Why Forbes bought The Memo

Forbes editor Randall Lane writes in the latest issue about its acquisition of The Memo, a European startup.

Lane writes, “In February, Forbes acquired a London-based online business publication, The Memo, that gives us a full-fledged editorial operation on that continent — six full-time journalists, along with ten or so commercial staffers and another 200 or so freelance contributors, fanned out across every major country in the EU.

“‘It’s the most interesting time in recent history to be covering business here,’ says Alex Wood, our new Europe editor. ‘We have a perfect storm, with the U.K. and northern Europe pulling away, and France, Germany and southern Europe striving to be more united.’

“Of course, political dysfunction and latent nationalism are as old as the Continent itself. The real story: an entrepreneurial zeal across Europe, particular among the young and digitally savvy, who see opportunities, not borders. Wood came from that camp. Forbes saw him as a potential honoree for the 30 Under 30 media list. Our reporter called him to kick the tires . . . on his 30th birthday. The bad timing turned out to be fortuitous: Wood became a scout and judge for the list, and we got a front-row view as he started and expanded The Memo. ‘Having covered and written about entrepreneurs, it’s infectious,’ says Wood. ‘You want to have a go yourself.’ Three years later, he sold to Forbes, which now gives the him the platform to be even more ambitious.”

Read more here.