For about six weeks late last year, I was wavering over a single question: Prototype or No Prototype?Several smart people told me there was no need: if you’ve got a business plan (I did), and can describe your offering in two sentences or less (I could), a prototype would be a waste of time and money. Investors and partners would join in on the merits of the idea and my own professional stock.
If your news venture is a one-man or one-woman blog, or other solo operation, you don’t have this dilemma. you just build the thing and get to work. But my thing, if done correctly, needs some personpower, and thus some funding. So another way of posing the same question was Pause for Prototype or Forge Ahead with Fundraising?
I chose the former, and was lucky enough to find Annie and Gianluca, a kick ass Danish-Italian designer/programmer team in Rome. Jumping into the prototype adventure meant having to resist calling up potential funders and partners who I stumbled on in the meantime, as I wanted to wait to show (off!) the prototype before they gave their thumbs up or down. But I can hardly call these past three-plus months a “delay.” First is the prototype itself, which not only will pitch the project better than my words or any powerpoint presentation could, but will also be the actual building block (in both design and functionality) from which the actual site can launch. My new biz-tech partner Jed (more to come on him soon!) just confirmed that.
But just as importantly, as I look back to January, I know that the DNA of the project has continued to evolve in the right direction, in part because of the sweat we have put into this mini project within the project. This is that fantastic new verb I first learned at LeWeb back in December: bootstrapping. Any American, would-be startup dude or otherwise, knows immediately what this means.
So what now? Well, er, umm…it’s showtime. I’ve been pitching the project in one form or another, to all sorts of folk for almost a year. But the pitch was always open-ended: What do you think? What’s your advice? Now it’s: Please join us…
Here are quick thoughts for three different categories of folk I hope to meet, which no doubt will change once we begin…
MEDIA PARTNERS: I am solving a problem for them. I understand their predicament. I know their needs and their audience. The fundamental challenge will be to get some form of commitment — even if I involves no real time or money right now — from an industry in total crisis.
FUNDERS: There will be two types of potential funders: those interested in the journalism for the journalism’s sake, and those who want to see real return on their investment. Our pitch may be tweaked to some degree depending on who we have in front of us, but ultimately we must show that our project is both a response to the crisis in the news business…and something more than just a purely journalistic endeavor. I guess we call it: New Media. There is also always going to be crossover: even the lets-save-journalism types don’t want to throw their money away, and the most bottom-line investor won’t be talking with us if he/she doesnt have at least some interest in where the news business is heading.
HOME RUN: Before I really knew anything about all of this….like 10 months ago…I had an idea for a website. (It’s the same idea I still have, which I hopefully can share in this space in the not-so-distant future). I also thought I knew how to get it launched–and more specifically who would fund it. It was one deep-pocketed European industrialist I knew from my past life. He sent me back to the drawing board, which of course was the best thing that could have happened to me. Who knows? Maybe we will get another shot at a single solution that could leap frog the months/years of seed money, scraping by, etc… The “Walk-off home run” is what Jed calls it. But I know that if that were to happen (which I am certainly NOT counting on) Mr. Deep Pockets will be investing not only in the idea, not only in my journalistic experience and Jed’s business acumen, but in the grit and agility and waste-free, open-minded approach of two hungry, New Media Bootstrappers. How’s that for a pitch…?