Categorized | Shoestring Startup

How Ideabing.com runs on a budget of $4 a day.

IdeaBing.comCompany: Ideabing Media
Website: Ideabing.com

Ideabing.com was started in Feb 2010 to fill the void in the innovation blogging space. We wanted to bring to one platform the ideas that are going to change our lives in the next decade or so. We are at a juncture where mankind as a whole has to decide what has to be done to keep this planet running. Ideabing tries to bring these thoughts together and put it in perspective with startups and products that will make our lives drastically different in the future. Ideabing.com also happens to be one of the greenest blogs around. Ideabing offsets its carbon footprint by planting trees or investing in companies that are in the business of making this planet green.

Ideabing as a product is a free blog on ideas, innovation and technologies. Ideabing covers innovative startups that have products or services. It’s this very thing that makes Ideabing successful, and free. The tight partnership between startups and ideabing give us both mutual publicity and customers (readers in ideabing’s case). Ideabing also works with CXO’s of successful startups to write about insights on successful businesses.

Ideabing runs on a very small budget of about $4 a day which translates to about $1500 a year. Almost the entire budget is driven towards hiring freelance writers and developers via websites like elance.com and rentacoder.com. Ideabing uses a lot of free social media tools to publicize the blog. The website has a large reader base across social media platforms – twitter, facebook and email. While facebook and twitter give ideabing real time audience, tools like twaitter and mailchimp give us the opportunity to push out updates to a much wider audience who are not always on real time social media platforms. The best thing is that all these tools are free to use.

Akshaya Murthy

Akshaya Murthy - Founder

As a startup it’s difficult to make a new thing work and we think ideabing has been able to make the website work. Advice comes free from every corner of the universe but what doesn’t come free is advice on how to run a business which is very unique on its own. We have learnt lessons all along the way. No one told us how to not spend money on unnecessary things. We had to learn how to run a blog in a lean fashion and still attract readers AND make money. Ideabing has one full time employee – the founder Akshaya Murthy and one paid freelance writer – Allison Reily. The partnership has worked out great for us sp far.

Ideabing has 7 writers including the founder and the freelancer blogging regularly on the website of which two are CXOs from successful startups. These posts give very relevant insight into the workings of a startup, into innovation and into trends that are affecting the way innovation happens in the world.

Ideabing sees about half its traffic coming from the land of hi-tech innovation – USA and India comes in second. What is interesting is that the more than half of all the traffic comes in from developing nations. This shows the aggressiveness with which developing nations are pursuing innovation. There is a startups boom in these countries and Ideabing is just adding fuel to this fire.

Ideabing earns its revenues via advertisements served by a large online advertising house. Ideabing is also seeing revenues from startups who want to advertise within the ideabing community. At this point, Ideabing is in the green and growing at about 50% a month in terms of website traffic. Ideabing’s readers spend about 30,000 hours in total on Ideabing every month. All this brings a projected profit of about $12000 this year but we are well on our way to quadruple it in the next fiscal given the great response we have got from startups about the website. Over 100 startups submit their stories to Ideabing everyday of which Ideabing tries to feature the most innovative ones.

Ideabing is also giving away free advertising to the startup community in the form of ads on its own website. Every day a new startup will get an opportunity to advertise on Ideabing starting October 2010! Ideabing is also starting an initiative called the startup of the month wherein among thousands of submissions we receive every month, one startup will get a month of free advertising on ideabing. This exposes startups to thousands of readers every single day – for free.

Advice for entrepreneurs – be patient. Revenue is not going to flow in the first week. You HAVE to wait, make adjustments, build revenue streams and then it’s all going to fall into place. Make sure you have kept aside some money to run the startup – you have to RUN the business to make money out of it. Keep it running and you will see success. Ideabing kept aside $1500 for the first year!

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