The Decline of Small Town Media Has Big Implications for the Innovation Economy
We started the day at sunrise watching hundreds of balloons prepare for one of Albuquerque’s most spectacular events: the mass ascension. Buoyed by that iconic New Mexico experience, we gathered for breakfast alongside local founders, investors, and civic leaders to delve into the city’s expanding innovation landscape. After listening to several speakers, a young man asked some members of our team if they would consider being interviewed for the local news. As we walked out to his camera, we asked about his affiliation, only to be met by a surprising response. “All of them,” he replied. “All of them?” we questioned. “Yes, I serve as a reporter and camera person for stories across the city and send the feed to all the local stations. Our teams have shrunk so much that there are simply not enough people to do all the work.”
It was not the first time we heard that story on our travels, nor would it be the last. The encounter echoed a recurring theme—the decline of local media and, consequently, the dwindling coverage of local developments in tech. While much has been written about the repercussions of this decline on our country’s political discourse, the impact on a city’s tech climate is less explored.
In our visits to various rising cities, conversations with local investors revealed a reluctance to support or invest in emerging startups, often perceiving them as riskier ventures compared to traditional “safe” investments like real estate. For these individuals, local media can provide an eye-opening spotlight on the innovative companies transforming the economic fabric of their cities.
Earned media is one of the few ways that early-stage companies building transformative businesses can get in front of massive audiences without a massive price tag. Likewise, local journalism is how brilliant journalists like Kara Swisher (who got her start at the Washington City Paper, and covered AOL in its early days) cut their teeth and grew to evolve their careers and industries. Their startup coverage isn’t always glowing, because it shouldn’t be, and that aspect of journalism is important too.
As we contemplate strategies to reignite innovation in cities across the country and witness a resurgence in discussions around place-based policies, it begs the question: With the concurrent decline in local media, what can be done to make sure startup stories are still told?
Like most businesses, many startups in our portfolio have sought to create and distribute their own narrative content. To all the local media we have met along the way—and even those we did not cross paths with—if you are a freelancer open to working as a content writer for startups, please send your contact information to media@revolution.com. We will make the list available to our portfolio.
