The Treasure Hunter Approach

The Treasure Hunter = Look at pockets of prosperity

 

Follow the money. That’s the mantra of someone wearing the treasure hunter hat to dream up new ideas. Much of the time, we come up with ideas without first considering whether there’s money ready to flow to new ventures in that arena. As an entrepreneurial journalist, though, it’s crucial to periodically put on a pure business hat and prioritize the question of sustainability.

 

As you consider a potential startup opportunity, assess the marketplace. Explore whether there’s potential money you can compete for. If there’s a huge pot of money being spent on something, whether it’s fractional jet ownership, luxury goods or military contracting, there’s at least potential cash to be earned if you develop a product or service with distinct value for a subset of people in that arena. If you’re focused on a topic where the stakeholders — the people who care about that issue — have little or no money, be prepared to have to fight much harder for each available nickel and dime.   

 

To adopt the treasure hunter mindset, think first about the wealthiest people you have met. What industries are they in? What work do they do? Big finance, law and tech firms may pop up as you consider current wealth. Next think about the industries where there is massive investment taking place and rapid growth. As we approach 2020 this includes areas like artificial intelligence, augmented, mixed and virtual reality, digital security, home automation, self-driving cars, and bioengineering.

 

Klaus Schwab, founder of the World Economic Forum, argues that we’re in the midst of a fourth industrial revolution. That entails massive spending in new areas of growth. Entrepreneurial journalists can capitalize on that growth by playing valuable roles in serving stakeholders’ information and intelligence needs. It’s hard to predict which players will dominate in a new technology era, or which products and services will dominate. But we can have confidence that whomever is captaining new companies or developing new services for these emerging industries will need accurate, timely, and actionable information and insight. And whomever provides that media service has an opportunity to survive and thrive.

 

A cautionary ethical note:

 

Wearing the treasure hunter hat requires you to strictly separate your business focus from your journalistic focus, if you have one. For reporters or editors, it’s unethical to focus on any financial gain you might accrue by reporting on a particular subject, other than simple payment for your work. Looking to generate revenue from the subjects of a story constitutes a major conflict of interest. That’s because in your reporting you’ll have an incentive to omit elements of the story that may minimize your profit. That, in turn, diminishes your credibility and dilutes the quality of your product. Your reputation and the trust your reader/viewer/listener has in your work are your primary assets. If you’re wearing the treasure hunter hat, make sure you’re not wearing your reporter hat at the same time.