Startup Media Business Lessons
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BUILDING A MEDIA BUSINESS:
20 21 LESSONS LEARNEDMike Orren
International Women’s Media FoundationApril 19, 2013
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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
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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
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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
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A SHOESHINE AND AN IDEA IS NOT ENOUGH
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DON’T SLICE AN UNBAKED PIE
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AVOID FUNDRAISING
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HAVE A BIBLE AND A PRIME DIRECTIVE (BUT NO OTHER DOGMA)
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LAUNCH FAST AND IMPERFECT
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KNOW WHAT BUSINESS YOU ARE IN
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EVERYTHING TAKES LONGER THAN YOU THINK
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DON’T GET TOO MARRIED TO ONE
TECHNOLOGY*
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GOOGLE SOCIALIS YOUR GOD
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BE A CRUSADE
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FLOCK WITH BIRDS OF A FEATHER
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TAKE CARE OF YOURSELF (AND YOUR TEAM)
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BE REALISTIC AND TRANSPARENT
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BE TENACIOUS
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KEEP YOUR SHIT TOGETHER
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YOU NEVER KNOW WHO YOUR FRIENDS ARE
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PEOPLE’S MOTIVATIONS DON’T CHANGE WITH
THE SITUATION
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TAKE CARE OF YOUR DIRTY LAUNDRY ASAP
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NOTHING HEAL$ A$ MUCH A$ $ALE$
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ONCE YOU LOSE CONTROL, YOU’VE LOST
CONTROL
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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.