Roy Schwartz plans to transform the media industry. That sounds maybe overly ambitious, but a sizeable segment of Washington, D.C. political players are waiting on tenterhooks to find out what the recently departed chief revenue officer of Politico has planned for the new year. Schwartz and fellow former Politico bosses Jim VandeHei and Mike Allen are co-founding a new media company of which Schwartz will be president, but the details are hush-hush until it debuts in 2017. For now, they call it the Next Great Media Company (NGMC) [Note: Axios has been announced as the real name of the company]. Whatever final shape NGMC takes, Schwartz' influence on digital media is already enormous.
Can you tell me a bit about how you reached this point in your career?
When I joined Politico, the media landscape was changing and I was intrigued by the idea of finding new ways to monetize the media. I'd been on the West Coast with Gallup and when Jim [Vandehei] and I met it just clicked. It became very successful and was very exciting to be part of. We looked around last year and saw the media landscape was changing again and I'm just very excited to be starting something new, something very different from Politico. We're taking on new challenges in the media landscape.
What kind of new challenges for the media do you see? Why go for it outside of Politico?
How people consume media is central, how information is shared and what that means for business. We want [NGMC] to help people consume media more efficiently. This is a completely independent concept [from Politico]. There's something to be said for taking a step back from your job every few years, and leaving Politico gave us the chance to gather our thoughts. We could take a step back, think through our ideas before starting something new.
What would you point to as a notable bit of innovative thinking in your career?
This is memorable, I created a video vending machine business in college [at the University of Maryland]. It was called American Video Vending. The nearest video store was miles away. Nobody had cars and we didn't even have cable. There was no way to get movies without it.
What do you do that helps keep you innovative now?
There's a lot to be said for having a really great team of people. They can help with clearing your mind. Having conversations from day-to-day with a group of people who think differently than you do. It's a great way to develop and innovate on top of the ideas you've had. You can step back and see what someone's built.
Is that related to your role when you joined Politico?
Yes. Being able to look at something and say, 'oh, there's ways we can monetize that. Okay, now I can think of ways we can make that commercially viable.' It was very disconnected at [my previous position at] Gallup. There, I was consulting big multinationals. But the raw skills still apply; how to listen to clients, listening and then coming up with new ideas. I love to hear directly from people what it is they do and how they go about it. Oftentimes, it takes somebody from outside to see solutions and that's what I was doing. Being president of the new company means I'll have broader responsibilities than before.
"Part of the reason to go to a startup is that everything is a problem that requires a solution."
What do you like about switching to a startup after being at a more developed company?
Part of the reason to go to a startup is that everything is a problem that requires a solution. You have to be ready to try something new. You're not just maintaining, you're building. And when Jim and I have ideas, they feed on each other. We develop things and execute things very quickly. We're very excited for Mike to join us in that.
I know it's just a placeholder, but do people ever think 'Next Great Media Company' is the actual name?
People think it's the normal name yes. That happens all the time. We're holding off on announcing the real name until the trademark lawyers are done. It needs to be done right and every country has different laws. So, it's NGMC for now.
What's something that stands out as unique about D.C.?
Power and influence are different in D.C. compared to place like New York. It's about who you're connected to in power. When people ask 'what do you do for a living,' they're not necessarily trying to asses your wealth, what you do tells how connected you are.
What advice would you give others jumping into a startup?
Find people that optimize your own skill set. You have your strengths and the right team can enhance them while you enhance theirs. I'd also say it's worth it to spend time thinking about how you work. Understanding how you work on problems can help find answers.
What would you change about D.C. if you could make an instant change?
I wish they'd move RFK Stadium closer. That would be helpful. And I don't think we take enough advantage of the Potomac. There are so many things to do with a river that we don't. There are lots of ways D.C. could be more fun. But I do love the city.
Editor's Notes: Mr. Schwartz has no relation to the author
