Arkadium Gaming Company
Jessica Rovello, the co-founder and chief executive officer of Arkadium is reportedly getting frustrated. Arkadium is a gaming company offering its services to publishers including CNN, Times, TMZ, Gannett and a host of other publishers. According to Rovello, the disruptor moniker is deemed to be the greatest kind of praise given in the technology industry.
However, she said she can only see companies pursuing growth templates that are cookie-cutter-like. She mentioned that a whole lot of founders were announcing predictable goals such as getting funds from venture capital and it doesn’t appear as several other alternatives exist.
- Arkadium is a gaming company offering its services to publishers including CNN, Times, TMZ, Gannett and a host of other publishers
She added that it is exactly why she and her husband who is also the co-founder of Arkadium are trying to change the narrative. Thus, at a period coming 5 years after they got Series A funds from the venture capital firm, Edison Partners, and also coming seventeen years after the launch of the business, they have made a decision to the effect of buying out investors while they continue the growth of their business themselves.
Details of Buyout
Making the buyout a possibility isn’t going to be a simple feat and Rovello emphasized that she couldn’t reveal the buyout terms. She, however, mentioned that the venture capital got a positive return on the investment they made into the company. She expressed appreciation for Edison’s initial trust in their company but noted that there were divergent values on the part of Edison partners and the company.
Rovello explained that they are developing a business that puts people first and is on a long-term basis. On the other hand, venture capital including their investors and everyone involved are solely there for making money and that largely comes from having exits that are profitable. She added that she wasn’t insinuating that it’s wrong to be in business for the purpose of making money, but she said she was offended by the widely held notion that getting funded is a way of measuring how serious a business is or the extent of your business’ impact.
She added that the gaming company has gone through some rough times, for instance, it had recorded two recessions. Also during the Crimea war in 2014, the political sanctions, as well as the conflict, drastically affected the staff that was based in that area. Their workforce in that area, according to her, dropped to 75 from a previous 150.
She, however, added that the staff in the Crimea studio is now around 100. She noted that the place has continued to experience a steady growth mentioning that forty percent of the management roles there were filled by women and females also make up thirty percent of the total staff.
Growth Of Company
Rovello stated that since all the company went through during the Crimea time, they had been growing between 15 and 25 percent yearly profits and revenue over the four years after the period. She added that the growth has been at a sensible pace.
She reinforced that the company’s mantra was different from what a lot of companies backed by venture capital uphold. Rovello further mentioned that she found it surprising that in other societal aspects such as environment, members of the society have evolved and now consider things on a long-term outlook but many people haven’t translated that outlook to the business sector. She added that she wasn’t clear while a short term, short sighted high growth and high burnout situation is deemed to be the highest calling of a company.
She expressed her belief that things are not going to remain that way. For instance, she mentioned that the incoming Millenials who are showing interest in becoming instrumental to companies that are purpose driven will likely champion a change. Also, she said that the 3 core values of Arkadium are to live a life that is full. That according to her means encouraging the career development of employees and intellectual pursuit out of the workplace. She added that the existence of that was the measurement of long-term performance and not just a measurement of quarterly results.
She stated that even though it is a good idea for a company to have a system of checks and balances in place, she strongly wants to pursue the company a vision that is not hindered by investors.