OpenCamp 2010

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

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. 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. 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. A SHOESHINE AND AN
IDEA IS NOT ENOUGH

6. DON’T SLICE AN
UNBAKED PIE

7. AVOID FUNDRAISING

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

9. LAUNCH FAST AND
IMPERFECT

10. KNOW WHAT BUSINESS
YOU ARE IN

11. EVERYTHING TAKES
LONGER THAN YOU THINK

12. DON’T GET TOO
MARRIED TO ONE
TECHNOLOGY*

13. GOOGLE IS YOUR GOD

14. BE A CRUSADE

15. FLOCK WITH BIRDS OF
A FEATHER

16. BE REALISTIC AND
TRANSPARENT

17. TAKE CARE OF YOURSELF
(AND YOUR TEAM)

18. BE TENACIOUS

19. KEEP YOUR SHIT
TOGETHER

20. YOU NEVER KNOW WHO
YOUR FRIENDS ARE

21. PEOPLE’S MOTIVATIONS
DON’T CHANGE WITH
THE SITUATION

22. TAKE CARE OF YOUR
DIRTY LAUNDRY ASAP

23. NOTHING HEALS AS
MUCH AS SALES

24. ONCE YOU LOSE
CONTROL, YOU’VE LOST
CONTROL

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