Tim Huelskamp is co-founder and CEO of the six-year-old US digital news brand 1440. It had started life in 2017 as a newsletter for colleagues of co-founder and editor-in-chief Andrew Steigerwald. He’s a veteran political advisor, motivated by the need to reduce political polarisation. Former tech venture capitalist Huelskamp raised “a small amount of capital, via equity and debt” for the Chicago-based company that is majority-owned by its employees and serves a daily diet of curated, fact-based, impartial news designed to be read in under five minutes. It aims to be “as unbiased as humanly possible” and promotes itself as: “All your news. None of the bias”.
It’s a lean and focused operation with a staff of 12 but more than 2.5mn non-paying subscribers (plus some paying members who are “super-users and advocates”). It includes just two hand-picked advertisers per issue with the stipulation that “any advertiser is a brand someone on our team has personal experience with and can vouch for”. 1440 has been profitable almost since the start. It claims to have grown profit more than 2000% over the last three years and now to have revenue of some $20mn.
Huelskamp is a Boston College graduate in finance and history. He is also co-founder of Fifth Star Funds, a venture philanthropy fund “seeking to address the claimed ‘funding epidemic’ in America where only 1% of venture capital is awarded to Black founders”.
What were your earliest career ambitions?
My earliest ambitions were rooted in the finance industry. I began my career working for an investment bank, specifically focussing on IPOs/M&A. After gaining experience in that field, I made a transition to the private equity and venture capital sector where I spent nearly a decade. During that time, I had the opportunity to help rapidly growing tech companies scale their operations. Around five years ago, I had a strong passion for starting my own business called ‘When in Rome’, which provided custom travel itineraries written by locals. Unfortunately, I soon realized that the business was not going to scale, so I made the difficult decision to wind down. When in Rome. My co-founders and I brainstormed and developed the idea for 1440. Driven by a personal desire for unbiased news that we felt was lacking within existing media companies, 1440 was built with the goal of delivering impartial news.
Why did you get into private equity?
I was driven by a deep curiosity to understand what truly makes companies successful in the long term. My start in the private equity and VC world offered me a unique opportunity to delve into the intricacies of value creation and uncover the key characteristics necessary for building thriving businesses.
On the investor side, I was presented with hundreds of company and founder stories each year, each one showcasing different approaches and strategies. This exposure allowed me to gain invaluable insights into how founders have successfully scaled up their companies. Being a part of the Private Equity and VC industry provided an enriching learning experience.
Why did you launch 1440?
The inspiration behind launching 1440 stemmed from a personal desire for unbiased news that my co-founders and I felt was lacking within the existing media landscape. We noticed that all traditional media outlets seemed to have biases or leanings that seemed to compromise the objectivity of their reporting. We wanted to create a platform that would provide everyone with impartial news, enabling them to form their own conclusions and opinions based on facts.
While there are other media companies around the world that strive to be unbiased, 1440’s unique editorial principles set it apart. 1440’s objective is to deliver a balanced and comprehensive view of the day’s news, covering a broad spectrum of topics including politics, business, technology, culture, and more. With every newsletter, 1440 implements its innovative format to reimagine news for the next knowledge revolution: Deep thought goes into not only the words on the page but the images, font, and visual identity of the brand, and 1440 prioritizes the experience of its readers by only permitting two hand-selected advertisers per issue that align with its values and those of its readership.
What’s the business model?
1440 was founded in 2017 and operates on the premise that profitable news doesn’t have to be polarizing, nor does it require lengthy engagement to achieve scalability. This guiding principle drives our unwavering commitment to honesty, objectivity, and transparency across all our practices. We have successfully cut through the noise to deliver a top-tier offering that resonates with individuals from diverse backgrounds, all done by delivering a high-quality daily newsletter that is concise, accessible, and easily digestible in under five minutes.
With a team of 12 individuals, all working remotely, our small team embodies a nimble and flexible approach that allows us to adapt swiftly to changing demands and deliver outstanding, consistent content. We’re an employee-owned news source, not affiliated with any larger media outlet.
What have been the 1440 milestones?
Well for starters, we’re sharing unbiased, clear & concise news with over 2.5mn subscribers.
We recently introduced two community-centered initiatives called Humankind and Humankind(ness) in our newsletter. These initiatives shine a spotlight on acts of kindness. So far, we’ve received over 2,000 heartwarming Humankind(ness) stories from our readers. It’s our first foray into community-centered initiatives, and the response has been overwhelmingly positive. Also, our new Weekend edition of 1440 is a hit, averaging around 500K unique clicks per send. It holds the record for the highest number of clicks across all newsletters, surpassing the industry standard. Interestingly, its open rate is even higher than our daily newsletter, which goes against the norm.
While the average industry open rate for newsletters is 22%, we have achieved an impressive 53% open rate with a click-through rate of 42%. Remarkably, we have managed to maintain profitability despite featuring only two thoughtfully selected advertisements in each newsletter. Over the past 3 years, our revenue has grown by more than 2000%.
Our team has worked diligently to foster an engaged and curious readership. The proof of our success lies in the fact that 1440’s readership is evenly divided into thirds: one-third Independent, one-third Republican, and one-third Democrat. This addresses a significant gap in the daily media landscape that was previously unmet.
What’s your vision for the business?
What sets 1440 apart as a news service is its commitment to providing an impartial view of global events, catering to a diverse readership.
Looking ahead, our vision for 1440 in the next 10 years is to continue being a trusted and influential source of news and information. We aim to expand our reach and impact by further diversifying our content offerings while staying true to our core values of honesty, objectivity, and transparency. We envision continued growth in our readership and community engagement, forging stronger connections with individuals from all walks of life. In the coming decade, we strive to innovate and adapt to changing media landscapes, embracing emerging technologies and formats to deliver news in even more accessible and engaging ways. We will maintain our focus on providing a balanced perspective, fostering meaningful discussions, and bridging the gaps in the media landscape. Ultimately, our goal is to remain a reliable and influential force in the news industry, making a positive difference in the lives of our readers and the broader society.
What have been the learnings?
One of the most crucial insights I’ve gained through the formation of 1440 is the extraordinary value of our team. I wholeheartedly believe that building a successful company hinges on having a team of brilliant and dedicated individuals. That’s why I’ve made it my top priority to create a work environment at 1440 that is not only exceptional but also fosters respect for each team member’s time, life, and aspirations. I continually encourage and push my colleagues to take the necessary breaks and recharge so that we can all bring our absolute best selves to the table.
Another key lesson I’ve learned is the incredible power of listening to our readers. Every bit of customer feedback matters to me, and I make it a point to read each and every one. Additionally, I strive to answer every email that comes my way, ensuring that our customers feel seen, heard, and valued. After all, they are the heart and soul of our success.
Long-term thinking has also played a significant role in my journey at 1440. There may be times when it’s tempting to take shortcuts or opt for the easy way out, but understanding the potential damage it can do to the company is important. Act as if you’re going to own the business for 100 years, and make decisions accordingly.
I’ve learned the importance of dedicating specific time to deep work, research, and doing fewer things exceptionally well. By minimizing the number of tasks on my plate, I can maximize my output and deliver the highest quality product to our audience.
Lastly, I strongly believe in being a good human. Kindness, empathy, and integrity are values that I uphold in every interaction, both internally and externally. These principles guide my actions and help me build meaningful connections with my team, our readers, and the wider community.
What’s your own primary role?
My main role stretches across three key areas: hiring, strategy, and finance. Hiring is an immensely critical aspect of my responsibilities. I firmly believe that there is no decision more important than building a strong team. My goal is to hire smart people and get out of their way.
Strategy plays a vital role in shaping the long-term success of our company. I am committed to thinking ahead, ensuring that our strategies align with our long-term goals. One of our core focuses is delighting our customers by providing valuable and engaging content. Simultaneously, I also maintain a strong focus on prioritization, making sure that we do not spread ourselves too thin and lose sight of our customers’ needs and expectations.
In terms of finance, I am responsible for making prudent investments with our available resources. I carefully evaluate where we allocate our capital, always seeking the best return on investment for our organization. Making wise decisions regarding financial investments is crucial for our growth and sustainability.
What are the lessons of 1440 for would-be news providers?
- Respect your readers’ time first and foremost: People lead busy lives, and if you can get them the facts and any other information they need to live more informed lives without wasting their time, you’re going to keep holding their attention.
- Focus on quality and clarity: Prioritize delivering high-quality content that is clear, concise, and easily understandable. In a world filled with information overload, readers appreciate well-crafted news that respects their time and attention.
- Strive for profitability and sustainability: While maintaining a focus on journalistic integrity, it is important to build a sustainable business model. Seek avenues for monetization that align with your values and audience expectations, ensuring long-term viability.
- Continuously innovate and evolve: Stay curious and adaptable in the face of a rapidly changing media landscape. Embrace new technologies, experiment with different formats, and be open to feedback and iteration.
