Co-Founders Depart 8020 Publishing
8020 Publishing co-founders (and husband and wife) Derek Powazek and Heather Powazek Champ have departed the company over "significant differences of opinion regarding the direction of 8020."
In his blog here, Powazek says principals at 8020 had determined to come up with a "new story" about the origins of the company, and says, "I wanted to embrace the truth: Tell people how we started, how we grew, and what we were now. It’s the story of how a successful, organic community begins. It’s the story of how authentic media gets made. And it has the added benefit of being true. Compromise could not be reached."
Fellow co-founder Paul Cloutier writes on the 8020 site here that "It is important to say we have no intention of rewriting the history of JPG Magazine. . .The JPG Magazine that Derek and Heather created will always be an inspiration to us and we are committed to the principals that they set out.
Powazek still owns a percentage of the company.
Attracting Outside Investors
8020, which was recently named to the Folio: 40 and takes its name from the 80/20 ratio of lurkers to posters on virtual communities, has developed one of the more promising early examples of a social media platform with JPG, an online/print hybrid targeted to digital photography enthusiasts. The model lets the audience upload photos to the Web site and vote on other submitted photos. JPG members then select the best photos for publication in the magazine.
The model has drawn thousands of members, as well as the attention of investor (and CNET creator Halsey Minor). 8020 projected $2 million in revenue in 2007 and had planned a spin-off based on the travel category.