I am waking up getting my kids ready for their camps so I don’t have time to write something up in detail to clarify some detail in Mike post on PodTech. So here are some facts on PodTech (no spin):
1. 38 full time employees
2. rent approx 12,000 sf office space in Palo Alto
3. PodTech Studio in Palo Alto for video production and show development
4. record revenue growth every quarter
5. 45 corporate clients and growing
6. fullly funded to hit projected cash flow positive (break even and profitable) with our current mix in business not including new products that we are developing
7. focus of the company: 1) editorial content, 2) develop media franchises through signing (aggregation) of professional producers and in house development (our studio), 3) continue to be the leader in social media for our clients, 4) innovate on the social media ad models that we are developing, and 5) media technology platform
6. I and the board are looking for a CEO – specifically someone who can take the day to day operations off my hands and build a team to scale the company. This will allow me to focus externally on developing media and working with leading marketers and advertisers. This is a very similar situation that Ross Mayfield recently posted about – CEO 2.0. I’m proud of PodTech’s market position, team, platform, and our client base. For the company it’s about getting to cash flow positive and then scaling. The business is doing well but we do need to improve in many areas.
7. The changes will continue. PodTech is in the middle of massive change and growth. I expect that change will be part of our company culture.
8. We are not getting out of the content creation business but will continue to focus on aggregation.