Hey college news, it’s your older brother: hyperlocal.

We’re not so different, you and I. We’re both industries dominated by the inexperienced. We both have to cover a specific community. In fact, it could be argued that collegiate journalism is a subset of hyperlocal.

Fortunately for you this means that we all share the same problems. Both college newspapers and hyperlocal sites are figuring out the best ways to monetize a geographic area of like-minded people, often through the Web.

Thanks to Jeff Jarvis and the folks at CUNY, we know that some hyperlocal sites are pulling in $200,000 a year. We also know of some college newspapers that are self-sustaining. There are successful companies in both our spaces, yet many of us struggle to grasp the fundamentals of the business.

That is why the team behind Technically Philly has proposed News Inkubator, a shared office spaces and business services hub for hyperlocal news sites in Philadelphia. Picture a shared office space and a shared sales staff that help hyperlocals generate revenue ideas together, while still maintaining their editorial and business independence.

News Inkubator is also about bridging the entrepreneurial and media communities in Philadelphia to help foster a working relationship were each side learns from the other. All of these concepts can translate to benefit your college publication. In fact, here are three of our ideas that I hope you steal:

Use the existing bureaucracy

Universities have already separated students by interest. The computer science students often belong to a different school than the business students that belong to a different school than the journalism students. Why not bring all three of these sides together?

Each can have a project for the semester and learn from the other students. To survive in 2010, journalism grads are going to need to know how businesses work. Business grads are going to have to understand new media and computer science students need client work to showcase when they graduate.

If time becomes an issue, lobby to create a new class. Department heads love to show each other how innovative they are, so ask them to help.

The space is cheap

Many college newspapers rent (or are given) office space from the university negating one of the biggest hurdles in legitimizing an online hyperlocal entity. Use this to your advantage. Host speakers that are business leaders from local companies. You could even spring for some pizza and host a hackathon or barcamp open to all majors and career paths to build products for the paper.

Spoke, meet hub

Many college have student-run blogs or organization websites. Aggregate and create content partnerships with everyone who also covers what you cover. There is no need for overlap in your college’s media market.

As the college newspaper, you have an established editorial process and revenue streams, so offer to be the hub for your local sites and maybe even work out a revenue sharing plan. It will be good training for covering any niche after you graduate and can free up your paper’s already limited resources to pursue more in-depth journalism and even work on new revenue models together.

The three founders of Technically Philly met at the Temple News, and we use the skills we learned there everyday. Use your time at a college newspaper to not only flex your reporting muscles but also see if you can start a side project that makes a little more money for the paper. Your wallet will thank you when you graduate.

Be sure to give our application a read and offer any criticism. The harsher, the better.

Contact Sean Blanda at sean@technicallyphilly.com or follow him on Twitter, @seanblanda.

This week’s guests:

Mindy McAdams (@macloo) is the Knight Chair for Journalism Technologies and the Democratic Process at the University of Florida and the author of Flash Journalism. Mindy is known for online journalism, by way of her blog (Teaching Online Journalism) and her open-source teaching style.

Rich Beckman (@richbeckman) is the Knight Chair of Visual Journalism at the School of Communication at the University of Miami and a Distinguished Visiting Professor at the Universidad de los Andes in Santiago, Chile. Rich is known for multimedia projects and for training students with high-end skills.

A few of the topics from this week’s podcast are:

• How college media organizations can innovate and improve their Web sites
• Comments on college media
• What each professor would do if they were the editor of a college news organization today
• Increasing online and in-person engagement
• Pros and cons of high staff turnover
• Changing and sustaining newsroom cultures

Rich and Mindy on ‘the state of college media’ online

Mindy said the biggest problem facing college media is that students mirror the professional industry with their “abysmal” handling of revenue:

“They don’t understand Web advertising. They don’t understand placement of advertising. They don’t understand how to communicate about that advertising with the people who buy it, their advertisers.”

Rich looked more at content than business in his analysis of the state of college media. He said to look for strong examples of multimedia at big news orgs like MSNBC and The New York Times:

“[Students] scoff at that and say, ‘Well we don’t have those kind of budgets and we don’t have those kinds of skills.’ And my answer was simply, ‘Well, they (The New York Times and MSNBC) don’t have the kind of time that you have. And they don’t have the ability to work in teams like you have and they don’t have the ability to get feedback like you have from your professors.”

Listen to the full podcast here:

• Alex Klein (@alexklein), online editor
• Dean Chen (@deanchen), lead developer
• Chase Olivieri (@chasefoto), multimedia editor

As you might have seen, Alex wrote a blog post for CoPress about their recent switch from College Publisher to Drupal. Here’s a summary of what we discussed in the podcast:

• Why they chose Drupal
• How the switch went
• How they’re building a Web staff
• Multimedia
• New commenting policy and their comment system

Listen in!

The rise of Twitter has been the talk of the tech and media world, and today’s show is about utilizing social media platforms to break news. Hosts Greg Linch and Vanessa Bezic are joined by Craig Kanalley, founder of Breaking Tweets and an adjunct professor at DePaul University, and by Kim Sommers, editor-in-chief of the Whitman Pioneer. Kim has used Twitter to break campus stories — including a bomb threat earlier this year. Check out what they have to say about tweeting breaking news and harnessing the power of Twitter.

Give it a listen and let us know what you think. Be sure to chime in if you have ideas for a future episode, too!