startup media business lessons
DESCRIPTION
21 lessons learned in a career of media startups and turnarounds.TRANSCRIPT
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.
