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.