The July 2005 edition of Entrepreneur Magazine in an article titled Working the Net details how Scott Ryan and I used social networking websites to connect with people who might be able to help us create and air MotorSport Ranch. Here is an excerpt from the article:
In addition to hastening introductions, virtual networks are leveling
the field by replacing costly middlemen small businesses can ill
afford. Alexander Muse, co-founder of Dallas-based Hive.media, a
production company developing programming for the nascent
high-definition TV market, realized this benefit when he was shopping
his pilot to the networks. He found that reps wanted anywhere from
$10,000 to $100,000 upfront, plus 50 percent of the profits from the
sale. "And all they'd really be doing is making introductions," says
the 33-year-old executive producer.
Instead, Muse and his partner, Scott Ryan, 35, joined LinkedIn for
free and found program directors at major cable networks and marketing
folks at advertisers like BMW who have expressed interest in buying
into the reality show, which follows three amateur car enthusiasts
racing at 300-acre MotorSport Ranch. "It looks like those contacts will
result in the sale of the program," Muse says.
Clearly, the value of online networks has grown along with their
memberships. LinkedIn, for one, has been adding 60,000 new members a
week, according to vice president of marketing and co-founder
Konstantin Guericke.
Muse observes, however, that the growing pool could hurt entrepreneurs.
"I think, over time, it's going to get less useful because there will
be too many people connecting to too many people, so eventually, we're
all connected," he says. Discriminating users, he adds, could help
maintain the value.
Muse also points out, as do VCs, that virtual cocktail parties are not
a replacement for face-to-face contact. "It's a neat tool you can use
in conjunction with your networking," Muse says. "But if you never go
to networking events and just sit in your house and play on LinkedIn,
you're not going to get anywhere. You have to know people for it to
have value."
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