Welcome to The Fear and Greed daily interview. I'm Sean Aylmer. Anyone in business would likely be familiar with global media brand Forbes. It's been around for more than a century and engages more than 150 million people every month. And now Australia is getting its own version with the launch of Forbes Australia. Michael Lane is the CEO of Forbes Australia, and my guest this morning, Michael, welcome to Fear and Greed.

Welcome to The Fear and Greed daily interview. I'm Sean Aylmer. Anyone in business would likely be familiar with global media brand Forbes. It's been around for more than a century and engages more than 150 million people every month. And now Australia is getting its own version with the launch of Forbes Australia. Michael Lane is the CEO of Forbes Australia, and my guest this morning, Michael, welcome to Fear and Greed.

Good morning. Thanks for having me.

Good morning. Thanks for having me.

Congratulations on the launch. Why Australia?

Congratulations on the launch. Why Australia?

Why not? I think Forbes is synonymous with success and entrepreneurship and business, and we do pretty well down here in Australia. We got some great Australian success stories and I thought, you know what? Australia needs to be on the global map and especially under a Forbes banner. So we thought, let's see if we can reach out and make it happen. And really excited to say that as of last Monday, we are live with a very cool magazine and a website that's sharing all about success and entrepreneurship.

Why not? I think Forbes is synonymous with success and entrepreneurship and business, and we do pretty well down here in Australia. We got some great Australian success stories and I thought, you know what? Australia needs to be on the global map and especially under a Forbes banner. So we thought, let's see if we can reach out and make it happen. And really excited to say that as of last Monday, we are live with a very cool magazine and a website that's sharing all about success and entrepreneurship.

Fantastic. So it's print and it's online and socials presumably, is that your distribution means?

Fantastic. So it's print and it's online and socials presumably, is that your distribution means?

Yeah, that's the initial phase one. We will obviously be focusing heavily on our platform, which is forbes. com.au. There's a hundred plus articles there on great Australian success stories. We'll follow that up with that, obviously that iconic magazine that we bought out. Which is synonymous with Forbes and been around for 105 years. And then obviously social plays a big part of that. But then on top of that, really excited to be able to bring these stories to life via our event platform. So whether that's coming and listening to the front cover or listening to that iconic billionaire at an event. And maybe even being able to get a photo with them, that's really important for us. So it's all about bringing these great Australian success stories to light and to almost normalize some of this. I think, from me growing up as on young entrepreneur, I used to read Forbes and I used to read these 800 words and think these people are invincible. But then you know what? You start to see them, you start to meet them. And for us, we want to actually normalize success, normalize entrepreneurship. And we know it's not always a straight line to success. So we want to put on events, we want to be able to, you have proximity to these great Aussie success stories. So that multichannel, multifaceted platforms for us is important, being print, digital and obviously live in person.

Yeah, that's the initial phase one. We will obviously be focusing heavily on our platform, which is forbes. com.au. There's a hundred plus articles there on great Australian success stories. We'll follow that up with that, obviously that iconic magazine that we bought out. Which is synonymous with Forbes and been around for 105 years. And then obviously social plays a big part of that. But then on top of that, really excited to be able to bring these stories to life via our event platform. So whether that's coming and listening to the front cover or listening to that iconic billionaire at an event. And maybe even being able to get a photo with them, that's really important for us. So it's all about bringing these great Australian success stories to light and to almost normalize some of this. I think, from me growing up as on young entrepreneur, I used to read Forbes and I used to read these 800 words and think these people are invincible. But then you know what? You start to see them, you start to meet them. And for us, we want to actually normalize success, normalize entrepreneurship. And we know it's not always a straight line to success. So we want to put on events, we want to be able to, you have proximity to these great Aussie success stories. So that multichannel, multifaceted platforms for us is important, being print, digital and obviously live in person.

So with these events you'll literally, so if you've got a story, the Ferguson brothers for example, I think are in your first issue. They're founders of Immutable, so using them as an example may not actually occur. But potentially you'll have an event with the Ferguson brothers that subscribers or readers can turn up to and hear straight from them. That's kind of the idea.

So with these events you'll literally, so if you've got a story, the Ferguson brothers for example, I think are in your first issue. They're founders of Immutable, so using them as an example may not actually occur. But potentially you'll have an event with the Ferguson brothers that subscribers or readers can turn up to and hear straight from them. That's kind of the idea.

Absolutely. So every print magazine we do will have a culminating event that'll showcase that front cover and or people in that magazine. So there'll be business summits, CEO summits, women's events, whole heap of different events at varying different degrees of, it might be a sub $ 100 ticket. Right through to a smaller, more niche event where you actually get to hear from them. Hear the behind the stories, the back stories, the stories of how they actually made it. I think that's really important is that being able to show everybody and for people to be able to hear that. Success isn't that silly, straight line. So hearing from the talent directly at a live event we think will be inspiring for the next generation of entrepreneurs.

Absolutely. So every print magazine we do will have a culminating event that'll showcase that front cover and or people in that magazine. So there'll be business summits, CEO summits, women's events, whole heap of different events at varying different degrees of, it might be a sub $ 100 ticket. Right through to a smaller, more niche event where you actually get to hear from them. Hear the behind the stories, the back stories, the stories of how they actually made it. I think that's really important is that being able to show everybody and for people to be able to hear that. Success isn't that silly, straight line. So hearing from the talent directly at a live event we think will be inspiring for the next generation of entrepreneurs.

Yeah, I must say the more I went through journalism, the more CEOs you interviewed and the more great entrepreneurs you interviewed, the more ordinary they became. And I don't mean that in any negative sense whatsoever. They're just ordinary people who have done quite extraordinary things, I reckon

Yeah, I must say the more I went through journalism, the more CEOs you interviewed and the more great entrepreneurs you interviewed, the more ordinary they became. And I don't mean that in any negative sense whatsoever. They're just ordinary people who have done quite extraordinary things, I reckon

Absolutely. In the first edition, we've got several of those that we've documented. And when you show up for these photo shoots or you show up to listen to them in the interview, they're just normal people. They're just doing extraordinary things. So we want to be able to let every Aussie know that if they are destined for a success. They've got a business plan, a dream, a goal, then if they stay at it and maybe turn up and listen to some of the success stories. And some of the failures, that they might learn something along the way and be able to go out there and have a crack themselves.

Absolutely. In the first edition, we've got several of those that we've documented. And when you show up for these photo shoots or you show up to listen to them in the interview, they're just normal people. They're just doing extraordinary things. So we want to be able to let every Aussie know that if they are destined for a success. They've got a business plan, a dream, a goal, then if they stay at it and maybe turn up and listen to some of the success stories. And some of the failures, that they might learn something along the way and be able to go out there and have a crack themselves.

So why print? Very courageous, Michael, very courageous, dare I say.

So why print? Very courageous, Michael, very courageous, dare I say.

Yeah, look, everybody has said to us, you're mad doing a print version. It was always a part of the plan for us. When you think of Forbes, you think of that magazine at the airport. In the news agency and it's something that you pick up and read and get a bit of inspiration from. We wanted that a part of our matrix. So a really nice, good quality, thick magazine with some amazing stories was always in our plans. Now to be honest, we're doing six a year. We're not courageous enough to do 12 a year. But we think a hundred pages in a really nice quality book is going to be something that people can pick up, read, understand what's happening in these people's lives. And want them to where they want to be. And to be able to learn from it. So the print was always going to be a part of our plans.

Yeah, look, everybody has said to us, you're mad doing a print version. It was always a part of the plan for us. When you think of Forbes, you think of that magazine at the airport. In the news agency and it's something that you pick up and read and get a bit of inspiration from. We wanted that a part of our matrix. So a really nice, good quality, thick magazine with some amazing stories was always in our plans. Now to be honest, we're doing six a year. We're not courageous enough to do 12 a year. But we think a hundred pages in a really nice quality book is going to be something that people can pick up, read, understand what's happening in these people's lives. And want them to where they want to be. And to be able to learn from it. So the print was always going to be a part of our plans.

Stay with me, Michael, we'll be back in a minute. I'm speaking to Michael Lane, CEO of Forbes Australia. Okay, so the big question, how do you make money? You are in media land, is incredibly competitive and you're going into a space which is reasonably well serviced. Certainly in print and digital. How do you make money?

Stay with me, Michael, we'll be back in a minute. I'm speaking to Michael Lane, CEO of Forbes Australia. Okay, so the big question, how do you make money? You are in media land, is incredibly competitive and you're going into a space which is reasonably well serviced. Certainly in print and digital. How do you make money?

Yeah, it's a great question. Even discussing this with Forbes. Forbes traditionally in the business of selling magazines and selling advertising. Our business models are a little bit different. I think this is why Forbes loved our approach is that we're not a B2B business. We're a B2C business. We feel that if we can build community, put out amazing content that gets people engaged, that they'll want to come back, they'll want to read the magazine. They'll want to visit forbes. com. au and ultimately want to turn up to an event every now and then to learn. So we are building a really solid membership that gives people access to all three of those versions. Having constant education, constant success stories at their fingertips is something that we think will get a community that'll continue to grow. And I think the advertisers will come after that. We are not leading with an advertisers model. We know the advertiser there and we've got some great advertising partners, but for us, if we can build hundreds of thousands of people who want to be engaged in success. And they can come for a very small reasonable price every single month. And be able to access that, we think that's going to be a long business model for us.

Yeah, it's a great question. Even discussing this with Forbes. Forbes traditionally in the business of selling magazines and selling advertising. Our business models are a little bit different. I think this is why Forbes loved our approach is that we're not a B2B business. We're a B2C business. We feel that if we can build community, put out amazing content that gets people engaged, that they'll want to come back, they'll want to read the magazine. They'll want to visit forbes. com. au and ultimately want to turn up to an event every now and then to learn. So we are building a really solid membership that gives people access to all three of those versions. Having constant education, constant success stories at their fingertips is something that we think will get a community that'll continue to grow. And I think the advertisers will come after that. We are not leading with an advertisers model. We know the advertiser there and we've got some great advertising partners, but for us, if we can build hundreds of thousands of people who want to be engaged in success. And they can come for a very small reasonable price every single month. And be able to access that, we think that's going to be a long business model for us.

So it's a subscription model, is that right?

So it's a subscription model, is that right?

It is. And subscription gets a funny, it's a funny word these days. We love community, we love membership model. For 25 bucks a month, you can come along and access a lot of our stuff. Be engaged in what we are doing and be able to access success. So we feel if we build a membership community, a membership model, the rest will take care of itself.

It is. And subscription gets a funny, it's a funny word these days. We love community, we love membership model. For 25 bucks a month, you can come along and access a lot of our stuff. Be engaged in what we are doing and be able to access success. So we feel if we build a membership community, a membership model, the rest will take care of itself.

And you've got some good people working on, there are a bunch of names working on it who I have worked with at Fairfax over different times. But you have attracted good people.

And you've got some good people working on, there are a bunch of names working on it who I have worked with at Fairfax over different times. But you have attracted good people.

We have, and this was important, and for the listeners to know, you got one shot at listing or launching something like Forbes in the marketplace. It took me 12 months to launch. Now, just so we are clear on that, I signed the agreement in August last year and we've just launched this in September. It was really important with no media background for myself to go out there and find some amazing talent. And that just takes time. It takes time, resources to find who's going to help us launch this, who's got decades of experience. And we've really been grateful on those who have of taken the leap from some really big mask heads to go, " You know what? We think this would be a great opportunity for us to jump into the Forbes family, have a look at it and build it." And I couldn't be more excited with the team we've put on the park.

We have, and this was important, and for the listeners to know, you got one shot at listing or launching something like Forbes in the marketplace. It took me 12 months to launch. Now, just so we are clear on that, I signed the agreement in August last year and we've just launched this in September. It was really important with no media background for myself to go out there and find some amazing talent. And that just takes time. It takes time, resources to find who's going to help us launch this, who's got decades of experience. And we've really been grateful on those who have of taken the leap from some really big mask heads to go, " You know what? We think this would be a great opportunity for us to jump into the Forbes family, have a look at it and build it." And I couldn't be more excited with the team we've put on the park.

Fantastic. Now Forbes of course, is known for its billionaires index. Is there going to be a local version?

Fantastic. Now Forbes of course, is known for its billionaires index. Is there going to be a local version?

There will be, yes. Early next year we will have the iconic billionaires list come out. Lists are synonymous with Forbes. And for us, we're going to continue that. The very first edition that came out last week had the top 15 companies who raised the most amount of money last year. They actually raised 11 billion dollars and we document that. So list synonymous, whether it's billionaires. But it's also who's making a difference, who's out there maybe impacting Australia in different ways. They're the type of list that maybe Forbes hasn't done, which we want to bring to market. So definitely a lot more lists coming per issue, but also some major ones coming in 2023.

There will be, yes. Early next year we will have the iconic billionaires list come out. Lists are synonymous with Forbes. And for us, we're going to continue that. The very first edition that came out last week had the top 15 companies who raised the most amount of money last year. They actually raised 11 billion dollars and we document that. So list synonymous, whether it's billionaires. But it's also who's making a difference, who's out there maybe impacting Australia in different ways. They're the type of list that maybe Forbes hasn't done, which we want to bring to market. So definitely a lot more lists coming per issue, but also some major ones coming in 2023.

Am I right in saying, and this is just listening to you, Michael, Michael Lane, CEO of Forbes, Australia. The journalism will be positive. And I don't say that with particularly any value judgment in it. You want to tell good stories there. You want to tell entrepreneurial stories, small business stories, that type of thing. You're not necessarily out there to spend months skewering someone.

Am I right in saying, and this is just listening to you, Michael, Michael Lane, CEO of Forbes, Australia. The journalism will be positive. And I don't say that with particularly any value judgment in it. You want to tell good stories there. You want to tell entrepreneurial stories, small business stories, that type of thing. You're not necessarily out there to spend months skewering someone.

No, absolutely. Our whole ethos is positivity. We want to shine some light on great iconic Aussies who not only maybe got a share price that's continuing to raise the trajectory of, but who's making an impact? What are they doing? There's some great stories coming through in the next issue of people, people have never heard of. But they're making an impact. So one thing was interesting to me when I announced this, I had a number of friends who are tracked by the media who came out and said, " Michael, I can't wait to have a friend in the media," because Forbes is going to be about positivity, encouragement, aspirational, motivational. It's going to be something that's going to be inspiring and that's our ethos.

No, absolutely. Our whole ethos is positivity. We want to shine some light on great iconic Aussies who not only maybe got a share price that's continuing to raise the trajectory of, but who's making an impact? What are they doing? There's some great stories coming through in the next issue of people, people have never heard of. But they're making an impact. So one thing was interesting to me when I announced this, I had a number of friends who are tracked by the media who came out and said, " Michael, I can't wait to have a friend in the media," because Forbes is going to be about positivity, encouragement, aspirational, motivational. It's going to be something that's going to be inspiring and that's our ethos.

Any podcast, Michael? And this is a bit of a tricky question for me to ask.

Any podcast, Michael? And this is a bit of a tricky question for me to ask.

Look, there definitely will be and what that looks like, I'm unsure yet. But it'd be difficult to knock off Fear and Greed and what you guys (inaudible) .

Look, there definitely will be and what that looks like, I'm unsure yet. But it'd be difficult to knock off Fear and Greed and what you guys (inaudible) .

Very generous of you, very generous of you.

Very generous of you, very generous of you.

But humbly, we will release some iconic stories via the podcast mechanism in 2023. And we'll have to wait and see how that plays out.

But humbly, we will release some iconic stories via the podcast mechanism in 2023. And we'll have to wait and see how that plays out.

Well, good luck with it. I think the more great journalism in Australia the better, and particularly business journalism, that's my genre. And Forbes has a great history of great business journalism, so good luck with it.

Well, good luck with it. I think the more great journalism in Australia the better, and particularly business journalism, that's my genre. And Forbes has a great history of great business journalism, so good luck with it.

Thank you very much. I appreciate it.

Thank you very much. I appreciate it.

That was Michael Lane, CEO of Forbes Australia. This is the Fear and Greed daily interview. Join us every morning for the full episode of Fear and Greed, Australia's most popular business podcast. I'm Shawn Aylmer. Enjoy your day.

That was Michael Lane, CEO of Forbes Australia. This is the Fear and Greed daily interview. Join us every morning for the full episode of Fear and Greed, Australia's most popular business podcast. I'm Shawn Aylmer. Enjoy your day.