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4/07/08 |
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Participants : 1673 |
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Donations : $260,044 |
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Median Donation : $56 |
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Investment Criteria
Tools and Infrastructure, not Content
We are primarily interested in tools and infrastructure that are systemic and scalable, particulary production and distribution systems that provide broad-based capabilities accessible to everyone. We believe that today's technology environment provides a plethora of "disruptive" technologies (i.e. ones that change society as well as business) that can be exploited in support of media democracy. We are particularly interested in enterprises that empower citizens, that move money and attention away from damaging economic forces, and that compete aggressively with "monopoly media".
As a rule we do not expect to be funding "content" like documentaries, websites, etc.
Returns
Unlike most venture capital funds, our primary criterion for investment is how the enterprise uses media to promote positive social change. We do care about financial returns, both to grow the fund, and because we believe that thriving is a necessary condition for creating positive change. However, being funded with grants and donations, we don't need to make that our only critical criterion, and can trade off some financial return in exchange of desirable social returns.
Values
We are only interested in enterprises that promote positive social change through media as a core part of their business, either explicitly, or as a natural consequence. They can be "value neutral" in the sense that democracy is value neutral (e.g. open distribution), but we favor eco-social values in general.
Structure
We are open to just about any standard structure from non-profits to cooperatives to traditional equity structures, so long as the other criteria are not compromised. However, we favor cooperative and employee ownership, particularly wherein any large-scale success will be shared widely. We also favor stuctures that are "not for sale" and can thus not be co-opted.
Type of investment
Because we are more flexible than most venture funds, the type of investment we do can vary from standard equity, to convertible debt, to straight loans, or any form that doesn't compromise other criteria. In non-profit-speak, our investments are "program-related" and thus will need to meet the associated legal criteria.
Management
Like any other investor, we place a great deal of importance on the management and leadership of the enterprise.
Other Investors
We will co-invest with other compatible investors, so long as other criteria are not compromised. Foundations and socially responsible investment funds are particularly synergistic. In many cases, our most important investments may be incompatible with normal sources of equity investment, because of the priority we place on what a company does over the expected returns.
Stage
We invest in private companies at any stage of development or funding, but our focus is on early-stage companies, angel funding, and incubation.
Size of investment
Early investments are relatively small (under $100,000). We expect this to grow to $2M and up as the fund grows.
Geography
We are currently concentrated in San Francisco, New York, and Washington DC, so in the early stages, California and US enterprises have a slight advantage. But we are open to any location, and as soon as possible will be un-conststrained geographically.
Exit Strategy and Returns
The ability of the enterprise to create returns on investment to the fund must be well understood. All parties must have aligned and credible expectations.
If you have an enterprise that you believe fits our criteria, we encourage you to submit it for consideration by contacting info [at] mediaventure.org.
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"A popular Government, without popular information, or the means of acquiring it, is but a Prologue to a Farce or a Tragedy; or perhaps both."
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- James Madison |
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