Mindbites, a startup in the crowded area of how-to videos, has raised a $1 million first round from True Ventures. Unlike some of the others in this space, the Austin, TX-based company is adopting a paid content model, whereby people with skills in a particular area can upload tutorials and charge people to view them. As such, explained CEO Jason Reneau, it's trying to be more of an eBay (NSDQ: EBAY), rather than another "YouTube-for (fill in the blank)." It also sees an opportunity to eat into the large instruction media industry. While it may do ad-supported content at some point, for the time being, transactional revenue forms the core of its business model.
By Joseph Weisenthal