本論文探討媒體廣告營收模式失靈後，新聞人如何創業突圍。筆者研究五位新聞創業者的辦報動機、歷程和模式，結果發現：一、創業者不滿大眾媒體表現而創辦新媒體，對商業利益的重視有高有低，但同樣堅持專業自主；二、創業是快做快修的歷程，創業者因應媒體生態、團隊能量變化，不斷調整內容和營收模式；三、創業者根據媒體內容特色開發適配的商業模式，開創出小額捐款、社會企業、付費訂閱、創業投資、公益基金會等五種新媒體模式。

How journalists can create new media to survive and thrive when media advertising revenue plummets? The author studied the practical experience of five news entrepreneurs in Taiwan and revealed the following findings: 1. Entrepreneurs tend to start businesses because they are dissatisfied with the performance of the mass media. Some of them attach importance to commercial interests, and some do not; however, they all insist on independence and professional principles. 2. Entrepreneurship is a process of continual testing and modification. No one executes an original launch plan to completion; rather, in such a plan, the content and revenue model are continually adjusted in response to changes in the media ecology and team energy. 3. Entrepreneurs develop suitable business models according to media characteristics. Collectively, they have created five new media models: small donations, social enterprises, paid subscriptions, venture capital, and public welfare foundations.