There is a lyrical bar that translates into a lesson for everything in life — especially business. BARS! brings those truths to your ears through the voices of incredible entrepreneurs that have broken the mold and come out on top.
In episode 3 of season 2, I speak to the man behind the innovative social media app, Fanbase. CEO Isaac Hayes, III isn’t afraid of anything, and you can see that in his portfolio. After raising over $3 million through crowdfunding, Isaac rocked the content creator industry with his community-centered app. Through a few bars and stories from Isaac’s music background, we broke down some key factors to keep in mind when creating something new in a saturated market.
Start On Your Own Terms
“I get my ‘by any means’ on whenever there’s drought. Get your umbrellas out because that’s when I brainstorm.” — Public Service Announcement, JAY Z
When the world goes into a motivation drought, we need an overflow of inspiration. Isaac had that inspiration ready in his chambers. He could see the potential of Fanbase early on, but he didn’t let his unfamiliarity in the industry stop him from achieving excellence. His background was in the music industry, where he spent 20 years of his career. In hindsight, it helped him to see the world in a unique way. Labels represent venture capitalists — they call the shots. They get tied up in your operating agreement, your terms of investment, and your shares. He understood how this would roll out. And for that reason, he chose the crowdfunding approach that allowed him to set his own terms.
There are benefits and drawbacks of both types of investing, but it can be difficult for newcomers to know what a terrible VC deal looks like. So, take a note from Isaac: using crowdfunding and networking to get an independent market evaluation is wise. When you come to the table with the big-shot VCs, you’ll be ready to navigate their offers with more experience and insight.
It All Goes Back to Your Roots
Black culture is innovation, and Isaac has always known that the community brings something special to the social media space. We create the memes, the dances, the voiceovers, the music; our culture feeds content creation and elevates it to new…