Cameron Reilly rightly argues that if he can't get the correct valuation for his company, TPN, in Australia he has to go to the US because that's where you'll get the money. I've been following TPN since getting hooked on the G'day World podcast back in 2004, and have subsequently spent a decent amount of time with both Cam and his former business partner Mick Stanic. Here were two Aussies having fun, rambling about geeky stuff, interviewing interesting people, and trying to change the world. In the process they set a global benchmark for setting up a podcast network. No one had done this stuff before, and Cam has continued to build on those early days.
It follows that most startups believe sweat equity, and the accumulation of valuable online traffic, must be rewarded. The issue is finding people who believe in the vision. You also need to find people - money people - who understand the value of new media businesses and how to capitalise that on a global scale.
Josh Gliddon's done a great job in this yarn documenting Cameron's mission, and the broader issues facing new media startups attempting to graft themselves into Australia's ultra-conservative investor community. It's not a job for the feint hearted.
Is this a failure of Australia's conservative startup mentality, or something else? Either way, I can't help but feel Australian investors are missing out on making some important early wins in the new media sector. This is a segment of the marketing pie that is only going to get bigger - ignore it at your peril.
So good luck in the Valley, Cam, one of the few geographic localities in the world that can marry a global perspective with global results.
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