21 lessons learned in a career of media startups and turnarounds.

1. BUILDING A MEDIA
BUSINESS:
20 21 LESSONS LEARNED
Mike Orren
International Women’s Media Foundation
April 19, 2013

2. 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

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 -- in Dallas -- for a year
•Wife Ex-wife took nightshift job to keep us afloat
•Friendships made and broken

4. 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

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 SOCIAL
IS YOUR GOD

14. BE A CRUSADE

15. FLOCK WITH BIRDS OF
A FEATHER

16. TAKE CARE OF YOURSELF
(AND YOUR TEAM)

17. BE REALISTIC AND
TRANSPARENT

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 HEAL$ A$
MUCH A$ $ALE$

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

25. 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.

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