The Future of Sports Media with Asaf Peled, Founder and CEO of Minute Media

Intro:

The odds of an entrepreneurial venture succeeding are, statistically speaking, not stacked in the founder’s favor. This is something that Asaf Peled, Founder and CEO of Minute Media, was well aware of when he left his career as a tech investor to found his own tech startup. Today, Minute Media owns 6 major media brands, is considered the third largest online sports publisher in the world, and serves over 350 million fans. 

 

On the podcast today, Asaf dives into the work that he does at Minute Media and the evolution of the company. He also shares his personal entrepreneurial journey, outlining the mistakes and tough moments along the way. 

 

Tune in to hear his thoughts on leading a tech company, culture, talent retention and more. 

 

 Main Takeaways:

• The Evolution of Minute Media: Asaf describes the unique combination of tech and content work that is done at Minute Media, sharing the initial idea, how they have evolved over time, and what the company looks like now. 

• Asaf’s Entrepreneurial Journey: Asaf shares his background and decision to move from investing into entrepreneurship. He dives into some of the tougher moments in the journey, talking about the struggle to get funding in early days and the mistakes that he has learned from along the way. 

• Three Tips for Aspiring Entrepreneurs: Asaf says that it is essential to have an inherent passion for the work that you are doing and for your idea. He also stresses the benefits of taking a unique technology angle that is not being used by traditional competitors in your space and advises finding a founding team that will stay for the long run.

• Asaf’s Thoughts on Company Culture: Asaf discusses the competition for talent and the company culture at Minute Media. He explains that his focus on culture stems from his belief that it is the reason for their high retention rates and is what will set Minute Media apart in the long run. 

Key Quotes:

(16:48) “...people is key and your partners when you're starting is really key. I think the one thing we really focused on from day one, we realized our secret sauce was the passion for sports combined with technology. So in addition to building a strong kind of tech team, we made sure we were hiring a significant team of global, passionate fans.”

 

(32:01) “I actually feel comfortable, more and more over time, to use my intuition and gut feeling. If it's only me at the end of the day who has to make that kind of lonely decision, I'm trying to reach out to the less rational parts in me and listen to them, as well.” 

 

(35:22) “I would say the first couple of years were really tough because we’re very enthusiastic about the idea, but then as we’re trying to build a business, we realized it's actually a tough space. Not too many companies are able to raise money. VCs were not too enthusiastic investing in our space in the first few years...really raising money and establishing credibility and gaining traction with investors the first couple of years was tough because the space was nonexistent….And we were not sure we were going to survive it.”

 

(37:04) “We can always pay more and throw more parties, but I feel that there is one thing that's quite unique about Minute Media, which is we have, I feel, a very colorful, engaging and sticky culture. We have many, many, many people who have been with us for many, many years. It probably has to do with the initial passion for what we do. So I think there is something special about that, which to me is the number one reason for the very high retention rates.”

(39:05) “…it's been so difficult to get to where we are right now, but it can also shift, shift and change very quickly, very rapidly, and can change tomorrow, right? If anything, it probably taught me not to take anything for granted because it looks very shiny from the outside, but there's so much work and effort and rollercoaster and ups and downs put into it.”