Newsy.com Praises State of Missouri for Excellent Startup Conditions

Newsy.com Praises State of Missouri for Excellent Startup Conditions

New online video company exemplifies how a public/private partnership can serve as an economic growth engine for state of Missouri

COLUMBIA, MO, July 21, 2009 - Newsy.com, a multi-source online video news service for the Internet and mobile devices, credits its relocation to the state of Missouri for its successful first year.

Newsy.com moved from Silicon Valley to base its operations in Columbia, MO to partner with the highly regarded Missouri School of Journalism and benefit from Columbia’s educated workforce and friendly business environment.

Newsy.com President Jim Spencer explains, “We looked to base Newsy.com in the smartest and most economically viable place in the world. As a news startup, smartest means across the street and in partnership with the Missouri School of Journalism. The state of Missouri and Columbia have provided huge economic benefits that help make Newsy competitive and positioned to win in our fast growing marketplace.”

For example, the Missouri Technology Corporation, housed within the Missouri Department of Economic Development, provided Newsy with a $250,000 low-interest loan to purchase equipment needed to set up its state-of-the-art newsroom. Furthermore, the DED helped provide Newsy with valuable .40 cents on the dollar tax credits allowing Newsy to stretch their investors’ dollars even further.

The public university and private company partnership that Newsy exemplifies helps the state advance in today’s increasingly competitive and global economy. Technology and education spur economic development and will grow Missouri – this is the vision of the University of Missouri system and the shared values of Newsy.com.

Spencer, who has a track record of Internet successes, returned to his home state of Missouri to start his own Internet company. “There is no reason why Internet/mobile media companies need to be located on the coasts or major cities – especially given their huge cost basis - we are able to compete on the world stage right here from Columbia.”

A pioneering online video news site, Newsy.com monitors, synthesizes and presents the world’s news coverage. Its short video snapshots, available on the web and mobile devices, accelerate viewers understanding of a news story by highlighting the key differences in reporting. Online video advertising, the fastest growing sector of advertising, and content licensing are the company’s two revenue streams.

In September, the company will enter its second year of operation – it has and will continue to hire from the local talent pool. Newsy.com is currently raising its second round of money and plans to raise more than 90% of the funds in Missouri.

About Newsy.com

Newsy.com (http://www.newsy.com) is a multiperspective online video news site that monitors, synthesizes and presents the world’s news coverage. Through short video segments available on the web and mobile devices, Newsy.com offers a way to accelerate the global understanding of a news story.

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How Journalists Create Value

Robert Picard’s enticingly entitled Why Journalists Deserve Low Pay

is a worthwhile read:

Here are some of Picard’s key points:

-    Media has thrived on a “scarcity of distribution” model and information technology threatens it
-    Journalists sort through an enormous amount of information to find the most significant and interesting items for consumers
-    Journalists must add something novel that creates value
-    Finding the right formula of practice, functions, skills and business model will not be easy, but the search must be undertaken
-    Journalists will need to acquire entrepreneurial skills that make it possible for them to lead change rather than merely respond to it

I agree with Picard on each of these points - they overlap with the fundamental reasons we started Newsy.

Several industries are being completely destroyed and rebuilt today – some of the guys on Wall Street that felt they “produced significant economic value” find themselves in the same unemployment lines as journalists. The value proposition today is the same as it was when I entered journalism school, “information is power.” Corporations, government and information technology have all evolved faster than journalism – for those in the information business who adapt swiftly the future is indeed bright and profitable.

Newsy.com Launches Environment Category

In honor of Earth Day last week, Newsy.com launched its new Environment category, which is appropriately in green font.

http://www.newsy.com/categories/environment/

The new category houses all of the Newsy.com videos regarding the environment, energy and green issues that impact our planet.

We think that Newsy.com’s unique method of presenting how different media outlets around the world are covering a story lends itself well to understanding the complexities of ‘green’ issues.

Check out today’s video, ‘No Place to Call Home’, about how the world’s endangered species are affected by deforestation and climate change.

http://www.newsy.com/videos/no_place_to_call_home/