Building a Media Business:  20 lessons learned
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Building a Media Business: 20 lessons learned

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OpenCamp 2010

OpenCamp 2010

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Building a Media Business:  20 lessons learned Building a Media Business: 20 lessons learned Presentation Transcript

  • 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