For some time now I’ve been keeping an eye on Streetwise Media, a Boston start-up whose chief executive and public face, Chase Garbarino, has been trying to figure out new ways of reaching tech-savvy, city-dwelling twentysomethings.
First came Pinyadda, an attempt to meld journalism and social networking in a way that was supposed to be less serious and more fun than NewsTrust. Well, it may have been less serious, but it wasn’t less cumbersome, and Pinyadda went the way of all pixels.
Next, and more lasting: BostInno, a website that covers technology, city life and higher education for an audience that I would describe as young urban singles. Nothing too heavy, but it’s enjoyed some success. An old acquaintance, veteran journalist Mary McGrath, has been involved with it. A former student of mine had an internship there. Garbarino and company launched a satellite site in Washington, and were planning to open a third site in New York.
So I wasn’t quite sure what to make of it when it was announced a few days ago that BostInno had been acquired by American City Business Journals (ACBJ), the parent company of the Boston Business Journal. What’s posted on the BostInno (here) and BBJ (here) websites is all very hopeful and enthusiastic, as these things generally are. But is this going to give BostInno a chance to grow — or does it mark the beginning of the end?
Although the terms were not disclosed, I suspect that ACBJ’s managers are genuinely interested in BostInno, if only because there was no reason for them to acquire it just to shut it down. I also predict a culture clash ahead. The BBJ and its sister papers are high-quality but rather staid. (Indeed, ACBJ is part of the Newhouse empire, making the BBJ — and now BostInno — corporate cousins of the New Yorker.) BostInno is energetic and can be fun, but it is not a hardcore journalistic enterprise.
Here’s how BostInno put it:
While acquisitions are usually viewed as endings, we believe this is just the beginning for Streetwise. We believe more and more each day in what we are doing and we love doing it.
And here is a considerably more reserved quote from ACBJ chief executive Whitney Shaw that appears in the BBJ:
In a short amount of time, Streetwise has attracted a very loyal and robust audience that is different from but complementary to what we do at our business journals in Boston, Washington and elsewhere.
I’m hoping that the acquisition means good things for BostInno, and that Garbarino and co-founder Kevin McCarthy will be allowed to do their thing. I think they’re on to something, and I’d like to see them have the time and resources they need to figure it out.