In 1999, I graduated with a degree in finance. I wanted to work in investment banking (analysis or m&a). No one would interview me, let alone give me a job. That’s partially how I ended up working online. At the same time, I’d submit story ideas to Fortune magazine, Business 2.0, Fast Company and no one would return my inquiries, let alone hire me.
Oddly enough, I am about to close a sizable M&A deal representing the selling party. I’ve also done more than enough analysis that has gotten good media coverage. I’ve also been published in numerous spots, including AOL, MSN and Yahoo! - the world’s three leading portals. This isn’t about self-promotion (I swear), it’s to outline what’s happened in media over the past 10 years:
Because at the macro level their businesses were shrinking, old media types were too busy protecting their necks and defending their turfs to give young punks like me a chance.
As such, a lot of people like me migrated to the Web. We did not have a choice and became passionate and impressed with what the Web offered: boudaryless opportunity.
However, we knew there was no money online. Sure, we read and heard about mega-million dollar payouts, and sure, there were billion dollar exits. But very few people then or now ventured online for money.
Over the past 10 years, the noises emanating from new media have become louder. As old media has taken an even bigger hacking, old media professionals are migrating online at a faster clip.
The first wave included people like George Shaheen, Lou Dobbs… who once the bubble burst went back to their old ways with wounded hearts.
The second wave are coming now, less out of greed but driven by fear of what remaining in their old segments would do. While some are reluctant, a lot are not.
But the ones who are successful realize that the name of the game remains patience. Yes, seemingly overnight successes remain a part of the lore. But more than ever, they need to understand that building successful franchises and businesses online does not happen overnight.
As such, it’s almost ironic that someone like me, aged 29, is telling that to forty- and fifty-somethings looking to move online to be patient.
The same microcosm applies to the writers’ strike. I get why the writers are striking - in a few years online revenues will grow considerably - but the fact remains: those who seek to bypass traditional media and strike out online need to realize the money isn’t there now and they won’t get the kind of distribution and attention they get offline.
If they can handle that reality, then welcome to the Web. If you can’t handle that, then don’t bother trying.
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