Politico’s “angel funding” model was inspired by the start-up community, explains Peter Cherukuri, who spent more than three years as the news media company’s executive vice president/advertising and business development.
“There are a lot of assumptions about how journalism gets funded that relate to how can we take advantage of this mass audience and this traffic coming through to have our journalism funded, which might require some tricks of the traffic to try to get all these people in and ... pay for it,” Cherukuri explained at the Big Data for Media Conference in New York City in 2016.
Politico takes a different strategy.
“At the core of who we are is to serve as a check and balance of how politics and policy interact for those people who are political and policy professionals. There’s an opportunity for us to think through how we get the journalism funded by understanding the interest and passion of the newsroom. For us, that meant that we had to really re-think the business division.”
Politico asked: “Who are those people who are partners or could be partners to us in the same way that angel investors in the start-up community look at funding entrepreneur? ...Journalism and the ambitions in the newsroom have the same type of entrepreneurial spirit that organisations in the start-up ecosystem have.”
Big Data for Media Week 2017 is right around the corner! Stay tuned next week for coverage from London.