startup media business lessons

BUILDING A MEDIA BUSINESS:

20 21 LESSONS LEARNEDMike Orren

International Women’s Media FoundationApril 19, 2013

SERIAL ENTREPRENEURSHIP

• Career focused on startups/relauches

• Conceived 2004; launched 2006

• Largest single-market pureplay newssite

• Sold 2007 to NASDAQ-traded broadcast company

• Re-sold 2009 to local radio company

• Self-sustaining• Left in January 2011; still going

strong• Speakeasy

THE HARD PART

•Raised $800k in angel capital ... in 5 rounds

•Before sale missed payroll for 4 months without losing anyone

•Went without a car -- in Dallas -- for a year

•Wife Ex-wife took nightshift job to keep us afloat

•Friendships made and broken

CAVEATS•I don’t have all the answers

•Not a role model

•Startups tend to make a lot of the same mistakes

•Some of this will sound obvious.

• I want to cover what you are struggling with today

A SHOESHINE AND AN IDEA IS NOT ENOUGH

DON’T SLICE AN UNBAKED PIE

AVOID FUNDRAISING

HAVE A BIBLE AND A PRIME DIRECTIVE (BUT NO OTHER DOGMA)

LAUNCH FAST AND IMPERFECT

KNOW WHAT BUSINESS YOU ARE IN

EVERYTHING TAKES LONGER THAN YOU THINK

DON’T GET TOO MARRIED TO ONE

TECHNOLOGY*

GOOGLE SOCIALIS YOUR GOD

BE A CRUSADE

FLOCK WITH BIRDS OF A FEATHER

TAKE CARE OF YOURSELF (AND YOUR TEAM)

BE REALISTIC AND TRANSPARENT

BE TENACIOUS

KEEP YOUR SHIT TOGETHER

YOU NEVER KNOW WHO YOUR FRIENDS ARE

PEOPLE’S MOTIVATIONS DON’T CHANGE WITH

THE SITUATION

TAKE CARE OF YOUR DIRTY LAUNDRY ASAP

NOTHING HEAL$ A$ MUCH A$ $ALE$

ONCE YOU LOSE CONTROL, YOU’VE LOST

CONTROL

LEADING A STARTUP MEANS ALTERNATELY FEELING LIKE YOU ARE ON THE VERGE OF TAKING

OVER THE WORLD AND LIKE YOU ARE ON THE VERGE OF RUIN...

THE ART IS KNOWING THAT BOTH ARE A LIE.

MIKE ORRENmike@mikeorren.comhttp://mikeorren.com

@mikeorren