Ten things (and clichés) I learned through my digital video startup:
1. Video is now the key revenue driver of the sports industry. With ticket sales no longer the golden goose, video content is the current and future source of revenue growth for properties through TV, digital, social, branded content and, soon, VR.
2. In order to receive greater returns on investment, your video strategy must focus on the two-way conversation with fans. Interactive, social engagement and branded content are replacing old reliables — including image campaigns, shoulder programming and documentaries — as the best means to engage with fans.
3. Your entrepreneurial business should focus on solving a problem. Too many startup concepts are solutions in search of a problem.
4. Focus on execution and detail. If your product looks broken, it is broken.
5. Under-promise and over-deliver. Actually, that’s left over from my NBA days.
6. You need new plays. Constantly evolve your product. Reinvent your story and business proposition more often than your team would like.
7. Funded startups get press attention while boot-strapped companies retain greater flexibility to change direction. And you will have to make course corrections.
8. If an investor says, “Trust me and don’t worry about the language in the contract that you need to sign,” run as fast as you can.
9. It works for me; try clearing your cache. Still not working? Power down and restart!
10. Know how much time is on the clock. There aren’t many Facebooks and Snapchats that can pass on billion-dollar offers. Know when it’s time to partner up.
Gregg Winik (gwinik@cinesport.com) is a former executive vice president and executive producer at the NBA and the founder of CineSport. OneUp Sports acquired CineSport in September 2015.
