Building a Media Business: 20 lessons learned

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Building a Media Business: 20 lessons learned

  1. 1. BUILDING A MEDIA BUSINESS: 20 LESSONS LEARNED Mike Orren OpenCa.mp August 28, 2010
  2. 2. 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
  3. 3. 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
  4. 4. 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
  5. 5. A SHOESHINE AND AN IDEA IS NOT ENOUGH
  6. 6. DON’T SLICE AN UNBAKED PIE
  7. 7. AVOID FUNDRAISING
  8. 8. HAVE A BIBLE AND A PRIME DIRECTIVE (BUT NO OTHER DOGMA)
  9. 9. LAUNCH FAST AND IMPERFECT
  10. 10. KNOW WHAT BUSINESS YOU ARE IN
  11. 11. EVERYTHING TAKES LONGER THAN YOU THINK
  12. 12. DON’T GET TOO MARRIED TO ONE TECHNOLOGY*
  13. 13. GOOGLE IS YOUR GOD
  14. 14. BE A CRUSADE
  15. 15. FLOCK WITH BIRDS OF A FEATHER
  16. 16. BE REALISTIC AND TRANSPARENT
  17. 17. TAKE CARE OF YOURSELF (AND YOUR TEAM)
  18. 18. BE TENACIOUS
  19. 19. KEEP YOUR SHIT TOGETHER
  20. 20. YOU NEVER KNOW WHO YOUR FRIENDS ARE
  21. 21. PEOPLE’S MOTIVATIONS DON’T CHANGE WITH THE SITUATION
  22. 22. TAKE CARE OF YOUR DIRTY LAUNDRY ASAP
  23. 23. NOTHING HEALS AS MUCH AS SALES
  24. 24. ONCE YOU LOSE CONTROL, YOU’VE LOST CONTROL
  25. 25. MIKE ORREN mike@mikeorren.com http://mikeorren.com @mikeorren

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