How-To Video Site MindBites Raises $1 Million First Round
By Joseph Weisenthal - Thu 20 Mar 2008 09:01 PM PST
Mindbites, a startup in the crowded area of how-to videos, has raised a $1 million first round from True Ventures. Unlike some of the others in this space, the Austin, TX-based company is adopting a paid content model, whereby people with skills in a particular area can upload tutorials and charge people to view them. As such, explained CEO Jason Reneau, it’s trying to be more of an eBay (NSDQ: EBAY), rather than another “YouTube-for (fill in the blank).” It also sees an opportunity to eat into the large instruction media industry. While it may do ad-supported content at some point, for the time being, transactional revenue forms the core of its business model.
Posted in: Social Media, Video Sharing, VC+M&A, Venture Capital
Tags: true ventures, mindbites,
Yeah, it’s true there are a lot of smart people doing really cool stuff in the space. But, the reality is we are not really fighting each other but in fact the bigger enemy of the Status Quo. People seek knowledge every day and the traditional instructional publishing industry is well over $10b, as well as the market for in-person instruction which is well over $10b as well. The noble challenge all of our organizations have taken up is to create something new that helps people in new ways, adds value to customers and to create a real business over time.
