Building a Media Business: 20 lessons learned

BUILDING A MEDIA BUSINESS: 20 LESSONS LEARNED Mike Orren OpenCa.mp August 28, 2010

PEGASUS NEWS / PANLOCAL • 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 and rolling out in smaller markets

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 for a year • Wife took nightshift job to keep us aﬂoat • Friendships made and broken

CAVEATS •I don’t have all the answers • We are 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 IS YOUR GOD

BE A CRUSADE

FLOCK WITH BIRDS OF A FEATHER

BE REALISTIC AND TRANSPARENT

TAKE CARE OF YOURSELF (AND YOUR TEAM)

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 HEALS AS MUCH AS SALES

ONCE YOU LOSE CONTROL, YOU’VE LOST CONTROL

MIKE ORREN mike@mikeorren.com http://mikeorren.com @mikeorren

Building a Media Business: 20 lessons learned

by Mike Orren on Aug 30, 2010

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Building a Media Business: 20 lessons learned — Presentation Transcript