What No One Tells You About Starting a Media Company: Actionable Legal and Business Advice from a Startup Lawyer

From fundraising to IP ownership, Travis Rundlet breaks down what media founders need to get right from day one.

These takeaways come from a recent workshop hosted by URL Media, a client of Rundlet Advisory, featuring a dynamic panel of media entrepreneurs: S. Mitra Kalita (URL Media), Mazin Sidahmed (Documented), Janelle Zagala (URL Media), and Travis Rundlet (Rundlet Advisory). The conversation offered hard-earned lessons and real-life advice for anyone building a media business from scratch. Special thanks to Sonali Kohli of URL Media.

Each panelist brought a critical piece of the puzzle:

• Mitra Kalita reminded founders that your business often begins by solving a real need, not by writing a business plan. Her earliest success came from sharing local COVID resources via email, which later evolved into Epicenter NYC.

• Mazin Sidahmed emphasized the value of listening before launching. Through information needs assessments, his team was able to build Documented’s most impactful offerings, like WhatsApp-based news for immigrant communities.

• Janelle Zagala urged new founders to avoid overhiring too early. “Prove your concept, grow slowly, and handle compliance properly,” she advised, offering tips on employment classifications and PEO services.

Together, the panel painted a clear picture: building a media company requires creativity, commitment, and business fluency.

Travis Rundlet, a media-producer-turned-lawyer, brought clarity to the legal and structural side of the equation. With a J.D. from Columbia Law School and an M.B.A. from Harvard Business School, he now counsels early-stage founders on how to structure, protect, and fund their companies the right way—so they can grow with confidence and retain control. Here’s the legal and business guidance Travis offers to early-stage media entrepreneurs:

1. Start by Defining the Business You’re Actually Building

Before raising money or filing paperwork, you need to clearly define what you're selling and how you’ll earn revenue. Many founders lead with their mission, but Travis Rundlet emphasized that you should begin with your business model: Are you monetizing content, selling ads, offering services, or hosting events?

According to Travis, revenue strategy determines everything from your legal structure to staffing choices. A strong mission matters, but it won’t carry the business unless the numbers work.

Travis encouraged founders to ask:

• What are my revenue streams?

• What are my costs to create and distribute content?

• How will I measure success—financial returns, reach, or impact?

2. Know What Kind of Funding You’re Seeking

Travis broke down the 3 main types of capital, each with distinct implications:

1. Grants provide capital without repayment, but often come with restrictions.

2. Debt must be repaid, but allows you to retain full ownership and control.

3. Equity means selling a share of your company, giving investors a long-term claim on profits and often a voice in decision-making.

Travis urged founders to choose funding types based on their actual business model and long-term goals—not just what’s commonly pursued.

"You don’t need to give away your company just to launch it," he advised. Carefully consider your investor’s expectations. Are they looking for financial returns, social impact, or both? That answer should shape who you approach and how you structure your ask.

3. Structure Your Business Thoughtfully From the Start

Your legal structure affects tax obligations, investor access, and long-term flexibility. Travis recommended that founders weigh the two most common structures:

1. LLC: Offers flexibility and simplicity, especially for small teams or contractors.

2. Delaware C-Corp: Often preferred by institutional investors because of its standardization and governance model.

Travis warned that fixing a poor structure later can be costly and disruptive. He compared it to launching a rocket: small miscalculations early on can send you way off-course down the line. When asked by an attendee about when to bring in legal help, Travis advised involving a lawyer as early as possible, especially if you're taking in capital, creating intellectual property, or issuing equity.

4. Secure Ownership of All Your Content and IP

Travis made it clear: if you’re launching a media company, your intellectual property is the core of your business—and you must own it, fully and clearly.

He advised founders to:

• Use signed contracts with contractors and freelancers that assign all IP rights to the company.

• Transfer any pre-existing IP from the founder(s) into the business.

• Keep clean documentation of all ownership arrangements from the start.

In response to an attendee question about freelance contributors, Travis stressed that IP ownership must always be in writing. Without it, investors may see your business as too risky or undefined to back.

5. Be Selective About Who You Take Money From

Not all funding is created equal. Travis cautioned against assuming that venture capital is the gold standard—especially for community-oriented or mission-driven media.

He advised seeking out:

• Mission-aligned funders

• Strategic partners

• High-net-worth individuals who care about your outcomes, not just your returns

Fundraising should be a two-way conversation. You're choosing your partners just as much as they’re choosing to back you. In response to an audience question about how to raise funding without giving up equity, Travis shared this advice: “Ask for advice, and you might get support. Ask for money, and you’ll get advice.”

6. Embrace Your Role as Founder, Not Just Journalist

Many media entrepreneurs come from storytelling backgrounds, but running a company requires learning new skills. Travis acknowledged that the shift from editor to CEO can be uncomfortable, but also empowering.

He encouraged founders to:

• Build teams with complementary skill sets

• Be willing to make mistakes and learn

• Develop a clear plan and seek out trusted advisors

In response to a question about staying mission-aligned without burning out, Travis emphasized the value of clarity: clear contracts, clear ownership, and clear values all support a founder’s ability to lead effectively.

Final Thought

Building a media company takes more than a great story — it takes structure, clarity, and the right legal foundation. From funding to ownership to day-one decisions that shape long-term outcomes, the most successful founders treat their business like a business from the start. At Rundlet Advisory, we partner with mission-driven entrepreneurs to help them launch with confidence, grow with control, and protect what they’re building.

Ready to take the next step? Reach out to us here.

Can Founders Raise Capital Without Sacrificing Control?

Rundlet Advisory founder Travis Rundlet draws on legal and business experience to explain how poorly structured early raises can affect not just cap tables, but a founder’s ability to lead and grow the company on their terms.

At Rundlet Advisory, we counsel entrepreneurs building companies they intend to scale and lead with intention. In a recent article, we explored how LLC structures can offer a flexible alternative to traditional equity financing. This piece shifts focus to a related challenge: how early fundraising decisions, particularly those made without long-term planning, can quietly cost founders control of the companies they’ve built.

It’s a challenge we’ve helped founders navigate time and again. Our team brings experience not only in corporate law but in entrepreneurship, media, public policy, and finance—giving us a practical understanding of how strategy, structure, and governance intersect. With over 60 years of combined legal practice and more than $30 billion in closed deal value, we approach capital structuring as both legal advisors and business partners.

These aren’t just legal questions. They are strategic capital structure decisions. And they carry long-term implications for governance, financing, and control.

When founders lose control

The scenario is familiar: a founder raises early-stage capital without a forward-looking cap table strategy. When it comes time to raise again, perhaps from institutional investors, they realize that additional dilution will tip voting control to outside stakeholders.

In a corporation, shareholders elect the board. The board sets the direction of the company. If a founder no longer holds the majority of voting stock, they may lose the ability to shape strategy, manage leadership, or control future financings. We’ve worked with founders in this position. In some cases, they’ve had to negotiate buybacks or voting proxies. In others, the solution required a full recapitalization or reorganization of the company. These fixes are possible—but rarely efficient, and almost never ideal.

What experienced founders still overlook

Even second-time founders and seasoned operators can underestimate the compounding effects of governance terms. Many assume that majority equity automatically equates to long-term control. But in practice, board rights, preferred stock terms, and protective provisions often erode that control over time—especially when layered across multiple rounds. Others postpone structural decisions, thinking they can course correct later. But the deeper the cap table, the harder it becomes to make required changes.

Conversely, we’ve seen founders retain influence and flexibility with less than 50% ownership—because they retained certain voting rights and were economical in granting other control terms (like consent rights, board seats, board observer rights, etc.) rights from the outset. The difference isn’t always how much capital was raised. It’s often how the offerings were structured.

Control begins with financial planning

In our experience, many of these issues stem from a lack of forecasting. Too often, founders raise capital without modeling their financial needs beyond a rough estimate of burn rate.

We advise clients to build a detailed 12- to 18-month cash flow forecast. This model should include revenue assumptions, hiring plans, infrastructure costs, and product investment. From there, we assess not only how much capital is needed, but when it will be needed—and what forms of capital are appropriate at each stage.

That clarity informs the timing, size, and structure of the raise - and gives founders more leverage at the table. And, importantly, it helps founders ask and confidently answer one of the most important questions they can expect to get from prospective investors: how much capital do you need and why do you need it?

Capital always carries conditions

While economic dilution (the founder’s share in value) is typically the headline concern, control dilution (the founder’s ability to control the company) tends to be the more enduring constraint.

Even early-stage investors will often request board representation, approval rights, and other “protective provisions.” These terms rarely sunset, and they compound across rounds. Founders who overlook these details often find themselves outvoted or constrained at precisely the moment they need flexibility. We regularly help clients understand how these governance mechanics function in real-world transactions—and how to structure investor rights in ways that preserve the founder’s role as operator and decision-maker.

Can the damage be reversed?

Sometimes. We’ve advised clients through restructurings that include buybacks, investor exits, holding company rollups, or clean-slate mergers. When early investors are aligned and cooperative, these options can restore governance clarity and create space for future capital. But in many cases, the ability to restructure depends on negotiating leverage, financial runway, and investor trust. All are harder to secure once problems are already entrenched.

If you're navigating capital decisions, whether planning a raise or reassessing your structure, this is the right moment to think carefully about control, governance, and long-term flexibility.

We work with founders who want to structure early decisions with the future in mind. If this resonates, we’re always open to a conversation.

Rundlet Advisory Serves as Co-Counsel to U.S. Bancorp Impact Finance in $10.5M NMTCTransaction Supporting YWCA Knoxville

We’re proud to celebrate another impactful collaboration.

Rundlet Advisory, serving as co-counsel with Nixon Peabody LLP, advised U.S. Bancorp Impact Finance in a $10.5 million New Markets Tax Credits transaction led by Pathway Lending, a Nashville-based Community Development Entity.

The transaction funded the renovation of the 100-year-old YWCA USA of Knoxville and the Tennessee Valley facility, supporting the organization’s continued programming and community services.

At Rundlet Advisory, we’re honored to support mission-driven projects that expand access, create opportunity, and strengthen communities

Rundlet Advisory Serves as Co-Counsel to U.S. Bancorp Impact Finance in $9 Million NMTC Transaction

We’re proud to support another investment driving meaningful community outcomes.

Rundlet Advisory, serving as co-counsel with Nixon Peabody LLP, advised U.S. Bancorp Impact Finance in a $9 million New Markets Tax Credits transaction led by Tennessee Rural Development Fund, a Cookeville-based Community Development Entity.

The transaction funded the acquisition, renovation, and development of a 73,460-square-foot behavioral health facility in Ripley, Tennessee, expanding access to critical health services in the region.

At Rundlet Advisory, we’re committed to structuring investments that strengthen communities and advance equitable economic development.

Rundlet Advisory Supports HudsonMann in Financing the Revival of The Wiz

We’re thrilled to celebrate our client HudsonMann. As co-producers of the revival that is now touring theaters nationwide, Nicole Hudson and Dwayne Keith Mann, PhD are helping bring The Wiz, the Tony Award–winning classic, back to the stage.

First staged in 1974, The Wiz reimagined The Wizard of Oz through a distinctly Black lens: “a musical steeped in the Black experience, showcasing and celebrating Black music, creativity, talent, and wit,” as Nicole Hudson describes it.

At Rundlet Advisory, we’re proud to have supported HudsonMann in structuring

Rundlet Advisory Represents Sentient Science in the Spinoff of its Commercial Renewable Energy Business to Ematic Enterprises

We are proud to announce our role in representing Sentient Science, a leader in physics-based simulation software that predicts the lifespan of mechanical systems, in the spinoff its commercial renewable energy business to Ematic Enterprises Inc.

Sentient Science Corporation is an industry leader in physics-based digital twin SaaS—powered by proprietary modeling and machine-learning AI—that enables operators in renewable energy, heavy industry, aerospace and defense to predict when mechanical assets will fail and optimize design, maintenance and lifecycle costs.

Ematic Enterprises Inc. is a privately held renewable energy platform sponsored by Catapult Capital that is dedicated to acquiring, operating and scaling commercial-scale clean energy assets.

Rundlet Advisory is a Black-owned boutique corporate law firm with offices on Wall Street in New York and Brickell Avenue in Miami. We provide strategic, practical counsel to audacious enterprises and individuals—working shoulder-to-shoulder with clients to manage complexity, exploit opportunity, mitigate risk, and optimize outcomes.

Backing visionary founders like Dionna McPhatter is central to our mission of empowering entrepreneurs and reimagining what’s possible.

Rundlet Advisory Represents Radical Possibilities in Acquisition of Sentient Science and $1M Preferred Stock Offering

We are proud to announce our role in representing Radical Possibilities in connection with its acquisition of Sentient Science, a leader in physics-based simulation software that predicts the lifespan of mechanical systems for defense, transportation, and the broader manufacturing landscape.

Following the transaction, we advised Sentient Science in a $1M sale of its preferred stock to fund post-acquisition working capital.

Radical Possibilities is a venture studio led by Dionna McPhatter, a dynamic Black woman entrepreneur, West Point graduate, and behavioral scientist focused on building a more equitable and innovative future. This acquisition accelerates one of the company’s core priorities: transforming asset management through dual-use technologies like AI, digital twins, 3D printing, and physics.

Rundlet Advisory is a Black-owned boutique corporate law firm with offices on Wall Street in New York and Brickell Avenue in Miami. We provide strategic, practical counsel to audacious enterprises and individuals—working shoulder-to-shoulder with clients to manage complexity, exploit opportunity, mitigate risk, and optimize outcomes.

Backing visionary founders like Dionna McPhatter is central to our mission of empowering ambitious entrepreneurs and reimagining what’s possible.

Rundlet Advisory Counsels JW Growth Partners in Leveraged Acquisition

We are happy to announce our role in representing JW Growth Partners LLC (JWG) in connection with its acquisition of substantially all of the assets of Antonucci Wholesale Produce, an upstate New York food distributor active throughout the Northeast U.S. JWG is a holding company and strategic acquisition vehicle formed by entrepreneurs Wesley Abram and Juan Lechin.  

The acquisition was financed through a combination of a loan guaranteed by the U.S. Department of Agriculture, seller financing, and an equity infusion by sponsor Talus Group Holdings LLC. JWG expects to use the acquisition as a platform for additional acquisitions in the wholesale food distribution sector.

Rundlet Advisory is a Black-owned boutique corporate law firm, with offices on Wall Street in New York and Brickell Avenue in Miami. We offer strategic and practical advice and counsel to audacious enterprises and individuals. We work shoulder-to-shoulder with clients to manage complexity, exploit opportunities, mitigate risk, and optimize outcomes. 

Supporting businesses like JW Growth Partners allows us to advance our commitment to expanding capital access and capital formation for often overlooked and under-advised entrepreneurs.

Rundlet Advisory Counsels N’Gai In Collaboration Between Harlem’s Fashion Row (HFR) and Gap

We are happy to announce our role in representing N’Gai, a curated fashion collection known for redefining classic styles. N’Gai was founded by Nicole King, a graduate of Parsons School of Design, entrepreneur and designer with more than 25 years of experience in the fashion and design industries.

We advised N’Gai in connection with its participation in a collaboration between Harlem’s Fashion Row and The Gap, Inc. (NYSE: GAP).  The first-of-its-kind collaboration features the work of six Black designers, which included N’Gai. The collection, launched during Black History Month 2025, reimagines Gap’s most iconic wardrobe staples by the creative talents behind N’Gai, A. Potts, BruceGlen, KAPHILL, and Richfresh. The partnership was more than a year in the making. The collaboration has been featured in Vogue, The Wrap, Essence and more.

Founded in 2007 by Brandice Daniel, Harlem’s Fashion Row is an agency that connects designers of color to brands worldwide, promotes inclusivity and innovation, and represents the historically under-represented.

Rundlet Advisory is a boutique Black-owned corporate and commercial law firm, with offices on Wall Street in New York and Brickell Avenue in Miami. We offer strategic and practical advice and counsel to audacious enterprises and individuals. We work shoulder-to-shoulder with clients to manage complexity, exploit opportunities, mitigate risk and optimize outcomes.

Supporting fashion brands like N’Gai and designers like Nicole King allows us to advance our commitment to providing sophisticated advice and counsel to overlooked and under-advised entrepreneurs.

Rundlet Advisory Advises !nnovate Caribbean In Securing a $25M Commitment

We are happy to announce our role in representing !nnovate Caribbean, an investment fund complex pursuing a multi-pronged investment strategy focused on impact opportunities throughout the Caribbean. 

We advised !nnovate Caribbean in connection with securing equity investment tranches totaling $25M in two of their affiliated funds, Impact Venture Fund Inc. and United Venture Fund Inc. Impact Venture Fund Inc. received a $15M commitment and United Venture Fund Inc. received a $10M commitment.

Rundlet Advisory is a boutique Black-owned corporate and commercial law firm, with offices on Wall Street in New York and Brickell Avenue in Miami. We offer strategic and practical advice and counsel to audacious enterprises and individuals. We work shoulder-to-shoulder with clients to manage complexity, exploit opportunities, mitigate risk and optimize outcomes.

Supporting businesses like !nnovate Caribbean allows us to advance our commitment to providing sophisticated advice and counsel to overlooked and under-advised entrepreneurs.

Rundlet Advisory Counsels LAGAS Group LLC on Seed Investment

We are happy to announce our role in representing LAGAS Group LLC close initial seed investments of approximately $600,000. LAGAS Group is an electric vehicle service and maintenance startup with initial operations in the DMV area.

We advised LAGAS Group LLC in connection with initial entity structuring and organization, together with its private placement of equity instruments and SAFEs (i.e., a “Simple Agreement for Future Equity”) to early supporters.   

Rundlet Advisory is a boutique Black-owned corporate and commercial law firm, with offices on Wall Street in New York and Brickell Avenue in Miami. We offer strategic and practical advice and counsel to audacious enterprises and individuals. We work shoulder-to-shoulder with clients to manage complexity, exploit opportunities, mitigate risk, and optimize outcomes. Somi Umolu leads the engagement with LAGAS Group for Rundlet Advisory.

Supporting businesses like LAGAS Group LLC allows us to advance our commitment to providing sophisticated advice and counsel to overlooked and under-advised entrepreneurs.

Rundlet Advisory Counsels Uncle Waithley’s Beverage Company on Equity Crowdfunding Offering

We are happy to announce our role in representing Uncle Waithley’s Beverage Company Inc, small-batch makers of award-winning, all-natural ginger beer that marries tradition with innovation. Founded by mixologist Karl Franz Williams, the company is proudly Black-owned and based in Harlem, and one of the only Black and Caribbean-owned ginger beers on the market.

We advised Uncle Waithley’s in connection with its $300K offering of common stock to the public pursuant to Regulation Crowdfunding (an Obama-era regulation that permits issuers to raise capital from non-accredited investors). The offering was conducted through StartEngine, an equity crowdfunding portal registered with the U.S. Securities and Exchange Commission.

Rundlet Advisory is a boutique Black-owned corporate and commercial law firm, with offices on Wall Street in New York and Brickell Avenue in Miami. We offer strategic and practical advice and counsel to audacious enterprises and individuals. We work shoulder-to-shoulder with clients to manage complexity, exploit opportunities, mitigate risk, and optimize outcomes.

 Supporting businesses like Uncle Waithley’s Beverage Company allows us to advance our commitment to expanding capital access and capital formation to often overlooked and under-advised entrepreneurs.

Rundlet Advisory Counsels URL Media on Equity Compensation Matters

We are happy to announce our role in representing URL Media Holdings, Inc., the multi-platform network that is working to create a more equitable media landscape by enabling more economic viability for media organizations serving Black and Brown communities. URL Media’s team is made up visionary minds who dared to challenge the status quo and redefine the boundaries of the media landscape.

We advised URL Media in connection with the establishment of an equity compensation plan and the initial issuances of stock options thereunder.  The equity compensation plan provides a means for employees to participate in the value they help create for URL Media.

Rundlet Advisory has also recently provided strategic counsel to URL Media, supported their certification as a minority and women owned business, and negotiated their role as co-producers of the “Vice is Broke” documentary,  which made its debut at the Toronto Film Festival.

 Rundlet Advisory is a boutique Black-owned corporate and commercial law firm, with offices on Wall Street in New York and Brickell Avenue in Miami. We offer strategic and practical advice and counsel to audacious enterprises and individuals. We work shoulder-to-shoulder with clients to manage complexity, exploit opportunities, mitigate risk and optimize outcomes.

Supporting businesses like URL Media allows us to advance our commitment to providing sophisticated, tactical and practical legal advice and counsel to often overlooked and under-advised entrepreneurs.

Rundlet Advisory Counsels Edenesque on $1.2M Capital Infusion

We are happy to announce our role in representing Edenesque, producers of delicious chef-crafted, plant-based dairy alternatives. Edenesque was founded by Leslie Woodward, a tenacious Black woman entrepreneur with more than two decades of experience in the culinary world. 

We advised Edenesque in connection with a capital infusion of $1.2m from Black Farmer Fund, Inc., a nonprofit focused on providing supporting capital, community connections, and technical assistance to Black agricultural businesses across the Northeast through the provision of loans and grants.  

Rundlet Advisory is a Black-owned boutique corporate law firm, with offices on Wall Street in New York and Brickell Avenue in Miami. We offer strategic and practical advice and counsel to audacious enterprises and individuals. We work shoulder-to-shoulder with clients to manage complexity, exploit opportunities, mitigate risk and optimize outcomes. 

Supporting businesses like Edenesque allows us to advance our commitment to expanding capital access and capital formation to often overlooked and under-advised entrepreneurs.

URL Media Announces 3 New Partners: Baltimore Beat, Parlé Magazine and TANTV Studios

Today, URL Media announced that it has welcomed three respected media organizations to its network that includes high-performing outlets serving Black and Brown communities. The new partners, Baltimore Beat, Parlé Magazine and TANTV Studios, center the voices and perspectives of Black audiences and diaspora communities, bringing the total URL Media network to 35 partners.

“Our new additions to the URL network produce the journalism we know our communities crave, such as local news and entertainment, in the formats they want, such as streaming and IRL events,” said S. Mitra Kalita, CEO and Co-founder. “I’m looking forward to learning from them and amplifying their content widely.” 

Read the Full Press Release at URL Media

The Black Farmer Fund Is Raising $20M To Invest In Black-Owned Food Businesses

The Black Farmer Fund (BFF) is raising $20 million for its second fund, BFF Fund 2.0, aimed at strengthening the Black food system across the Northeast. 

BFF is a community-driven investment fund that supports Black agricultural and food businesses to build a more equitable food system. 

Read the Full Article in People of Color in Tech

Rundlet Advisory Counsels New England Sweetwater Farm & Distillery on $800K Capital Infusion

We are happy to announce our role in representing New England Sweetwater Farm & Distillery (NESW), producers of a full line of award-winning spirits and ready-to-drink cocktails.

We advised NESW in connection with a capital infusion of $800K from Black Farmer Fund, Inc., a nonprofit focused on providing supporting capital, community connections, and technical assistance to Black agricultural businesses across the Northeast through the provision of loans and grants.  

Rundlet Advisory is a boutique Black-owned corporate and commercial law firm, with offices on Wall Street in New York and Brickell Avenue in Miami. We offer strategic and practical advice and counsel to audacious enterprises and individuals. We work shoulder-to-shoulder with clients to manage complexity, exploit opportunities, mitigate risk and optimize outcomes.

Supporting businesses like NESW allows us to advance our commitment to expanding capital access and capital formation to often overlooked and under-advised entrepreneurs.

This Black-Owned Ginger Beer Is Spicing Up The Soda Biz

Uncle Waithley’s Beverage Company wants you… to invest.

The brand recently announced the launch of its StartEngine Regulation Crowdfunding raise. Take into account the specialty soda and carbonated beverage categories capturing 42% of consumer purchases in overall specialty beverages over the last two years and you get a glimpse into the popularity of this drink space. The ginger beer market alone is worth over $8 billion, and is projected to reach over $13.5 billion by 2030. 

Read The Full Article in Food Beast

New England Sweetwater Farm and Distillery Creates Award-Winning Spirits

Whiskey enthusiasts may already be familiar with the renowned New England Sweetwater Distillery based in New Hampshire. What adds an inspiring dimension to this exceptional distillery is its status as an African-American, family-owned business.

In an industry where family-owned enterprises are becoming increasingly rare, particularly within the realm of premium spirits, New England Sweetwater Distillery stands out. Traditionally dominated by white families, the spirits industry is undergoing a transformative shift with a rising demand for diversity and transparency.

Read the Full Article in New Hampshire Magazine