Abernathy Penelope Muse - The strategic digital media entrepreneur

1. Chapter 01
2. Chapter 02
3. Chapter 03
4. Chapter 04
5. Chapter 06
6. Chapter 07
7. Chapter 09
8. Chapter 11

1. Chapter 01
2. Chapter 02
3. Chapter 04
4. Chapter 05
5. Chapter 06
6. Chapter 07
7. Chapter 08
8. Chapter 09
9. Chapter 10
10. Chapter 11

This edition first published 2019
2019 John Wiley & Sons, Inc.

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Paperback [9781119218043]

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Sometimes innovation comes in an almost blinding flash of creative insight. More often those ideas result from a disciplined, strategic process of exploration and testing. Regardless of how innovation is born, the hard part is transforming that insight into a profitable business proposition. The most innovative and creative minds often fail as entrepreneurs.

The media industry is experiencing what the economist Joseph Schumpeter famously termed creative destruction. A new technology has rendered business models obsolete that until recently sustained centuryold media enterprisesfrom books and newspapers to television. Customers and investors are moving away from an aging industry, shifting their focus and resources to the new entrants. From the experience of other industries that have weathered the gales of creative destruction, we know that those who thrive in this new environment will need to adapt quickly.

New business models are beginning to emerge as leaders in both the academy and the industry explore ways to tap into the potential unleashed by this interactive, alwayson technology that connects media enterprises with their readers, viewers, and online visitors in revolutionary ways. Colleges and universities have established innovation and entrepreneurial centers that give students handson experience with ideation and prototyping, and that, maybejust maybewill inspire one or more of them to come up with the next Facebook. Leaders of established, centuryold media empires commission innovation reports and encourage their employees to think out of the box about new ways to connect with current and potential customers. All of this occurs as the pace of change in the industry has increased significantly in recent years and shows no sign of slowing down. Indeed, many prognosticators predict it will increase.

As former executives of media companies, and now as college professors, we have our feet firmly planted in both worlds. Whether we are teaching tomorrows media leaders or conducting workshops for todays leaders in the industry, we have noticed there are three significant hurdles that both students and professionals face. First, many of them lack the financial and strategic background to assess whether their great idea will be a profitable and sustainable business enterprise. Second, they need a new way of thinking about strategy and business models, a new framework for the digital space. Third, they cannot do it alone; they need to nurture entrepreneurial leadership at all levels and in all functions in their organizations. Therefore, we have designed a book that attempts to address those three missing links.

Inspiration for The Strategic Digital Media Entrepreneur comes from the many media innovators and entrepreneurs weve met in the profession and the classroom. During a time of immense uncertainty in the industry, they have focused their sights and energies on developing strategies that will allow their enterprises to thrive in the digital age.

A book is always a collaborative effort with many participants, who have generously shared insights and provided feedback that helped us refine concepts and ideas, and then communicate them in multiple venuesin print, in person and through online outlets.

We are indebted to our colleagues in the School of Media and Journalism at the University of North Carolina at Chapel Hill, especially Dean Susan King and UNC Provost James Dean, who have been strong advocates for our research and for the Center for Innovation and Sustainability in Local Media. The Center is funded by generous grants from the Knight Foundation and the University. The mission of the Center is to support both startup and existing news organizations by researching and developing sustainable business models, as well as innovative digital tools, and then disseminating that information widely. We have received invaluable support from both faculty and staff associated with the Center. We thank senior researcher Erinn Whitaker for her extensive and committed editing and research effort, Lorraine Ahearn for her editing advice, as well as John Prudente and Jill Fontaine for their research assistance. Craig Anderson, Madeline Brown and Pamela Evans provided timely administrative support.