There is no reason why Internet/mobile media companies need to be located on the coasts or major cities - especially given their huge cost basis - we are able to compete on the world stage right here from Columbia.
Columbia, MO (PRWEB) July 21, 2009
Newsy.com, a multi-source online video news service for the Internet and mobile devices, credits its relocation to the state of Missouri for its successful first year.
Newsy.com moved from Silicon Valley to base its operations in Columbia, MO to partner with the highly regarded Missouri School of Journalism and benefit from Columbia's educated workforce and friendly business environment.
Newsy.com President Jim Spencer explains, "We looked to base Newsy.com in the smartest and most economically viable place in the world. As a news start up, smartest means across the street and in partnership with the Missouri School of Journalism. The state of Missouri and Columbia have provided huge economic benefits that help make Newsy competitive and positioned to win in our fast growing marketplace."
For example, the Missouri Technology Corporation, housed within the Missouri Department of Economic Development, provided Newsy with a $250,000 low-interest loan to purchase equipment needed to set up its state-of-the-art newsroom. Furthermore, the DED helped provide Newsy with valuable .40 cents on the dollar tax credits allowing Newsy to stretch their investors' dollars even further.
The public university and private company partnership that Newsy exemplifies helps the state advance in today's increasingly competitive and global economy. Technology and education spur economic development and will grow Missouri - this is the vision of the University of Missouri system and the shared values of Newsy.com.
Spencer, who has a track record of Internet successes, returned to his home state of Missouri to start his own Internet company. "There is no reason why Internet/mobile media companies need to be located on the coasts or major cities - especially given their huge cost basis - we are able to compete on the world stage right here from Columbia."
A pioneering online video news site, Newsy.com monitors, synthesizes and presents the world's news coverage. Its short video snapshots, available on the web and mobile devices, accelerate viewers understanding of a news story by highlighting the key differences in reporting. Online video advertising, the fastest growing sector of advertising, and content licensing are the company's two revenue streams.
In September, the company will enter its second year of operation - it has and will continue to hire from the local talent pool. Newsy.com is currently raising its second round of money and plans to raise more than 90% of the funds in Missouri.
Newsy.com (http://www.newsy.com) is a multiperspective online video news site that monitors, synthesizes and presents the world's news coverage. Through short video segments available on the web and mobile devices, Newsy.com offers a way to accelerate the global understanding of a news story.