After a rough month, First Look Media finally has some good news.
The media and tech startup from eBay founder Pierre Omidyar has a new real-time newsroom, and it is called reported.ly.
Real-time news teams that use social media to compile stories as they happen have become a common feature of modern newsrooms. Reported.ly appears to follow in that notion, but in its own way: It will apparently publish only on social platforms, not on its own website.
Editor in chief Andy Carvin illustrated this in a blog post on Medium:
We don’t try to send people away from their favorite online communities just to rack up pageviews. We take pride in being active, engaged members of Twitter, Facebook, reddit — no better than anyone else there. We want to tell stories from around the world, serving these online communities as our primary platforms for reporting — not secondary to some website or app. Forget native advertising — we want to produce native journalism for social media communities, in conjunction with members of those communities.
Reported.ly is the first new endeavor from First Look since the exit of Matt Taibbi and the shuttering of his digital magazine, Racket. That episode exposed a great deal of tension within First Look between its journalists and executives.
It is unclear at this point if reported.ly has a plan to monetize, and whether it will have much interaction with The Intercept, First Look's flagship publication. The company has said it is seeking nonprofit status for its media outlets, but will also have a for-profit technology company.
Authored by Jason Abbruzzese via mashable.com.
Another venture capitalist is warning that startups are burning too much money. Fred Wilson of Union Square Ventures says burn rates are "sky high all over the US startup sector right now." The burn rate is the amount of money the company is losing.
Wilson was following the comments of Bill Gurley, a partner at venture firm Benchmark, who said, "I think that Silicon Valley as a whole or that the venture-capital community or startup community is taking on an excessive amount of risk right now."
Gurley believes startups are burning more cash today than at any other point since 1999. He thinks too many people are working at companies that are losing millions of dollars.
For now, startups are having relatively little trouble raising new money, so they just keep burning through cash. They know there is more coming in the next round. But, at some point the money is going to dry up. We're going to hit a wall, and then the companies will have to figure out how to take down their burn rate, or they will go out of business.
Gurley and Wilson are two of the smartest, most successful, and most vocal investors in tech companies out there. Wilson has invested in Twitter, Zynga, Tumblr, and many others. Gurley invested in OpenTable, Zillow, and Uber, to name a few.
Wilson says, "We have multiple portfolio companies burning multiple millions of dollars a month. Thankfully its not our entire portfolio. But it is more than I’d like and more than I’m personally comfortable with."
He also says, "I’ve been grumpy for months, possibly for longer than that, about this ... At some point you have to build a real business, generate real profits, sustain the company without the largess of investor’s capital, and start producing value the old fashioned way. We have a number of companies in our portfolio that do that. And I love them for it. I wish we had more."
Wilson has thought that the current environment is risky for a while now. In 2010, for instance, he warned of storm clouds. In March, he wrote about how how zero percent interest rates were fueling growth in the startup world.
Read more: http://www.businessinsider.com/fred-wilson-on-startup-burn-rates-2014-9#ixzz3DUGX4SbF
No one ever said being an entrepreneur would be easy. A million obstacles seem to stand in the way each and every day. The naysayers and budget woes can be enough for the average person to start waving the white flag.
But you are not an average person: You’re an entrepreneur. That means that even when times are tough, you’re still going to march forward.
Yet when this whole entrepreneur thing becomes overwhelming, take a break and look for some much needed motivation. And what better way to find inspiration than watching movies?
Whether it’s a heartwarming adventure, irreverent comedy or thought-provoking documentary, a film can inspire and motivate a weary business owner.
With that in mind, here are 10 movies that every entrepreneur needs to watch:
Related: Why 'Ghostbusters' Should Be Every Entrepreneur's Favorite Movie
1. The Social Network: It was no surprise that The Social Network was a blockbuster when it was released in 2010. After all, everyone wanted to see how Mark Zuckerberg became transformed from a Harvard student to launching the most popular social-media network in the world.
Why watch it? Never mind if this was overdramatized. The film gives viewers a better understanding of how to make a startup succeed by exhibiting such qualities as being flexible and resilient. Every time I watch this movie it motivates me to be a better entrepreneur.
2. Glengarry Glen Ross: Based on David Mamet's Pulitzer Prize-winning play, this film explores the cutthroat world of Chicago real estate. Glengarry Glen Rosstakes a closer look at the lies and betrayals people endure just to succeed in business.
Why watch it? Unfortunately, the business world can be brutal, something you’ll learn even as a salesperson. This 1992 film illustrates just how vicious it can be.
3. Pirates of Silicon Valley: This was a made-for-TV movie released in 1999 that covers the early days of the country's leading technology hub and the eventual rise of both Bill Gates and Steve Jobs. The documentary-style movie provides an interesting take on the lives of the founders of Microsoft and Apple.
Why watch it? Entrepreneurs are still looking for inspiration from these two iconic “pirates.” It definitely provides pointers to learn from.
4. Citizen Kane: Even if you’re not an entrepreneur, watch Orson Welles’ 1941 masterpiece. The film revolves around the life of a fictitious Charles Foster Kane, a newspaper tycoon loosely based on William Randolph Hearst and his quest for fortune and power. In the end, however, Kane comes to understand what’s really important in life.
Why watch it? While launching a successful business is a goal of every entrepreneur, it’s not the only goal in life.
Related: Need Inspiration? Surprising Movies, Books and More to Motivate Success
5. The Pursuit of Happyness: Based on the true story of Chris Gardner, this 2006 Will Smith vehicle is one of the most heartwarming and motivational films for entrepreneurs. If you’re not moved by watching Chris and his son struggle to follow a dream, then I am truly puzzled.
Why watch it? Even though he became homeless and struggled to provide for his son, Chris never gave up on his dream. That passion and sacrifice is something every entrepreneur should be willing to embrace.
6. Moneyball: You don’t have to be a baseball fan to enjoy Brad Pitt’s portrayal of Billy Beane, the general manager of the Oakland A’s. Because the team didn't have the finances to spend on players, Beane had to discover a unique way to compete.
Why watch it? Beane had to be innovative. And that’s one of the most-well known traits of entrepreneurs: figuring out how to make something better. Also, Beane never listened to the naysayers and never backed down from his vision.
Related: How 'The Wolf of Wall Street' Helped Me Increase My Sales by 50 Percent
7. Rocky: This is another film that everyone has to watch at least once. Sylvester Stallone wrote and starred in this ultimate underdog tale of Rocky Balboa going the distance with boxing heavyweight champion Apollo Creed.
Why watch it? Even when the world tells you that you'll never have a chance to succeed, keep fighting. That competitive spirit can take you a long way. And I dare you to listen to the classic score from Bill Conti and not become motivated.
8. Wall Street: In 1987, director Oliver Stone made Gordon Gekko (Michael Douglas) one of the most infamous characters in cinema history with his motto “greed is good.” The film centers on the illegal and unethical decisions made by Bud Fox (Charlie Sheen) to become filthy rich like Gekko, a corporate raider.
What watch it? Don’t sell yourself out just for the sake of money. Remember, being an entrepreneur isn’t just about becoming rich and famous.
Related: 10 Must-See Documentaries for Entrepreneurs
9. Jerry Maguire: The protagonist, Jerry Maguire (Tom Cruise), had it all: a great career, lots of friends and a beautiful fiancé. One day, however, he has an epiphany: Sports agents shouldn’t just be looking at the money scenes but how to take care of their clients. Jerry loses everything and goes on journey to regain everything he’s lost.
Why watch it? When you’re following your dream, everything else will fall into place both professionally and personally. Jerry Maguire eventually learns this valuable lesson.
10. Office Space: This 1999 comedy from Mike Judge focuses on Peter Gibbons (Ron Livingston), who eventually discovers how much he hates sitting inside a cubicle taking orders from his creepy boss Bill Lumbergh (Gary Cole).
Why watch it? Every entrepreneur hates working for someone else and will even sometimes go to extremes to get fired: I'm not condoning that you embezzle, though: it could result in jail time.
Authored by John Rampton via entrepreneur.com.