Hi, and welcome to the A16Z podcast.

Today's episode, a conversation between Jared Ryle,

director of the International Consortium of Investigative Journalists,

best known for the release of the Panama Papers,

an A16Z general partner, John O'Farrell,

covers investigative journalism today,

how the job is changing, what kind of different business models work,

and how new technologies are being used

and are shaping the job.

You're an independent organization today. How did you get started?

ICAJ began as a branch of the Center for Public Integrity in D.C. It really began as a network

of reporters, and they would come together once a year, and they would talk about investigative

reporting. When I arrived, I was used

to having newsrooms with 400 reporters, photographers, graphic artists and all the resources of

the commercial world. We were a little non-profit with about $800,000 to spend. So we had

about three staff and maybe room for every now and again a freelance reporter. I figured basically what we'll do is we'll find a great story,

and then we'll bring the story to the publications,

get their reporters to get involved,

get them to invest in the story from the beginning,

and that way you wouldn't have to worry at the end about getting it published

because it would be published by everyone who basically invested in it.

So what we do is we bring investigative reporters from around the world together to work

...