Crowdfunding a $50,000 Media Startup
When I first met Samantha Harrington, one of the founders at Driven Media, her company was just an idea.
We were sitting in a basement room at UNC-Chapel Hill, where we had both studied journalism. Sam had spoken with several people on campus, and they all agreed: women are underrepresented in the media. “I feel like I am either left out or overgeneralized,” one friend said.
The audience was there. The money was not.
Fast forward a few months: Sam and her team — Kris, Hannah, Josie and Isabella—had raised $50,000 to make Driven Media a reality, assembling. 234 backers who cared about their mission.
They did it using Beacon, a crowdfunding site devoted to journalism. Here’s my Q&A with them.
You just graduated from UNC, one of the best journalism schools in the country. What inspired you to pursue Driven instead of a more traditional job in media?
Sam: I was really afraid of being in a silo once I got out of school. I’m a writer, but I’d go crazy if 100 percent of my job was writing. I love the exchange of ideas that comes with working with videographers, web developers and designers. Together we talk ethics, we talk revenue, we talk stories and audience — and we have to make big decisions about those things. Every single moment is a learning experience and a chance to get better.
What funding models did you consider when thinking about how to launch Driven? How did you land on crowdfunding?
Sam: We applied for a couple of grants and weren’t having much luck. We were hesitant at first to dive into crowdfunding because it seemed like such a daunting task. After talking with Beacon, we really saw the value in crowdfunding beyond just the fundraising. It allowed us to gather an audience that was literally invested in what we were doing — so much so that they were willing to contribute money.
What was the most surprising thing you learned during the process of crowdfunding? Was there an “ah-ha” moment?
Hannah: Our ah-ha moment was that persistence pays off. There were a lot of moments where things felt doomed, but we’re here. It worked. That’s surprising in the very best way. We also found that building a network is essential. We had to not only get backers, but we had to get advocates. You have to build a support system that will fight for you. That’s where your success will come from.
Kris: For me, it was interning at the Fayetteville Observer and having my co-workers come up to me saying they had just backed Driven. It was so rewarding knowing that they believed in us and our mission. It reassured me we were on the right track.
Driven raised more than $50,000, with matching funds from Beacon. That included several large sponsors at $5,000, as well as smaller pledges of $20, $25 and $50. Both are important. How did you approach those different types of backers?
Sam: The best way to get support from anyone is to have a personal connection to them. We wrote some awesome notes to small businesses talking about how they could benefit from sponsoring Driven, but at the end of the day those were just random sales pitches. We got one response for about 30 of those cold-contact emails. When we were connected to businesses and organizations through friends, we had much better luck.
Josie: Luckily, I have gone to a University (and grew up in that University town) where the role of women was in the boardroom. I made sure to connect with journalism professors and professionals who are interested in women’s issues. I honed in on them, because they would best understand the media-focused mission of Driven. I also wrote to other young female journalists and said “Look, I know you’re new to your job, and I am too. But I’m a young journo and you’re a young journo, and I think we can both agree that the representation of women in the media needs to change.” That’s where we got some $20 donations, and where we got serious referrals.
As part of its first batch of stories, Driven will be covering immigrant women across America. What’s missing from the immigration debate we’re having today? How do the headlines make you feel? How could they be improved?
Hannah: I feel that the problem with the immigration headlines is that we only read the headlines. We consume this information in tweets, memes and pieces that are a minute and a half long. We must figure out a way to report on the human element, in a way that appeals to our audience.
Kris: I think the best example comes from this summer. With thousands of refugees coming to western Europe from the Middle East and Africa, many people didn’t realize the horrible journeys they were embarking on until pictures started hitting the mainstream media. While those pictures have helped change some policies, there are still more stories to be told behind them.
First and foremost, you’re reporters (and graphic designers, and programmers, and videographers). Now that your crowdfunding campaign is over, is fundraising still a worthwhile skill?
Sam: Fundraising is definitely an essential skill that we’ll come back to again and again. Even though we are journalists, because of the background in entrepreneurship we all have, the money side of things has always been something we see as important. We come from a place in journalism education of rejecting the traditional legacy-media funding models and working to find new solutions. We know that the money side of media isn’t easy, but we know that it gets a lot easier if you focus on pain points and help people solve problems.
Any advice for other young people who are thinking of launching their own media company?
Sam: JUST DO IT. Take things one day at a time, one step at a time, and you can do anything. Also though, make sure your product is something that people want. Don’t make content just because you think people need it — make sure they tell you they do.
Hannah: Pitch to anyone and everyone. Support for Driven came from every corner of our five social circles. It was absolutely crucial to talk and ask for advice from every mentor, family member, family friend and peer we could. My most successful question during the formation of our company was, “Thanks for your help and expertise. Who else should I be talking to?” I met some incredible people who really resonated with Driven that I would have never known to contact.
