Magazine devoted to covering the
New Economy, and whose thickness varies with the
fortunes of the
dot coms buying ad space.
FC was launched in
1995 by two former Harvard Business Review editors (Alan M. Webber and William C. Taylor) who
wanted to
chronicle new
business models, business
leaders, and
best practices. It
focuses on
cutting-edge business practices and is aimed at an audience of business
professionals (also known as
entrepenerds).
Circulation passed 500,000 readers in 2000.
In addition to the magazine, FC supports live events, a Web
site, and a
global network of loyal readers semi-organized into
Maoist cells (The
Company of Friends).
The magazine can sometimes have a split personality, with the front half showcasing
modern companies and business practices that nurture, retain, and develop talent (New Economy speak for "labor" or
"employees") with an emphasis on teamwork and creative "thinking outside the box", while the second half helps you reinvent your old economy self into a "change agent" workplace superstar who, should management
cut you loose, could skip merrily along to the next phase of their career. You are responsible for your own career success, in other words. (Apparently, loyalty is
"old economy," and "collective bargaining" is downright medieval).
At the end of 2000, Fast Company was acquired by Gruner and Jahr USA Publishing, a subsidiary
of Bertelsmann AG, for US $360 million. Previous majority owner Mortimer Zuckerman must be relieved to have the grim reaper of dwindling advertising revenue off his back.
Sources:
David Carr, "Fast Company's New Life in the Slow Lane," New York Times, August 11, 2003.