City University New York is a pioneer.
At Cuny they set out to tackle the fact that journalists didn’t understand their own business by establishing a course in which students must create a business plan for a sustainable (which they define as profitable) journalistic enterprise. Cuny won grants of $100k to give as seed money to the best of the ideas students come up with, as decided by a jury of experts.
Here’s what students learn:
How to create a plan for a sustainable (profitable) journalism business
That plan includes
- An elevator pitch – how to sell the idea briefly and effectively
- A needs statement – why does the world need this business?
- Market research and analysis – deciding who their customers are, and talking to them about the idea
- Competitive analysis
- Product plan – what is it?
- Revenue plan – how’s it going to make money?
- Distribution/marketing plan – how will people discover it?
- Operations plan – how will it operate? What will that cost?
- Launch plan– what are the phases and milestones?