Would you take a 60% reduction in your salary in order to keep your company alive? The President of b5media (http://www.b5media.com/), Jeremy Wright, would - and has.
In the first heady days of blogging, every conference and gathering of bloggers would echo the question: "How do I monetize my blog?" One answer was to join a blog network - harnessing the power of a single advertising sales team to place ads on your blog along with other blogs in the network.
b5media is a pioneer in testing and reshaping the blog network model. In its four year life (so far), it has evolved substantially - evolved in terms of what it presents, how it attracts and compensates bloggers and how it packages and sells the advertising opportunities.
Now, the recession is hitting advertising budgets and advertising sales - hard. Traditional media has been first to take a hit. We`ve seen newspapers disappear and television stations close. But online media outlets have not escaped. And b5media has been hit as hard as anyone.
So, Jeremy and his management team developed a survival plan (http://www.ensight.org/2009/03/31/startup-lesson-1218-making-the-tough-calls/). Jeremy took a salary cut to just above minimum wage. Other senior executives left the company. All in the name of preserving the core (http://ricksegal.typepad.com/pmv/2009/03/in-tough-times-you-always-find-stars.html) publishing platform to grow again when post-recession budgets are restored.
That takes guts. And it takes belief in a vision - a vision not only for a company but for the entire sector.
What is that vision and belief that caused Jeremy Wright and his executive team to choose the course they did? Well, come to the next Third Tuesday Toronto to find out.
As always, a big thank you to CNW Group (http://www.newswire.ca), who continue to sponsor Third Tuesdays everywhere.