We want the logo to be fun yet professional. Think Google, Skype, technorati, flickr, dropsend, youtube and you'll get the general idea.
Our name, BabbleShop, describes how our users will treat/work with our content. They will "babble" (or talk) about our deals/listings/etc with their friends via twitter, facebook, myspace, etc...since there will be a buzz created by the crowds, the name babble applies and the logo should be able to depict that clearly.
Our company colors are not yet defined but we are leaning towards blues and reds so if you can incorporate that, it would be awesome but we are open to any color combo's at this point.
The logo will be replicated on all types of media (letterheads, web site, t-shits, cups, cans, etc, etc.) so should not have any intricate text on it.
The logo should be such that it should retain it's general structure even when shrunk down for use on an iPhone app.