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Journalism & Communication
Pages 16 (4016 words)
Funding of Media Venture Name Institution Date Topic 3: ‘Good creative thinking and a winning product are only one component of developing a successful media firm, securing long term funding is just as important’. Discuss with examples of the key requirements for, and obstacles faced when, seeking funding for a media venture.
This is mainly the case considering that the firms experience a lot of obstacles in this pursuit. The paper seeks to explore the key requirements for media organizations seeking funding. It will also discuss the various obstacles that the media firms face when seeking funds from various sources. Solid Business Plan For a media firm to be able to secure funding, one of the requirements in many cases is a business plan which contains a solid business concept. This is because the funding agencies like the donors, banks or sponsors expect a return out of the funds they invest in the media venture. For this reason, they believe that a media firm with a good business concept would be able to compete effectively with other media firms and in the end make profit. However, the media firms that do not have sound business concepts will in most cases find it hard to acquire funds because they are perceived to be risky businesses that may not compete effectively in the media industry. A good business concept in this case will include details of the winning product and services in form of quality advertisement and creative thinking by the media personnel especially the journalists, the presenters and writers. Hewlett-Packard Company for example required that those media companies that seek funding must first ensure that they have a sound business plan1. ...
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