Posted by gp on 04 Jan 2008 | Tagged as: News and Events, New Media Resources, new media market research, traditional media, Media Entrepreneurship
The character of the next era, far from inevitable, will likely depend heavily on the quality of leadership in the newsroom and boardroom… it will require renegades and risk-takers to break from the conventional path and create new directions… the transformation facing journalism is epochal, as momentous as the invention of television or the telegraph, perhaps on the order of the printing press itself.
- Project for Excellence in Journalism’s “State of the News Media 2007”
The monumental changes underway in the media marketplace are transforming media executives and journalism students into entrepreneurs. Whether by choice or necessity, at some point in their careers they almost certainly will find themselves launching new media enterprises or being tasked by traditional media companies to deal with social and technological change.
Many of these managers and students will produce innovative ideas for enterprises in news, marketing, advertising and public affairs. But ask editorial managers to forecast the costs, revenues and risks relating to new ventures, and often they won’t be equipped to produce the answers. Many don’t know how to do a business plan or a profit and loss statement, how to obtain financing, how to allocate resources, how to market and syndicate content, how to manage expansion and growth, how to structure deals with technology or marketing partners, or how to protect intellectual property. At the same time, business managers in news companies often don’t fully comprehend editorial imperatives and how the editorial side works. That handicaps their ability to innovate. The reality is that few news media executives understand what it takes to turn themselves and their employees into entrepreneurs.
A Paralyzing Knowledge and Skills Gap
Understanding both the business environment and the key elements of success in entrepreneurship are prerequisites to developing sustainable editorial and business models in the new world of fragmented audiences, citizen journalism, social networking platforms, online video, ubiquitous free content, mobile and on-demand content delivery, highly targeted marketing and rapid development of new technologies.
Training for the 21st Century News Business
Evolution Strategies’ site about the news business, 21stNews, is developing training programs to boost media entrepreneurship in the US and abroad. We will give media executives, journalists and journalism students the entrepreneurial and management skills they need to develop sustainable business models. We will provide leads on the newest and best tools to develop, market and distribute news content. And we will establish a dynamic community that will maintain an ongoing conversation about not just surviving, but thriving in the news business.
Talk to Us
We’re interested in what you have to say. We want to hear your ideas about training curricula that would meet your needs as a media company or university journalism program. And we’re ready to help you solve problems. We have a team of experienced and innovative experts on entrepreneurship and the news business.
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