Posts filed under ‘Business’
SXSWi: Vote YES for Beth and Hybrid Enterprises
Post by Beth Carls, CEO, OneSeventeen Media & Co-Founder, KidThrive.org
I hope to share more about our exciting journey into a hybrid enterprise at the SXSW 2010 Interactive Festival in Austin, TX March 12-16. With your help as part of the judging process, I’ll be a panelist at the upcoming festival. Check out my session overview and vote with a Thumbs Up to say “YES!” to learning more: The Hybrid Enterprise: A Tool for Visionary Entrepreneurs. Voting ends Friday, September 4, 2009. I look forward to seeing you there!
Introducing KidThrive.org + OneSeventeen Media
Post by Beth Carls, CEO, OneSeventeen Media & Co-Founder, KidThrive.org
As committed social venture entrepreneurs, the founders of OneSeventeen Media, Inc. recently made a strategic decision to operate two entities; the existing for-profit business (OneSeventeen Media) and a new, openly funded nonprofit organization (KidThrive.org), each operating independently and pursuing their own unique mission. This type of collaboration today is called a hybrid enterprise.
The term “hybrid” may sound familiar. While Wikipedia describes hybrid as “the combination of two or more different things, aimed at achieving a particular objective or goal” the word has context in mythology and iconography, biology, etymology, transportation, music, culture, computers and electronics, finance, sports and even video games.
Most of us probably think of cars when hearing the word hybrid. However, in this context, none of the above apply. The hybrid I’m referring to has to do with a new business trend for socially responsible entrepreneurs to use as their operational structure.
I recently spoke with Priya Haji, co-founder of World of Good, Inc. and WorldofGood.org – IMHO, a model example of how hybrid enterprises work best. WorldofGood.org works for industry-wide changes for alleviating global poverty. World of Good, Inc. partially funds the work of the nonprofit through founder’s equity, a percentage of annual profits, and periodic company-sponsored fundraisers and events. Unlike other hybrid-enterprises, however, WorldofGood pursues independent funding for its work through private and corporate foundations and individual grants.
We are committed to and believe this new paradigm of a hybrid enterprise is one that supports a more dynamic, interactive and new economy era model. KidThrive.org + OneSeventeen Media will reinforce the overarching goal of large-scale research, development and implementation of responsible and measurable social media tools that help our youth survive and thrive their developmental and growing up years.
Tweens = $43 Billion in Spending Power
This tidbit stuck out to me from The Washington Times article, “Retailers lure parents of powerful tweens:”
“Tweens wield $43 billion in spending power annually and influence the spending of billions more on everything from cell phones to vacations to automobiles,” New York consumer behavior and marketing firm EPM Communications Inc. said in a 2008 report.”
That’s a-whole-lot-of money, and the figure doesn’t even include teen spending power. As we seek out responsible advertisers and sponsors for PlumbBrain, this study is a great reminder of the missed opportunity for retailers who do not to engage the tween market.
(Image found here)
Research Affirms the Right Direction
Two different research studies from the last few weeks have shared data useful to OneSeventeen Media. MEDIAWEEK reports that kids are “living online.”
Time spent among kids has soared by 63 percent over the past five years, as kids are increasingly drawn to watching videos and playing games—and even more so than adults, visiting virtual worlds
According to Nielsen, kids 2-11 spent nearly seven hours online per month five years ago, versus 11 hours a month in 2009, with boys spending slightly more time on average than girls (seven percent more this past May). That usage disparity is perhaps most evident in online video viewing, as boys accounted for 61 percent of video streams among kids on the Web and 57 percent of kids time spent viewing videos.
Nielsen’s study includes the youngest part of our target audience, and their increased internet usage supports our belief that quality online content, even for younger tweens, will continue to be a critical resource in their development. [While we're not looking to engage kids as young as the precious exploring baby above, I do predict they'll be growth in online activites for the youngest of kids in the next years.]
While this comes as a no-brainer to our team, ReadWriteWeb shared, “a new study released by enterprise wiki provider Wetpaint and the Altimeter Group shows that the brands most engaged in social media are also experiencing higher financial success rates than those of their non-engaged peers.” Having hard data supporting the success of social media campaigns is useful as we continue to engage potential partners, sponsors and advertisers for PlumbBrain.
Half of 2009 Fortune 500 Founded During Recession
It pays to make the most of a down economy — this has been our mantra during the last year’s economic woes. While investors have held their purse strings tighter, we’ve continued to push ourselves and get to work helping kids.
OneSeventeen Media is in good company, according to a new study the Kauffman Foundation released today:
“The study, “The Economic Future Just Happened,” found that more than half of the companies on the 2009 Fortune 500 list were launched during a recession or bear market, along with nearly half of the firms on the 2008 Inc. list of America’s fastest-growing companies. “
Pushing onward is the winning strategy, for our investors and the kids we serve.
$1Billion Annual Spending on Virtual Currencies
“Castronova says people transfer at least $1 billion into the virtual currencies each year, with most of that money going into online games. The actual amount could be much higher, he said, but the market is hard to quantify.” — John D. Sutter, CNN
Virtual currencies are a popular feature of many online gaming and networking sites, but even I was surprised at the amount of annual spending devoted to virtual currencies as disclosed by CNN. If you’re new to the social media space, the article also provides a strong overview on the traditional features of virtual currencies on many sites. Virtual currency utilization is not a primary revenue means for most sites, however the $1Billion+ in annual spending validates that youth and adults are willing to spend their real-life-dollars for virtual products and services.
(Image found here)
50% of Ad Spending Going Online, Higher For Kids?
“[T]he [advertising] industry is heading into a “50-50 world” in which half of revenues go to digital and interactive campaigns.”
– Laura Desmond, Starcom MediaVest (BusinessInsider.com)
I would venture to guess that an even higher percentage of youth-targeted advertising will be spent online, since more young people have greater online density than other age demographics. Companies that know how to engage youth with brands in respectful, responsible, audience-useful ways <read OneSeventeen Media>, have a tremendous revenue opportunity in the shift to increased online spending.
The Trappings of Social Media Dogma
“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.” - Steve Jobs
I came across these wise words today, and I felt that they are particularly relevant to OneSeventeen Media’s approach to helping kids. When working on something truly innovative, some people a) don’t get it or b) feel threatened by the change. While we’re always soliciting feedback and constructive criticism to make sure we’re improving and refining OneSeventeen’s vision and products, our mission to get kids the tools they absolutely need won’t be deterred by the trappings of social media dogma. As a poster child of a successful entrepreneur, Steve Jobs words are an inspiring reminder about the value of staying true to our course and utilizing social media to make the online and offline world a better place for kids.
(Image found here)
Financial Crisis Ripe For Social Investments
From the Chronicle of Philanthropy, “Financial Crisis Opportunity for Social Investments:”
The fallout from the financial crisis represents an extraordinary opportunity for businesses and investments that seek to combine financial returns with benefits for society, Jed Emerson, a long-time proponent of such ventures told participants at the Social Enterprise Summit.
We couldn’t agree more! Now is the time to invest in mission-driven companies committed to giving back to their communities.
(Image found here)
Recession = Good News for Tweens & Teens?
At least according to this UK Telegraph story, the recession might be a great opportunity and change of pace for maturing tweens and teens everywhere.
“I think this recession is a good thing,” says Lee Ambrose-Brunskill, mother of 15-year-old Brandon. “People have had a wake-up call – children used to be given absolutely everything.”
With their disposable incomes drying up and fewer handouts from their parents, teens are turning into entrepreneurs as they generate revenue streams to find the flexible cash they crave.
OneSeventeen Media’s co-founders are all entrepreneurs themselves, and our team loves the idea of an an entrepreneurial wakening among youth. The world’s best ideas come from the type of innovative thinking required for successful entrepreneurs. I can’t think of any paradigm-shifting ideas that arose from “thinking inside the box.”
(Image by Clara Molden and found on the Telegraph website here)
