Eveline Buchatskiy (Director at TechStars Boston) at Digital Media Day 2016
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Eveline Buchatskiy, Director at TechStars Boston, speaks about what digital media is, how to fundraise for your startup, and what TechStars experience is in this space at Digital Media Day 2016 within the framework of the 7th Odessa International Film Festival. https://www.linkedin.com/in/eveline-buchatskiy-873a416 http://www.techstars.com/ https://oiff.com.ua/en/index.htm https://www.facebook.com/odessaiff/ https://www.facebook.com/TAVentures2010/
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Eveline Buchatskiy (Director at TechStars Boston) at Digital Media Day 2016
- 1. Digital Media Day Odessa International Film Festival 2016
- 2. Eveline Buchatskiy Techstars Startup Accelerator Director, Boston Ekonomika Publishing House Former CEO
- 3. I am not a digital media expert But I can get you funded to bring your idea to life
- 4. What is Digital Media? Content/Native Video Mobile Social Search Marketing Tech Gaming
- 5. Venture Investment in Digital Media (last week) 30% 20%16% 10% 8% 8% 0% Media Consumer Internet Biotech/Health Energy Enterprise Cybersecurity Education Fintech AI/Machine Learning AR/VR
- 6. What you already know? Personalized Peer-to-Peer Direct Distribution
- 7. Self-driven Cars 10 Million by 2020
- 8. VR
- 10. Media is on fire! Buzzfeed and VOX Media last round of $200M to name a one…
- 11. How do YOU get funded? Accelerators, Angels, VCs Equity Crowdfunding Strategics (big fat media corporations)
- 14. How do YOU get funded? Accelerators, Angels, VCs Equity Crowdfunding Strategics (big fat media corporations)
- 18. –Heraclitus, greek philosopher “Change is the only constant”
Notas do Editor
- Hi Everyone, it’s really very special to be here today, my favorite country in the world, with a great visionary like Viktoriya, always hosting the most interesting discussions on innovation and all things digital.
- I am Eveline and I am your moderator for the this panel. The two points I wanted to highlight about my background is that I am currently Director for Techstars based in Boston. That’s a startup accelerator. We invest in startups from all over the and bring them to Boston to enter the US market, but we also source a lot of startups from MIT media lab and Harvard iLab. I have in the past managed Ekonomika, a publishing house here in Ukraine. That was my introduction to world of traditional media. But during my time at Ekonomika we completely changed the strategy with a focus on digital.
- Still, I am not by any means an expert in digital media, but I can share some tips on what is catching the attention of investors and how to get funded so you can grow a digital media business into something of global scale
- First, we need to understand what is digital media. It is much broader than you think. Yes, it includes digital projects launched by the traditional media companies, the online news websites associated with the print or the TV channel. But it also includes mobile, the millions of content apps, social, the networks, search, marketing technology platforms for boosting the effectiveness of online campaigns, gaming , video and much more. So spotify, you tube, hubspot, pokemon go, and so on, it is all media. Even though media as we used to know it is declining, digital media is actually exploding. And the professionals in this field should be aware of the channels, formats, platforms that are most on demand by the milenials specially, as they represent the masses now, the segment with the most potential.
- So here is last week’s global venture investment breakdown. It’s very fresh. 30% of the overall capital went into digital media. That’s significant.
- And what exactly are the trends that startups are chasing? There is still a lot on personalized content, a lot on peer-to-peer technologies that decrease operating costs significantly when generating and distributing content, a lot of direct distribution attempts to cut the middlemen in the worlds of video and audio, and overall the convergence of media with tech is just an irreversible path, with many many untapped possibilities around the data collected on the content consumers. But that is all old news. I haven’t said anything you don’t already know. There are however the other trends that look unrelated on the surface, but that in my view can potentially have a huge impact into media, boosting content consumption by orders of magnitudes. You need to not only be aware of these trends, but ready to capitalize on them, be ahead of the game.
- One of these major trends is self-driven cars. Just imagine for a moment the disruption that this will bring to media. Millions of people will have on average an additional 2 hours a day of time to consume media. It will be an explosion on consumption. Not only the digital players will enjoy a bonanza, but I predict hardware will also experience a peak in demand for gadgets that make it super comfortable to consume content in the car. Likely in a couple of years every digital presence will have a chat bot. Users will be that much more engaged. There are already some standardized solutions out there. If you haven’t yet looked into this, then you should. Then there is also VR. A whole new form of content, the creation of an entire industry that may be equivalent to introduction of TV decades ago. Think of all the possibilities in entertaining your audience. So, if media looked bleak a decade ago, it looks like a rocket ship about to take off now.
- The next trend to be aware today is the quick developments in machine learning and artificial intelligence, which allow for ever more sophisticated chat bots. In a couple of years, chat bots will be a commodity. Now the real big big thing is deep learning, that’s the level beyond machine learning. If ML scratches the surface, well deep learning is like a bulldozer into your neural networks. And it changes everything. It has been said the spotify, for example, is already working on a playlist suggestion based on the chords of your favorite song, and all of this is enabled by deep learning. What does that mean? Spotify will be suggesting songs you would never have found yourself, another explosion of niche long tail products.
- It’s on fire, and here is evidence. This is just a very limited sample of some of the more recent deals in this space.
- When looking for investments, you should do your homework and look for the accelerators, angels, and VCs that have previously invested in media. There are a number of resources to look for such investors. Angellist, crunchbase, etc. When fundraising, you should definitely have a profile on angellist. It’s a MUST. A few companies manage to do very little fund raising and early on be acquired by an strategic investors. Every major media company has a corporate development arm for M&A activity. You should create relationships with these people early on, way before you are actually interesting enough to be acquired. The way to tap into the network of corporate development people is by creating a strong board of advisors that are well connected individuals in your space. And their main job is to open doors for you. And then there is crowdfunding platforms like Seed&Spark who is here on this panel today, all the way from California, kickstarter, indiegogo, when hundreds or thousands of backers preorder product.
- When looking for investments, you should do your homework and look for the accelerators, angels, and VCs that have previously invested in media. There are a number of resources to look for such investors. Angellist, crunchbase, etc. When fundraising, you should definitely have a profile on angellist. It’s a MUST. A few companies manage to do very little fund raising and early on be acquired by an strategic investors. Every major media company has a corporate development arm for M&A activity. You should create relationships with these people early on, way before you are actually interesting enough to be acquired. The way to tap into the network of corporate development people is by creating a strong board of advisors that are well connected individuals in your space. And their main job is to open doors for you. And then there is crowdfunding platforms like Seed&Spark who is here on this panel today, all the way from California, kickstarter, indiegogo, when hundreds or thousands of backers preorder product.
- Another very recent form of being funded is through an equity crowdfunding campaign. What is that? Similar to product crowdfunding, you get money from many individuals, but in this case, instead of product, they get a tiny piece of the company. It’s new and it is a result of an important new law that is now in place in the US, called the JOBS act. One of the companies from our last cohort, one can say it was somewhat of a media company, used the WeFunder crowdfunding platform to raise money. If you use any of the product crowdfunding platforms, it is expected that there will be an overalp with the audience that would fund you and get a piece of your company.
- AT Techstars we invest in batches of companies. In our last batch or cohort, we had 2 media companies: Seed&Spark, and Daily Pnut. I will let Seed&Spark tell its own story. But as for Daily Pnut, it is a newsletter of global news with a personality and humor, targeting the millennials. Why did we invest in Daily Pnut? First, because we believe in the team. Two smart Harvard graduates. Also because we saw user traction and retention. In just a few weeks while still at school they went from zero to 20000 loyal subscribers. They cater to the needs of smart millenials, who want to be informed of what happens around the world in the just 5 minutes that it takes to read the Daily Pnut. The content is very concise, yet very diverse in its reach, covering news from all corners of the world in just 5 minutes.
- We also invested in tech to support the digital media space. For example, TapGlue. It’s a SaaS platform with plug-and-play features that turn any app into a social app with all the features such as sharing and inviting.