at a pretty rapid pace.