Andrew Schrage, founder of MoneyCrashers, is making headlines with his attempt to completely reinvent the way personal finance news is funded and reported. I had the chance to interview Andrew a few months back and share the highlights from our conversation here!
Andrew, who funds Money Crashers, and what is their objective?
Money Crashers Personal Finance is funded internally, currently with no outside help. The objective is to remain that way; however, outside investor help would possibly be considered as an option in the future, depending upon our level of growth and expansion.
MoneyCrashers produces a lot of content on a daily basis. How is the operation organized?
We recently expanded our level of output to include multiple postings each and every day. Managing this expansion was a challenge, but by remaining cognizant of the dangers of fast small business growth strategies and a firm commitment to our core goals (namely, quality above quantity), we have been able to avoid some of these issues thus far. We are organized in a way that is informal and encouraging towards creativity, as we let our writers fully participate in the process of choosing what topics and articles will be written and eventually published on the site. We really try to maintain a collaborative atmosphere where everyone's ideas are strongly considered and often implemented, whether it's on the site or on our social media channels (for example, implementing a weekly TweetChat was a suggestion from one of our team members that has worked out great). Maintaining a “neighborly” feel to the business has always been a focus of mine. I previously worked in a strict, corporate environment at a hedge fund, and I wanted to foster a more enjoyable atmosphere.
How many employees are at your physical location? What is the culture like there?
We currently have about 15 team members. The culture is informal, attire is very relaxed, hours are flexible, and two-way communication is a key. Our team members come from all walks of life, and all seem to be able to thrive in our current corporate culture. There is very little hierarchy within Money Crashers. Any writers or editor can call my cell phone or set up a meeting anytime, and I'll gladly discuss anything with them.
How is a Money Crashers staff writer's life different than a traditional reporter's (in a traditional newsroom)?
We are different in the fact that just about everything we do as a team is a collaborative process. It is certainly not like the owners of the site determine the direction of the site and delegate topics without considering the opinion of the rest of the team. To the contrary, our team members are fully engaged in this process. Many writers also have the flexibility of working from home, which affords them a lifestyle that plays into a family or very active life.
I believe that MoneyCrashers is a great example of one possible future for the world of journalism. What do you think?