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If you start building now, you might also applying to YCombinator, LaunchBox Digital, or TechStars (to name a few). Since it's your first startup, the advice you may receive there may be very helpful. Let's just hope that your co-founder is a great hacker.
You guys might also want to check out http://friendfeed.com or http://ping.fm for starters.
And we are applying to a couple of those. Thanks :)
Best,
Andrew
Aren't there any startups that have created a way to raise venture capital on the Internet through micro funding from individuals? If not, then there is an idea someone should execute on!