Jessica Lessin, The Information, and Media in the Age of AI
Sep 23, 2024
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Jessica Lessin, founder and CEO of The Information, shares her journey of establishing a media company in the AI era, sparked by frustrations with traditional news. She dives into the relationship between tech and journalism and the challenges of career transitions in a rapidly changing landscape. Lessin discusses the dynamic AI startup ecosystem, highlighting the importance of financial independence for startups. Additionally, she emphasizes fostering curiosity in the next generation and the challenges of creating scalable media storytelling.
Jessica Lessin founded The Information to address superficial tech coverage, advocating for in-depth journalism amidst the industry's evolving business landscape.
Emphasizing the importance of cultivating genuine relationships, Lessin advises startups to share industry insights rather than merely pitching fundraising news for media attention.
Despite challenges in the venture capital climate, Lessin remains optimistic about innovative journalism startups leveraging technology to meet societal demands for quality reporting.
Deep dives
The Birth of a New Media Company
Jessica Lesson, previously a journalist at The Wall Street Journal, observed the flaws in the news industry's business model, particularly its focus on traffic and page views. Frustrated by the superficial coverage of technology companies, she felt compelled to launch The Information to deliver in-depth, meaningful journalism. Her experience in a legacy news organization prepared her for the challenges ahead, as she recognized the industry's forthcoming disruptions due to technological advancements. Convinced there was a need for quality reporting that could adapt to modern realities, she embarked on this entrepreneurial journey, creating a platform that prioritizes substantive content over sensationalism.
Facing Fears in Entrepreneurship
When choosing to leave her secure job, Lesson grappled with fears of regret over missed opportunities and the potential success of her endeavors. While she approached entrepreneurship with confidence, she acknowledged the emotional turmoil during the transition, aided by her background as a tech journalist who understood the nature of startups. Her familiarity with cycles of success and failure gave her the reassurance needed to take the plunge despite uncertainties. Lesson emphasized that while fear often holds back potential entrepreneurs, recognizing the inherent risks and accepting the possibility of failure can be liberating.
The Challenges of Today’s News Industry
Jessica Lesson articulated the shifts in the publishing landscape, highlighting that traditional ad-supported models have faltered, and many prominent media companies have disappeared. She believes that while there is ongoing skepticism towards the media's future, there remains a strong societal demand for original reporting. Lesson expresses optimism regarding the potential for new startups to emerge, leveraging technology to create innovative journalism products, despite the industry’s challenges. She emphasizes the value of original investigative reporting, suggesting that adaptiveness and quality content are essential for survival in a competitive and evolving media environment.
Building Relationships with Journalists
For startups looking to gain media coverage, Lesson advocates for the importance of cultivating genuine relationships with journalists instead of merely pitching fundraising announcements. Founders should focus on sharing insights about broader industry trends that pique reporters' interest, rather than limiting interactions to one-off news items. Providing contextually relevant information that positions the startup within larger narratives is essential to capture journalistic attention. Therefore, entrepreneurs should aim to contribute valuable story angles that can benefit both the reporter and the startup by showcasing their expertise.
Navigating the Venture Capital Landscape
Jessica Lesson provides insights into the current venture capital environment, noting that while VC funding remains a significant asset class, many investors are hesitant due to an unclear outlook for mergers and acquisitions. She acknowledges the challenges posed by a tighter funding climate, where competition for financing has intensified due to high-profile tech companies dominating the market. For entrepreneurs, navigating this landscape requires adaptability, as opportunities for secondary funding and mergers will fluctuate. Lesson emphasizes the potential for innovative financing solutions to foster a thriving entrepreneurial ecosystem, provided that value creation remains the priority.
SPC founder Ruchi interviewed Jessica Lessin live for the story on how she decided to found a media company in the age of AI, journalism's relationship with tech, and a lot more.
Jessica is the founder and CEO of The Information, the publication known for original, in-depth reporting about technology and business. In eight years, Lessin has grown The Information into one of the largest subscription journalism communities in the world, attracting an influential audience of business leaders globally. Lessin has covered Silicon Valley and the technology industry for almost two decades and was previously a reporter and editor at the Wall Street Journal.
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