What is Information Valet Project? • Research effort incubated at D.W. Reynolds Journalism Institute • Bill Densmore, Jeff Vander Clute, Steve Mott, Martin Langeveld • Many other contributors of ideas (via "Blueprint" events)
Challenge: How to sustain values, purposes of journalism? • Mass markets splintering • Search advertising effective competitor • Classifieds done better on the web • What sustains journalism in thatenvironment?
News as a service not a product • Helping user find access to info from anywhere • Creating a conversation, community ... network • Not just about the story; smaller, larger remix • The news social network • New concept: The "InfoValet" – trusted advisor/broker • But how to be rewarded?
Making the market for digital information – HOW? • Consumer/user establishes account with InfoValet • Shares as much demographic, preference info as desired • This information shared among multiple participating sites • Records of activity logged, aggregated to InfoValet, purged • Establishes "shared-value network" for commerce, service
One way it could work To run: http://web.missouri.edu/~bowera/infovalet.html
Making the market for digital information – NEWS/CONTENT • Shared-user network for news-oriented social interaction • Subscription access to multiple websites (cable model) • Access by time, or bundle • Economic purchasing on a per-item basis (music, video, text) • Enables "public radio model" too (Kachingle, others)
Making the market for digital information – ADVERTISING • Rewards for activities, viewing ads, sponsored material • Example: The Ford Explorer PDF download • Advertising network based on interest not inference • Higher CPMs for the news industry • Consistent with Federal Trade Commission privacy guidelines
The profiling which informs the news served: He is interested in the semiconductor industry. He follows John Deere & Co. stock prices. He graduated from the Univ. of Kansas. He listens to WBUR's "The Point" regularly. The profiling which informs the text/display ad offers: His occupation as a software engineer. His expressed interest in cuisine. His expressed interest in music. User Jeff is a software engineer.He has profiled himself as follows:
How will it work? • InfoValet specifies "pluggable framework" (competitive partners) • APIs enable different apps to share data accordingto framework specification. • Ecosystem architecture distributed, not centralized • Security – User info encrypted and unreadable except where authorized • Choice – User decides when to release info
Adoption strategy:Journalism Trust Association • Started with Dec. 3-5 "Blueprint" to frame issues • Unveil JTA / IVP vision at April 27 DC event • Non-stock, non-profit JTA guides early years • Non-competitive ownership, trusted control • "Founding members" advise early decisions • Broadly representative board gradually enlarged • Controlling owner of InfoValet Service Corp.
InfoValet Service Corp. – Convenor, integrator • For profit LLC or L3C / controlled by JTA • Convenes industry around specific system • Makes/enforces rules for use of InfoValet logo/service • Integrates, contracts with advertising, tech, financial-service pieces • Any profits dividended to JTA and other stakeholders • Possibly transaction fees, license fees
How financed? • RJI incubated through Densmore RJI 2008-2009 fellowship • JTA will give note to RJI/Mizzou, convertible to stock in IVSC • Plan for self funding of IVSC • Among startup funding options for IVSC: • Foundations (if formed as L3C), as program-related investment • Strategic investors (who may be licensed/contract partners) • Debt financing • Equity stakeholders (nonvoting?)
Measuring success • New business for news organizations • New ecosystem for news aggregation, customization, sharing • New revenue besides advertising • Connects news with social network • Possibility of dividends to JTA to support journalism • Critical Internet framework guided by journalists