1 00:00:00,040 --> 00:00:03,600 Speaker 1: An illegal alien from Guatemala charged with raping a child 2 00:00:03,680 --> 00:00:07,480 Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador 3 00:00:07,720 --> 00:00:11,840 Speaker 1: accused of murdering a Texas man of Venezuelan charged with 4 00:00:11,920 --> 00:00:15,840 Speaker 1: filming and selling child pornography in Michigan. These are just 5 00:00:15,920 --> 00:00:19,680 Speaker 1: some of the heinous migrant criminals caught because of President 6 00:00:19,720 --> 00:00:23,320 Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States 7 00:00:23,320 --> 00:00:28,120 Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border 8 00:00:28,160 --> 00:00:31,680 Speaker 1: crossings are at the lowest levels ever recorded, and over 9 00:00:31,760 --> 00:00:34,960 Speaker 1: one hundred thousand illegal aliens have been arrested. If you 10 00:00:35,040 --> 00:00:38,920 Speaker 1: are here illegally, your next you will be fined nearly 11 00:00:39,000 --> 00:00:43,000 Speaker 1: one thousand dollars a day, imprisoned, and deported. You will 12 00:00:43,040 --> 00:00:46,680 Speaker 1: never return. But if you register using our CBP home 13 00:00:46,720 --> 00:00:50,120 Speaker 1: app and leave now, you could be allowed to return legally. 14 00:00:50,479 --> 00:00:55,240 Speaker 1: Do what's right. Leave now. Under President Trump, America's laws, 15 00:00:55,400 --> 00:00:57,840 Speaker 1: border and families will be protected. 16 00:00:57,920 --> 00:01:00,560 Speaker 2: Sponsored by the United States Department of Homeland Security Earners. 17 00:01:00,600 --> 00:01:01,160 Speaker 3: What's going on? 18 00:01:01,320 --> 00:01:05,959 Speaker 4: Listen, eylu is relaunching, revamping, retooing. That's why we're creating 19 00:01:06,000 --> 00:01:08,760 Speaker 4: a new educational experience that's more expansive. 20 00:01:08,920 --> 00:01:09,679 Speaker 3: Shot tell what we. 21 00:01:09,680 --> 00:01:12,760 Speaker 5: Got Yes twenty twenty three, We got a lot in 22 00:01:12,880 --> 00:01:15,039 Speaker 5: still a lot playing for you guys. So you know 23 00:01:15,120 --> 00:01:19,000 Speaker 5: that EYLU already includes monthly financial planning calls with Me, 24 00:01:19,160 --> 00:01:22,280 Speaker 5: book club calls with Troy, real estate calls with MG 25 00:01:22,400 --> 00:01:26,080 Speaker 5: the Mortgage Guy, access to the Home Buying Blueprint Volume 26 00:01:26,160 --> 00:01:29,400 Speaker 5: one and Volume two. Part of the revamp will include 27 00:01:29,600 --> 00:01:33,360 Speaker 5: twenty seven local chapters from across the United States, live 28 00:01:33,520 --> 00:01:37,800 Speaker 5: interactive teaching hands on not just pre recorded videos, plus 29 00:01:38,000 --> 00:01:40,840 Speaker 5: fifteen brand new curriculums. 30 00:01:40,840 --> 00:01:42,440 Speaker 3: The biggest just got bigger. 31 00:01:42,959 --> 00:01:46,080 Speaker 2: Head over to e y L university dot com. 32 00:01:46,120 --> 00:01:50,680 Speaker 5: That's EYL you n I V E R s I 33 00:01:51,120 --> 00:01:55,200 Speaker 5: t Y dot com. See you there, all right, guys, 34 00:01:55,240 --> 00:01:57,360 Speaker 5: welcome back he ey l. We're back when we have 35 00:01:57,560 --> 00:02:00,480 Speaker 5: back home and we have a special guest. Felicia Hatcher, 36 00:02:01,000 --> 00:02:10,799 Speaker 5: who is the CEO of Forharrell Williams Black Ambition Opportunity Incorporated. Yes, yes, 37 00:02:10,840 --> 00:02:15,080 Speaker 5: they have the mission of helping thousands of entrepreneurs, but 38 00:02:15,280 --> 00:02:19,000 Speaker 5: specifically one hundred entrepreneurs raised more than ninety five million dollars. 39 00:02:19,440 --> 00:02:21,760 Speaker 5: She has a strong marketing background. He used to work 40 00:02:21,760 --> 00:02:26,480 Speaker 5: at companies like Nintendo and Sony, and now she drives 41 00:02:26,880 --> 00:02:30,680 Speaker 5: the team over at the Black Ambition Opportunity, Inc. And 42 00:02:30,919 --> 00:02:36,120 Speaker 5: she's also a very celebrated and accomplished speaker, author. She 43 00:02:36,960 --> 00:02:40,040 Speaker 5: was part of the White House Champion of Change. It's 44 00:02:40,080 --> 00:02:44,800 Speaker 5: been featured on Forbes, NBC, Bloomberg, to name a few. 45 00:02:44,919 --> 00:02:48,239 Speaker 5: So happy to have her here. I know there's gonna 46 00:02:48,240 --> 00:02:50,360 Speaker 5: be a lot of information, a lot of gyms that 47 00:02:50,400 --> 00:02:53,080 Speaker 5: will be shared. So thank you for joining us, appreciate. 48 00:02:52,720 --> 00:02:53,880 Speaker 6: It, Thank you all for having me. 49 00:02:54,160 --> 00:02:55,040 Speaker 3: It's been too long. 50 00:03:00,560 --> 00:03:06,440 Speaker 5: First let's start with Black Ambition, Yeah right, So what 51 00:03:06,600 --> 00:03:09,160 Speaker 5: is it for people that have never heard of it before? 52 00:03:09,360 --> 00:03:11,359 Speaker 5: How did it start? And how do you get involved in? 53 00:03:11,520 --> 00:03:12,080 Speaker 6: Sure? Sure? 54 00:03:12,200 --> 00:03:12,320 Speaker 5: So. 55 00:03:12,720 --> 00:03:16,440 Speaker 6: Black Ambition was founded by Pharrell Williams four years ago 56 00:03:16,960 --> 00:03:23,040 Speaker 6: to create uninterrupted opportunities to funding community contacts, care and 57 00:03:23,080 --> 00:03:27,360 Speaker 6: like wealth for black, Hispanic and HBCU entrepreneurs. And the 58 00:03:27,400 --> 00:03:29,480 Speaker 6: best way I can describe Black Ambition is actually, like 59 00:03:29,480 --> 00:03:32,280 Speaker 6: the very first conversation that Farrell and I had, and 60 00:03:32,320 --> 00:03:35,440 Speaker 6: we were talking about the show Lovecraft Country and like 61 00:03:36,480 --> 00:03:40,080 Speaker 6: Dove show one season what happened, And you can only 62 00:03:40,120 --> 00:03:42,280 Speaker 6: describe it to people who've seen it, like you've never 63 00:03:42,280 --> 00:03:44,920 Speaker 6: seen It's very hard to describe to people but there's 64 00:03:44,960 --> 00:03:49,080 Speaker 6: a specific episode around episode four where there's two characters 65 00:03:49,080 --> 00:03:52,080 Speaker 6: that are having a conversation. So one is Christina, which 66 00:03:52,120 --> 00:03:54,760 Speaker 6: is this white woman with all these mystical powers, and 67 00:03:54,800 --> 00:03:58,160 Speaker 6: then Ruby, who feels quite powerless, like she has all 68 00:03:58,160 --> 00:03:59,560 Speaker 6: these things that she wants to do with her life, 69 00:03:59,560 --> 00:04:01,480 Speaker 6: but she feels like she can't achieve any of it. 70 00:04:01,760 --> 00:04:03,960 Speaker 6: She also feels like she just doesn't have any agency 71 00:04:04,000 --> 00:04:06,520 Speaker 6: over her life or her body. And Christina turns to 72 00:04:06,600 --> 00:04:09,280 Speaker 6: Ruby and she asked her this question, like, Ruby, who 73 00:04:09,280 --> 00:04:12,760 Speaker 6: were you uninterrupted? And I had never heard that question 74 00:04:12,840 --> 00:04:15,640 Speaker 6: before in my entire life, work for some of the 75 00:04:15,680 --> 00:04:18,480 Speaker 6: coolest tech companies in the world, just never heard it. 76 00:04:18,839 --> 00:04:21,280 Speaker 6: And I couldn't answer that question in that moment. And 77 00:04:21,320 --> 00:04:23,880 Speaker 6: so like, if nothing ever stood in your way of 78 00:04:23,920 --> 00:04:27,280 Speaker 6: achieving success, what would life look like if like, at 79 00:04:27,320 --> 00:04:29,840 Speaker 6: every intersection of your life the light was never red, 80 00:04:29,839 --> 00:04:32,080 Speaker 6: it was never yellow, it was only green, what would 81 00:04:32,120 --> 00:04:35,159 Speaker 6: you build? And so for us with black ambition, it's 82 00:04:35,240 --> 00:04:37,960 Speaker 6: not only how do we help them be better entrepreneurs, 83 00:04:38,080 --> 00:04:41,480 Speaker 6: but like black people are building companies, but they're constantly 84 00:04:41,520 --> 00:04:44,800 Speaker 6: being interrupted. And so with black ambitions, like how do 85 00:04:44,800 --> 00:04:47,320 Speaker 6: we align all the resources, how do we align the 86 00:04:47,360 --> 00:04:50,760 Speaker 6: resources of Pharrell to support these entrepreneurs so at every 87 00:04:50,800 --> 00:04:53,520 Speaker 6: stage in which they need support, we can lessen the 88 00:04:53,600 --> 00:04:56,720 Speaker 6: interruptions as much as like humanly possible. Is how we 89 00:04:56,720 --> 00:04:59,200 Speaker 6: look at black ambition. And then when you think about ambition, 90 00:04:59,279 --> 00:05:01,440 Speaker 6: it's like, Okay, you can have the dreams, the hopes, 91 00:05:01,800 --> 00:05:04,920 Speaker 6: the aspirations, but if you're constantly getting knocked down every 92 00:05:05,000 --> 00:05:08,320 Speaker 6: single time, then you end up quitting or you don't 93 00:05:08,320 --> 00:05:10,520 Speaker 6: get to scale at the rapid pace that you need 94 00:05:10,560 --> 00:05:12,599 Speaker 6: to in order to have a return to any of 95 00:05:12,600 --> 00:05:15,520 Speaker 6: your investors or your stakeholders. It's like that's how we 96 00:05:15,560 --> 00:05:17,919 Speaker 6: look at black combisions, like how do we make the 97 00:05:17,920 --> 00:05:19,880 Speaker 6: pathway uninterrupted for them? 98 00:05:19,920 --> 00:05:21,840 Speaker 3: So, I mean it sounds like you two had a 99 00:05:21,880 --> 00:05:24,880 Speaker 3: lined vision at that point. How did y'all meet, right? 100 00:05:24,920 --> 00:05:27,520 Speaker 3: Because I mean we all face things as black entrepreneurs, 101 00:05:27,520 --> 00:05:30,679 Speaker 3: black people in business, so there are commonalities and vision, 102 00:05:30,720 --> 00:05:32,960 Speaker 3: But where did y'all meet to even come like we 103 00:05:33,000 --> 00:05:33,760 Speaker 3: need to do this together? 104 00:05:33,920 --> 00:05:36,440 Speaker 6: Yeah? I co founded an organization with my husband Derek 105 00:05:36,560 --> 00:05:39,080 Speaker 6: called the Center for Black Innovation. We had built a 106 00:05:39,120 --> 00:05:41,960 Speaker 6: conference called Black Tech Week that we end up selling 107 00:05:42,000 --> 00:05:45,279 Speaker 6: to Lightship Capital a few years ago. It's been doing 108 00:05:45,320 --> 00:05:49,640 Speaker 6: that work in building Miami's like black tech ecosystem for 109 00:05:49,920 --> 00:05:53,840 Speaker 6: almost ten years, and about three years ago for OL's 110 00:05:53,920 --> 00:05:56,960 Speaker 6: chief of staff asked me to come leave my organization 111 00:05:57,040 --> 00:05:59,560 Speaker 6: that I founded and come run and kind of stand 112 00:05:59,640 --> 00:06:02,160 Speaker 6: up Black Ambition for him, and so that's how we met. 113 00:06:02,600 --> 00:06:04,520 Speaker 6: And the funny thing is the meeting that I had 114 00:06:04,560 --> 00:06:08,520 Speaker 6: with the chief of staff wasn't the best meeting, like professionally, 115 00:06:09,560 --> 00:06:11,440 Speaker 6: and it was a lot of me saying, like, y'all 116 00:06:11,440 --> 00:06:14,360 Speaker 6: should do all these things differently. And the next day 117 00:06:14,400 --> 00:06:16,360 Speaker 6: I get a phone call it was just like, we 118 00:06:16,400 --> 00:06:17,680 Speaker 6: want you to come run it. And I was like, 119 00:06:17,920 --> 00:06:21,240 Speaker 6: run what it's like Black Black Ambition, Like I think 120 00:06:21,279 --> 00:06:24,200 Speaker 6: that you understand what needs to happen and how to 121 00:06:24,200 --> 00:06:26,919 Speaker 6: grow and grow and scale this. But it was definitely 122 00:06:27,000 --> 00:06:30,680 Speaker 6: out of left field because the meeting didn't go that will. 123 00:06:31,640 --> 00:06:34,400 Speaker 3: Perspective is key for them. They're probably like she has 124 00:06:34,480 --> 00:06:35,480 Speaker 3: all the ideas. 125 00:06:36,440 --> 00:06:38,760 Speaker 6: Or she's pushing back enough to like be able to 126 00:06:38,760 --> 00:06:42,280 Speaker 6: go go figure it out. But it was definitely, you know, 127 00:06:42,320 --> 00:06:44,279 Speaker 6: at the time, something that was out of left field, 128 00:06:44,360 --> 00:06:48,839 Speaker 6: but it was also very right. Next progression of how 129 00:06:48,880 --> 00:06:53,640 Speaker 6: to support black entrepreneurs specifically in the capital that they 130 00:06:53,760 --> 00:06:55,960 Speaker 6: that they needed, which is the thing that I wasn't 131 00:06:55,960 --> 00:06:58,039 Speaker 6: able to do in the ten years of running Black 132 00:06:58,080 --> 00:06:59,920 Speaker 6: Tech Week or the Center for Black Innovation. 133 00:07:00,200 --> 00:07:03,560 Speaker 5: So how specifically I have read in the beginning that 134 00:07:03,720 --> 00:07:06,760 Speaker 5: you know, the goal is to help one hundred entrepreneurs, right, 135 00:07:07,720 --> 00:07:11,320 Speaker 5: raise more than ninety five million dollars? Right? So what 136 00:07:11,680 --> 00:07:14,960 Speaker 5: does specifically that? What does that mean? How exactly are 137 00:07:15,040 --> 00:07:18,280 Speaker 5: you guys helping entrepreneurs? Is it like a contest that 138 00:07:18,320 --> 00:07:20,360 Speaker 5: they have to enter or are you matching them up 139 00:07:20,360 --> 00:07:21,920 Speaker 5: with vcs? Like, how does this work? 140 00:07:22,120 --> 00:07:25,000 Speaker 6: Yeah, our initial goal from founding the organization was to 141 00:07:25,000 --> 00:07:28,840 Speaker 6: support fifteen hundred entrepreneurs, and so we're pacing towards that 142 00:07:28,920 --> 00:07:32,360 Speaker 6: as like our initial five year goal. The majority of 143 00:07:32,400 --> 00:07:34,560 Speaker 6: the work that we do is centered around a prize competition, 144 00:07:34,640 --> 00:07:38,040 Speaker 6: and so that's how we source the entrepreneurs with partners 145 00:07:38,120 --> 00:07:40,720 Speaker 6: kind of raising the awareness for them to apply to 146 00:07:40,800 --> 00:07:43,520 Speaker 6: the prize. And then we invest in five verticals and 147 00:07:43,520 --> 00:07:47,520 Speaker 6: so tech, healthcare, consumer goods and services, Media, entertainment, and 148 00:07:47,560 --> 00:07:50,160 Speaker 6: then AI is the new vertical for this year. And 149 00:07:50,200 --> 00:07:53,160 Speaker 6: they enter a prize process and we have about two 150 00:07:53,240 --> 00:07:56,200 Speaker 6: hundred application reviewers that help us take all the applications 151 00:07:56,240 --> 00:07:59,200 Speaker 6: between two to three rounds of reviews, and then that 152 00:07:59,240 --> 00:08:01,800 Speaker 6: takes us down to two hundred and fifty entrepreneurs every year. 153 00:08:01,840 --> 00:08:04,560 Speaker 6: So it's a pretty extensive heavy lift that we go 154 00:08:04,720 --> 00:08:08,239 Speaker 6: through to find the best entrepreneurs in the United States. 155 00:08:08,720 --> 00:08:10,600 Speaker 6: And then from those two hundred and fifty, we take 156 00:08:10,600 --> 00:08:13,760 Speaker 6: them through a really dope three month cohort style mentorship 157 00:08:13,800 --> 00:08:16,480 Speaker 6: program where we put them into pods and circles based 158 00:08:16,480 --> 00:08:19,400 Speaker 6: off their strengths, their industries, and like what they need 159 00:08:19,440 --> 00:08:22,960 Speaker 6: from a mentorship and community. The most that also secretly 160 00:08:23,000 --> 00:08:26,080 Speaker 6: serves as like our vetting and evaluation of those entrepreneurs, 161 00:08:26,080 --> 00:08:29,280 Speaker 6: like who's showing up to their pods, how are they 162 00:08:30,040 --> 00:08:33,480 Speaker 6: contributing back to the other entrepreneurs, And then we take 163 00:08:33,520 --> 00:08:36,559 Speaker 6: that from the two fifty, and then we invest in 164 00:08:36,640 --> 00:08:39,280 Speaker 6: about thirty five of those companies every single year. So 165 00:08:39,760 --> 00:08:43,480 Speaker 6: we just celebrated investing in one hundred and one entrepreneurs, 166 00:08:43,760 --> 00:08:47,320 Speaker 6: which is amazing. It's faster than we kind of expected 167 00:08:47,640 --> 00:08:50,440 Speaker 6: given the climate. And then those companies have gone on 168 00:08:50,480 --> 00:08:53,880 Speaker 6: to raise over ninety five million dollars from the initial 169 00:08:54,080 --> 00:08:56,880 Speaker 6: ten over ten million dollars that we've invested into those companies. 170 00:08:57,440 --> 00:08:59,760 Speaker 3: You have a unique vantage point, right. We talked about 171 00:08:59,800 --> 00:09:02,840 Speaker 3: work with Nintendo, working with Sony. I know you've helped 172 00:09:03,120 --> 00:09:06,320 Speaker 3: brands like Target and Disney and Google. What are some 173 00:09:06,360 --> 00:09:08,360 Speaker 3: of the things when we talk about disparities, especially inside 174 00:09:08,400 --> 00:09:10,840 Speaker 3: that corporate world, it's tough to understand it because most 175 00:09:10,880 --> 00:09:12,560 Speaker 3: people aren't in it. They never get to see it. 176 00:09:12,800 --> 00:09:14,360 Speaker 3: But talk about some of the advantage points that you 177 00:09:14,440 --> 00:09:17,240 Speaker 3: saw that you can help entrepreneurs during this process. 178 00:09:17,920 --> 00:09:20,480 Speaker 6: There's a lot, right, So I think one of the 179 00:09:20,480 --> 00:09:25,640 Speaker 6: biggest things is entrepreneurs cannot be intimidated by big corporations. 180 00:09:25,960 --> 00:09:28,480 Speaker 6: Like the big corporations actually need them more than they 181 00:09:29,160 --> 00:09:32,240 Speaker 6: sometimes then you need them without without realizing it, right, 182 00:09:32,280 --> 00:09:34,720 Speaker 6: And so I always say that because there's a really 183 00:09:34,760 --> 00:09:37,280 Speaker 6: interesting power dynamic that a lot of entrepreneurs that are 184 00:09:37,320 --> 00:09:39,959 Speaker 6: just starting out feel like they can't contribute to the 185 00:09:40,000 --> 00:09:42,280 Speaker 6: big boys. It takes the big boys a really long 186 00:09:42,320 --> 00:09:45,040 Speaker 6: time to make decisions. And that's your secret sauce as 187 00:09:45,080 --> 00:09:47,840 Speaker 6: a small company, because you're very nimble, you can make 188 00:09:47,880 --> 00:09:51,080 Speaker 6: a decision today, right, and you can activate on that today. 189 00:09:51,160 --> 00:09:53,840 Speaker 6: And so like that's always a value added to those 190 00:09:53,880 --> 00:09:58,239 Speaker 6: major corporations that I think small entrepreneurs just aren't utilizing 191 00:09:58,240 --> 00:10:00,520 Speaker 6: and playing up enough as like their core strengths. 192 00:10:01,600 --> 00:10:04,080 Speaker 5: So as far as marketing was having this conversation because 193 00:10:04,080 --> 00:10:06,480 Speaker 5: I know that's your background. Yeah, you worked for Nintendo 194 00:10:06,520 --> 00:10:11,080 Speaker 5: and Sony. What are some core marketing lessons that you 195 00:10:11,240 --> 00:10:14,319 Speaker 5: learned throughout your corporate journey and that you actually implemented 196 00:10:14,480 --> 00:10:16,120 Speaker 5: while you were at those positions. 197 00:10:16,400 --> 00:10:19,679 Speaker 6: Ooh, I would say one of the biggest lessons. So 198 00:10:19,679 --> 00:10:22,240 Speaker 6: I worked in experiential marketing for Nintendo, and so I 199 00:10:22,320 --> 00:10:25,960 Speaker 6: launched the we Fit in the WE Sports Resort. I 200 00:10:25,960 --> 00:10:28,280 Speaker 6: think people often talk talk about like you got to 201 00:10:28,360 --> 00:10:31,440 Speaker 6: know your target market, but like on a granular level. 202 00:10:31,559 --> 00:10:33,000 Speaker 6: And so one of the things that I learned at 203 00:10:33,080 --> 00:10:36,640 Speaker 6: Nintendo when we launched the We We the we Fit board. 204 00:10:36,640 --> 00:10:39,520 Speaker 6: I don't know if y'all remember that, but it was 205 00:10:40,000 --> 00:10:42,520 Speaker 6: it was powerful, right, But like at that time, video 206 00:10:42,520 --> 00:10:46,000 Speaker 6: games was only centered around like the pimple past, pimple 207 00:10:46,040 --> 00:10:50,160 Speaker 6: faced kid playing like Nintendo in a dark like whatever 208 00:10:51,360 --> 00:10:54,400 Speaker 6: that didn't do any exercise, didn't move their body. That's 209 00:10:54,440 --> 00:10:58,240 Speaker 6: what video games was centered around. And with working within Nintendo, 210 00:10:58,440 --> 00:11:01,319 Speaker 6: what we settled on was like that actually wasn't our 211 00:11:01,360 --> 00:11:04,080 Speaker 6: core audience to launch this new product. What it was 212 00:11:04,080 --> 00:11:06,719 Speaker 6: were alpha moms, right, And so like the best way 213 00:11:06,760 --> 00:11:10,280 Speaker 6: we described alpha moms were moms that had a BlackBerry 214 00:11:10,280 --> 00:11:12,000 Speaker 6: in one hand that's how old it was, and a 215 00:11:12,080 --> 00:11:14,240 Speaker 6: kid in the other. But they were the first to 216 00:11:14,320 --> 00:11:17,679 Speaker 6: make big buying decisions into their homes. And so this 217 00:11:17,840 --> 00:11:20,400 Speaker 6: new board where it was requiring the family to be 218 00:11:20,480 --> 00:11:22,120 Speaker 6: a part of it because that's how the games were 219 00:11:22,200 --> 00:11:25,000 Speaker 6: kind of centered. But it was also kind of secretly 220 00:11:25,200 --> 00:11:28,040 Speaker 6: for people to move their body and exercise. That wasn't 221 00:11:28,080 --> 00:11:31,560 Speaker 6: the traditional profile of video games, and if it would 222 00:11:31,559 --> 00:11:33,800 Speaker 6: have went in that way, then it wouldn't have been successful. 223 00:11:34,160 --> 00:11:36,360 Speaker 6: And so it's like, how do you introduce video games 224 00:11:36,360 --> 00:11:38,679 Speaker 6: a whole new market? Well, you have to define who 225 00:11:38,720 --> 00:11:41,800 Speaker 6: your new audience is. And I think sometimes when entrepreneurs 226 00:11:41,840 --> 00:11:44,640 Speaker 6: first start, the audience that you first start with because 227 00:11:44,679 --> 00:11:46,160 Speaker 6: you're just trying to get your feet off the ground, 228 00:11:46,240 --> 00:11:49,280 Speaker 6: is not the audience that you were still serving when 229 00:11:49,320 --> 00:11:51,959 Speaker 6: you're trying to launch new product lines. I would say 230 00:11:51,960 --> 00:11:54,040 Speaker 6: that was one of the best lessons that I learned, 231 00:11:54,120 --> 00:11:57,520 Speaker 6: is like, oh, alpha moms, right, they can influence bloggers, 232 00:11:57,559 --> 00:12:01,240 Speaker 6: they have communities, they have massive just bolsile income, and 233 00:12:01,280 --> 00:12:03,080 Speaker 6: so that was one of the things that was really 234 00:12:03,120 --> 00:12:06,160 Speaker 6: helpful for me and I took that and when we 235 00:12:06,400 --> 00:12:08,600 Speaker 6: got laid off from Nintendo in two thousand and eight 236 00:12:08,920 --> 00:12:11,960 Speaker 6: during the economic downturn, I used that as kind of 237 00:12:11,960 --> 00:12:14,240 Speaker 6: the core audience for the food company that I ran 238 00:12:14,440 --> 00:12:17,040 Speaker 6: in Miami for seven years. And so those were some 239 00:12:17,120 --> 00:12:20,120 Speaker 6: of the things, is like literally changing the audience, and 240 00:12:20,160 --> 00:12:23,040 Speaker 6: then also kind of supply and demand was this other 241 00:12:23,120 --> 00:12:26,000 Speaker 6: really interesting thing that like, once I read the book 242 00:12:26,040 --> 00:12:28,280 Speaker 6: The Psychology of Influence, I kind of understood what we 243 00:12:28,280 --> 00:12:30,800 Speaker 6: were doing because we were producing and marketing a product 244 00:12:30,840 --> 00:12:34,000 Speaker 6: all across the United States. But like the scarcity tactic 245 00:12:34,080 --> 00:12:37,720 Speaker 6: of it kind of we were playing onto that because 246 00:12:37,720 --> 00:12:41,480 Speaker 6: the product wasn't actually available until Christmas time came back around, 247 00:12:42,120 --> 00:12:45,000 Speaker 6: but not just Christmas time, after Christmas time, so it 248 00:12:45,040 --> 00:12:48,120 Speaker 6: forced parents to buy two products as opposed to one 249 00:12:48,160 --> 00:12:50,640 Speaker 6: initial product that they had, and something that you see 250 00:12:50,920 --> 00:12:53,079 Speaker 6: a lot happen with product companies at the end of 251 00:12:53,120 --> 00:12:53,480 Speaker 6: the year. 252 00:12:53,640 --> 00:12:56,640 Speaker 3: Definitely was revolutionary. I remember having it. It came with 253 00:12:56,760 --> 00:12:59,080 Speaker 3: one controller and it came with two, but it became 254 00:12:59,120 --> 00:13:01,839 Speaker 3: an initiative inside of physical I was the physic that teacher, 255 00:13:01,960 --> 00:13:03,840 Speaker 3: and it became this is the new way you can 256 00:13:03,840 --> 00:13:05,760 Speaker 3: gamify it, and so now we can use the weed 257 00:13:05,800 --> 00:13:09,120 Speaker 3: for the kids now exercise. So there's there's a tech 258 00:13:09,120 --> 00:13:11,600 Speaker 3: component in there. Because I'm thinking backgrounds in Florida. I'm 259 00:13:11,600 --> 00:13:14,760 Speaker 3: thinking this this younger in Florida with all these these ideas, 260 00:13:15,200 --> 00:13:17,680 Speaker 3: How did that go from tech to the in the 261 00:13:17,800 --> 00:13:19,559 Speaker 3: NBA or what was the order? Right? Because you worked 262 00:13:19,600 --> 00:13:21,760 Speaker 3: with the Timberwolves, so you didn't go from Nintendo now 263 00:13:21,760 --> 00:13:22,520 Speaker 3: we're going to the NBA. 264 00:13:22,600 --> 00:13:25,640 Speaker 6: It was it was before and so I worked with 265 00:13:26,720 --> 00:13:28,960 Speaker 6: it was a front office marketing manager for the Minnesota 266 00:13:29,000 --> 00:13:31,480 Speaker 6: Links in the Timberwolves. So the Timberwolves on the Links. 267 00:13:31,480 --> 00:13:35,200 Speaker 6: So the w NBA team ended up in Minnesota, following 268 00:13:35,320 --> 00:13:37,800 Speaker 6: my fiance then husband, who got a job at Target 269 00:13:37,800 --> 00:13:42,760 Speaker 6: as a financial analyst. A Florida girl in cold Minnesota 270 00:13:43,160 --> 00:13:45,800 Speaker 6: did not last long, Like the night it said negative 271 00:13:45,800 --> 00:13:47,480 Speaker 6: thirty two degree when she I was like, I got 272 00:13:47,480 --> 00:13:50,720 Speaker 6: to get the heck out of here. But I worked 273 00:13:50,720 --> 00:13:53,719 Speaker 6: at a time where Kevin Garnett had just left, and 274 00:13:53,800 --> 00:13:57,960 Speaker 6: so both teams were the worst teams in their respective leagues, 275 00:13:58,000 --> 00:14:01,679 Speaker 6: the WNB A team and the A team. We couldn't 276 00:14:01,679 --> 00:14:04,800 Speaker 6: sell tickets. We couldn't even give away tickets. You could 277 00:14:04,880 --> 00:14:08,120 Speaker 6: literally buy a nosebleed and walk down to the floor 278 00:14:08,160 --> 00:14:10,679 Speaker 6: and no one would bother you. That's how empty the 279 00:14:11,080 --> 00:14:13,280 Speaker 6: seats were and the arena was. And so it was 280 00:14:13,320 --> 00:14:16,040 Speaker 6: a really hard time. But it also kind of forced 281 00:14:16,120 --> 00:14:18,840 Speaker 6: us in the front office to be more thinking, much 282 00:14:18,880 --> 00:14:22,000 Speaker 6: more intently about like the foundation that we needed to 283 00:14:22,040 --> 00:14:24,720 Speaker 6: set to get back into our winning season and the 284 00:14:24,760 --> 00:14:27,680 Speaker 6: w nb A team the Links ended up winning that year. 285 00:14:27,560 --> 00:14:32,640 Speaker 3: That I was there, It was that whatever is that? 286 00:14:33,040 --> 00:14:34,440 Speaker 6: This is like fifteen years ago? 287 00:14:34,560 --> 00:14:38,480 Speaker 3: Oh right, so this is pre maya more yes comes, Okay. 288 00:14:39,400 --> 00:14:42,440 Speaker 6: I cannot remember who the lady, the key, the marquis 289 00:14:42,640 --> 00:14:46,640 Speaker 6: I think player at the time. No, it was I 290 00:14:46,680 --> 00:14:48,800 Speaker 6: think someone wasn't there yet. It was somebody else and 291 00:14:48,840 --> 00:14:50,320 Speaker 6: their names at the tip of my tongue. I will 292 00:14:50,320 --> 00:14:52,280 Speaker 6: find it and I will tell you. But it was 293 00:14:52,360 --> 00:14:56,040 Speaker 6: during that time working there, so it was really hard 294 00:14:56,280 --> 00:14:59,040 Speaker 6: morale wise in the front office because we were just 295 00:14:59,080 --> 00:15:01,800 Speaker 6: pushing all the response on the people on the team 296 00:15:01,840 --> 00:15:04,600 Speaker 6: to win. And I remember Chris Wright, who was the 297 00:15:04,640 --> 00:15:06,600 Speaker 6: general manager at the time, kind of called us all 298 00:15:06,640 --> 00:15:09,120 Speaker 6: into this office like into like this big arena, all 299 00:15:09,160 --> 00:15:11,280 Speaker 6: the staff. I thought we were all getting fired because 300 00:15:11,280 --> 00:15:13,360 Speaker 6: the teams were doing that bad. And I just remember 301 00:15:13,440 --> 00:15:15,800 Speaker 6: him constantly saying, like asking this question, or were you 302 00:15:15,840 --> 00:15:18,240 Speaker 6: fifty game ready to us? Like over and over and 303 00:15:18,280 --> 00:15:20,160 Speaker 6: over again. I was like, what the hell does that 304 00:15:20,240 --> 00:15:23,480 Speaker 6: actually mean? And what fifty game ready means is like 305 00:15:23,560 --> 00:15:26,440 Speaker 6: zero point five hundred, right, Like you've won just the 306 00:15:26,440 --> 00:15:29,080 Speaker 6: same amount of games that you've lost, but you're still 307 00:15:29,120 --> 00:15:31,400 Speaker 6: on track to making it to the playoffs. And if 308 00:15:31,440 --> 00:15:33,840 Speaker 6: you make it to the playoffs, you get a clean slate, right, 309 00:15:34,000 --> 00:15:37,479 Speaker 6: you have a really good chance of actually winning the championship. 310 00:15:38,000 --> 00:15:40,040 Speaker 6: And what he was saying by that is like the 311 00:15:40,160 --> 00:15:42,600 Speaker 6: dark days when things aren't going really well, right, that 312 00:15:42,680 --> 00:15:45,080 Speaker 6: none of the teams were winning, We in the front 313 00:15:45,120 --> 00:15:47,760 Speaker 6: office were passing all the responsibility off to the like 314 00:15:47,760 --> 00:15:50,160 Speaker 6: if the team just starts winning, we're good. And that's 315 00:15:50,200 --> 00:15:52,280 Speaker 6: not the case. Like the front office has to be 316 00:15:52,400 --> 00:15:55,320 Speaker 6: good to handle when the team starts winning. So when 317 00:15:55,320 --> 00:15:57,560 Speaker 6: the phone is ringing off the hook, when all your 318 00:15:57,560 --> 00:16:00,520 Speaker 6: sponsors come back, when all your seats are filled, if 319 00:16:00,520 --> 00:16:03,280 Speaker 6: we're not doing things right foundationally within the front off 320 00:16:03,400 --> 00:16:06,200 Speaker 6: is we won't be able to handle that either one 321 00:16:06,240 --> 00:16:08,800 Speaker 6: of the teams having a winning season, and so there's 322 00:16:08,880 --> 00:16:12,480 Speaker 6: personal responsibility that I learned in that moment of like 323 00:16:12,560 --> 00:16:15,800 Speaker 6: not passing it on to anything happening externally. It's like 324 00:16:15,840 --> 00:16:18,160 Speaker 6: what are we doing to prepare for that moment? And 325 00:16:18,400 --> 00:16:20,360 Speaker 6: I think if you look at studies that showed, like 326 00:16:20,400 --> 00:16:23,160 Speaker 6: Oprah's Book Club and things like that, when or products 327 00:16:23,160 --> 00:16:24,880 Speaker 6: that were featured on her show, a lot of them 328 00:16:24,960 --> 00:16:29,080 Speaker 6: did not succeed after that that influx of traffic and 329 00:16:29,160 --> 00:16:32,000 Speaker 6: phone calls because when they were building, hoping and wishing 330 00:16:32,360 --> 00:16:34,760 Speaker 6: for that moment, they weren't building a foundation strong enough 331 00:16:34,760 --> 00:16:37,840 Speaker 6: to actually maintain it. And I think so many entrepreneurs 332 00:16:37,920 --> 00:16:40,480 Speaker 6: are in that case. Like you want things to pop off, 333 00:16:40,520 --> 00:16:43,320 Speaker 6: you want that big contract, you want that influx of 334 00:16:43,360 --> 00:16:47,360 Speaker 6: funding to come in, and if you're not prepared foundationally, 335 00:16:47,440 --> 00:16:49,560 Speaker 6: then it's not going to help you. It actually hurts 336 00:16:49,640 --> 00:16:52,160 Speaker 6: you and can crumble you and like consume you whole. 337 00:16:52,800 --> 00:16:55,360 Speaker 5: So you talked about the scarcity model in the book 338 00:16:55,400 --> 00:16:56,160 Speaker 5: what was the book that you. 339 00:16:56,320 --> 00:16:58,680 Speaker 6: The Psychology of influenced by Robert Caldini. 340 00:16:59,000 --> 00:17:02,200 Speaker 5: Okay, so I have a two part question. But the 341 00:17:02,200 --> 00:17:06,000 Speaker 5: first part is can you really describe that because everybody 342 00:17:06,040 --> 00:17:08,399 Speaker 5: knows the scarcity model. You just you put less product 343 00:17:08,440 --> 00:17:10,520 Speaker 5: out right, and you drive up to demand. But I 344 00:17:10,520 --> 00:17:13,520 Speaker 5: think there's some more, there's other elements that actually make that. 345 00:17:13,920 --> 00:17:16,639 Speaker 5: It's not like you can just make ten water bottles 346 00:17:16,680 --> 00:17:18,040 Speaker 5: and say I only have ten water bottles, I'm a 347 00:17:18,119 --> 00:17:20,560 Speaker 5: charge one hundred dollars for them, right, Like, from your 348 00:17:20,640 --> 00:17:23,680 Speaker 5: understanding and working inside of it, what made the scarcity 349 00:17:23,680 --> 00:17:25,720 Speaker 5: model work when you guys were doing it? 350 00:17:25,920 --> 00:17:29,920 Speaker 6: Yeah, it was specifically when Nintendo or just in general. 351 00:17:29,840 --> 00:17:31,680 Speaker 5: Just in general, but Intendo, let's talk about that since 352 00:17:31,720 --> 00:17:32,159 Speaker 5: you were in it. 353 00:17:32,280 --> 00:17:35,840 Speaker 6: Yeah, so we we were in experiential marketing. We travel 354 00:17:35,880 --> 00:17:38,840 Speaker 6: from city to city putting up like these literally bringing 355 00:17:38,880 --> 00:17:41,200 Speaker 6: the video game to life, like that was my job, right, 356 00:17:41,960 --> 00:17:44,560 Speaker 6: and we were doing that, but the supply in the store, 357 00:17:45,040 --> 00:17:47,920 Speaker 6: the product wasn't available. So like the hype gets built 358 00:17:48,000 --> 00:17:50,359 Speaker 6: up of like where can I find this thing? The 359 00:17:50,440 --> 00:17:53,000 Speaker 6: value gets built up of, like where I will I 360 00:17:53,000 --> 00:17:56,000 Speaker 6: will pay above what it's asking for to get this 361 00:17:56,080 --> 00:17:57,879 Speaker 6: thing because I've experienced it. 362 00:17:57,920 --> 00:18:00,159 Speaker 5: And so so you were promoting a product with no 363 00:18:00,200 --> 00:18:05,960 Speaker 5: product available. Correct, the promotion was done with no even 364 00:18:06,000 --> 00:18:06,600 Speaker 5: release date. 365 00:18:07,119 --> 00:18:10,280 Speaker 6: No, the product was out. You just couldn't find it. 366 00:18:10,680 --> 00:18:13,280 Speaker 6: But we like our teams, and this was one of 367 00:18:13,560 --> 00:18:16,400 Speaker 6: many teams all across the United States. We were out 368 00:18:16,440 --> 00:18:19,640 Speaker 6: every single day literally creating the portions of the video 369 00:18:19,680 --> 00:18:22,640 Speaker 6: game that you could walk into that is very commonly 370 00:18:22,680 --> 00:18:25,800 Speaker 6: known now. Ten fifteen years ago, it was unheard of. 371 00:18:25,920 --> 00:18:28,359 Speaker 6: This is also like social media was just becoming like 372 00:18:28,400 --> 00:18:30,960 Speaker 6: a business utility, but it was like, how do I 373 00:18:31,040 --> 00:18:34,000 Speaker 6: create my product and turn it into an experience. If 374 00:18:34,000 --> 00:18:36,520 Speaker 6: people have an immersive experience as opposed to just being 375 00:18:36,920 --> 00:18:39,280 Speaker 6: in the isle of Best Buy and trying the product, 376 00:18:39,280 --> 00:18:42,800 Speaker 6: it's a completely different compelling moment. That also makes you 377 00:18:42,920 --> 00:18:46,920 Speaker 6: have a buying decision more expensive than you would usually have. Right, 378 00:18:47,320 --> 00:18:49,520 Speaker 6: games were like maybe forty to fifty dollars. At the 379 00:18:49,520 --> 00:18:51,240 Speaker 6: time that we fit board, I believe it was about 380 00:18:51,240 --> 00:18:53,840 Speaker 6: three hundred dollars, So it was a different gap in 381 00:18:53,880 --> 00:18:57,679 Speaker 6: the buying decision. What I'm telling you now is I 382 00:18:57,720 --> 00:19:00,240 Speaker 6: didn't realize what was happening until I read the book 383 00:19:00,480 --> 00:19:04,640 Speaker 6: The Psychology of Influence, And so we were traveling all 384 00:19:04,680 --> 00:19:08,360 Speaker 6: across the country setting up these activations and no one 385 00:19:08,359 --> 00:19:10,280 Speaker 6: could buy it in the store, and so by the 386 00:19:10,359 --> 00:19:14,240 Speaker 6: time Christmas comes around, it's like, hey, hey, fever, Like 387 00:19:14,280 --> 00:19:17,080 Speaker 6: everyone's trying to find this product no matter where, they'll 388 00:19:17,119 --> 00:19:19,520 Speaker 6: find it, and they'll ever they'll pay triple and double 389 00:19:19,520 --> 00:19:21,240 Speaker 6: for the product. We see the same thing happening in 390 00:19:21,280 --> 00:19:24,520 Speaker 6: the sneaker industry right like people will pay way above 391 00:19:24,720 --> 00:19:28,560 Speaker 6: the fifty or one hundred dollars because they cannot find 392 00:19:28,560 --> 00:19:30,840 Speaker 6: it anywhere else. And so what I learned in the 393 00:19:31,440 --> 00:19:33,960 Speaker 6: psychology of influence is the first time that they saw 394 00:19:34,000 --> 00:19:38,200 Speaker 6: that happen was with the Elmo doll. Took me Elmo, 395 00:19:38,720 --> 00:19:42,879 Speaker 6: and they the marketing industry and product industries were kind 396 00:19:42,880 --> 00:19:45,320 Speaker 6: of conspiring to do this because they realized they could 397 00:19:45,320 --> 00:19:47,920 Speaker 6: get parents to buy two products as opposed to one. 398 00:19:48,400 --> 00:19:50,560 Speaker 6: So if I'm a kid and I want this we 399 00:19:50,720 --> 00:19:53,440 Speaker 6: Fit or I want this Elmo doll the entire year 400 00:19:53,800 --> 00:19:56,919 Speaker 6: Christmas comes, as a parent, you have promised them that 401 00:19:56,960 --> 00:19:59,160 Speaker 6: you get to the store, you can't find it anywhere, 402 00:19:59,160 --> 00:20:01,120 Speaker 6: so you know what you buy than the next best thing. 403 00:20:01,520 --> 00:20:04,280 Speaker 6: And then what those companies were doing is right after Christmas, 404 00:20:04,520 --> 00:20:07,280 Speaker 6: it's flood almost were flooded on the shelf. You can 405 00:20:07,320 --> 00:20:09,400 Speaker 6: find it any and everywhere, and so as a parent, 406 00:20:09,440 --> 00:20:11,840 Speaker 6: you also buy them the Elmo doll and so they 407 00:20:11,960 --> 00:20:15,320 Speaker 6: literally increase the lifetime value of that customer by not 408 00:20:15,400 --> 00:20:18,040 Speaker 6: having the product that everybody wanted the most available when 409 00:20:18,040 --> 00:20:20,600 Speaker 6: they needed it the most. You're gonna buy something to 410 00:20:20,760 --> 00:20:23,040 Speaker 6: just wrap and put on the shelves, and that you're 411 00:20:23,040 --> 00:20:25,640 Speaker 6: gonna buy that thing when it becomes available, and you've 412 00:20:25,680 --> 00:20:29,359 Speaker 6: literally doubled the lifetime value of that customer. What I 413 00:20:29,440 --> 00:20:31,600 Speaker 6: learned when I read that book is that's exactly what 414 00:20:31,640 --> 00:20:34,040 Speaker 6: was happening with that product at that time that we 415 00:20:34,040 --> 00:20:36,879 Speaker 6: were promoting it. Is parents went and bought anything that 416 00:20:36,920 --> 00:20:40,320 Speaker 6: they could possibly buy from an electronic standpoint for Christmas. 417 00:20:40,720 --> 00:20:43,720 Speaker 6: Right after Christmas and right after holidays, that board was 418 00:20:43,720 --> 00:20:47,200 Speaker 6: flooded in any and everywhere. And I just didn't realize that. 419 00:20:47,280 --> 00:20:50,760 Speaker 6: I only understood the experiential component of bringing people in 420 00:20:50,840 --> 00:20:53,639 Speaker 6: so that they can experience it and so that they 421 00:20:53,680 --> 00:20:55,959 Speaker 6: would buy the product when it was available. So it 422 00:20:56,000 --> 00:20:58,119 Speaker 6: was a weird time that we were in that I 423 00:20:58,160 --> 00:21:01,000 Speaker 6: had that realization once I read that pood ideas. 424 00:21:00,600 --> 00:21:04,600 Speaker 5: Like to have it not in demand when you need 425 00:21:04,640 --> 00:21:09,840 Speaker 5: it the most, and then overflow of demand after peak 426 00:21:09,920 --> 00:21:10,640 Speaker 5: season is over. 427 00:21:10,800 --> 00:21:13,120 Speaker 6: Yeah, So to not have it available when you need 428 00:21:13,160 --> 00:21:14,440 Speaker 6: it the most, when you need it the most, because 429 00:21:14,440 --> 00:21:15,440 Speaker 6: you'll buy something else. 430 00:21:15,720 --> 00:21:17,480 Speaker 3: I'm gonna buy Mario tennis. 431 00:21:17,760 --> 00:21:20,000 Speaker 6: Yeah. It's like if you you have a significant other 432 00:21:20,080 --> 00:21:22,720 Speaker 6: and she wants this very specific diamonds, you can't. You've 433 00:21:22,760 --> 00:21:24,720 Speaker 6: promised the diamonds because you know how important it is. 434 00:21:24,760 --> 00:21:26,800 Speaker 6: It's the only thing that she's asked for. So you 435 00:21:26,840 --> 00:21:29,240 Speaker 6: get to the jewelry store. The diamonds are nowhere to 436 00:21:29,240 --> 00:21:32,080 Speaker 6: be found. You've gone to numerous stores, you cannot find it. 437 00:21:32,400 --> 00:21:36,000 Speaker 6: You're not going back home without something that's done by 438 00:21:36,080 --> 00:21:38,200 Speaker 6: design and intention. So you're going to buy that thing. 439 00:21:38,600 --> 00:21:41,080 Speaker 6: And now when that thing becomes available that she really wanted, 440 00:21:41,240 --> 00:21:43,280 Speaker 6: well that want doesn't go away just because you got 441 00:21:44,440 --> 00:21:45,440 Speaker 6: you buy the thing again. 442 00:21:45,720 --> 00:21:48,760 Speaker 3: The stinker thing is perfect. Just like every Christmas, Join 443 00:21:48,840 --> 00:21:51,400 Speaker 3: is going to release eleven, right, if the kid doesn't 444 00:21:51,400 --> 00:21:54,320 Speaker 3: get the eleven, they'll probably buy the kid pair of KDS. 445 00:21:55,040 --> 00:21:59,119 Speaker 3: Nike sees that, Oh, restock, and now everybody gets to 446 00:21:59,160 --> 00:22:00,879 Speaker 3: have the shoe. And now you have the customer more 447 00:22:01,400 --> 00:22:02,560 Speaker 3: more than one purchase. 448 00:22:02,640 --> 00:22:05,639 Speaker 6: Yeah, it's it. And I think one of the things 449 00:22:05,680 --> 00:22:08,160 Speaker 6: about reading that book and understanding is that at first 450 00:22:08,200 --> 00:22:09,960 Speaker 6: it pisses you off. You're like man I felt for 451 00:22:10,000 --> 00:22:10,480 Speaker 6: all these. 452 00:22:10,359 --> 00:22:11,960 Speaker 3: Tracks you was saying, and I'm like, I think I 453 00:22:11,960 --> 00:22:13,640 Speaker 3: felt it is a fet But. 454 00:22:13,560 --> 00:22:15,960 Speaker 6: Then I think as an entrepreneur, you can use that 455 00:22:16,000 --> 00:22:18,359 Speaker 6: and turn that around, right. And so the difference between 456 00:22:18,359 --> 00:22:20,800 Speaker 6: the two is, I think on the advertising industry, it's 457 00:22:21,040 --> 00:22:24,880 Speaker 6: there's a little bit of manipulation, and from an entrepreneurship standpoint, 458 00:22:24,880 --> 00:22:27,280 Speaker 6: you can use that in your favor of thinking like, well, 459 00:22:27,320 --> 00:22:30,240 Speaker 6: how do I market a product to this person where 460 00:22:30,680 --> 00:22:33,400 Speaker 6: they if I don't have it available, then there's something 461 00:22:33,440 --> 00:22:36,520 Speaker 6: else that's equally or close to what they want where 462 00:22:36,520 --> 00:22:39,280 Speaker 6: they still keep them around long enough that they also 463 00:22:39,280 --> 00:22:40,919 Speaker 6: buy the thing that they want. There's one way to 464 00:22:40,920 --> 00:22:42,919 Speaker 6: look at it, right. The other way to look at 465 00:22:42,960 --> 00:22:46,240 Speaker 6: it is intention. Is your intention to manipulate people into 466 00:22:46,280 --> 00:22:48,679 Speaker 6: buying two things? Or is your intention to increase the 467 00:22:48,720 --> 00:22:52,080 Speaker 6: lifetime value of the customer in a meaningful way that 468 00:22:52,200 --> 00:22:55,359 Speaker 6: increases like their affinity to who you are and what 469 00:22:55,760 --> 00:22:58,320 Speaker 6: you're building. I think there's another way to look at that, right. 470 00:22:58,680 --> 00:23:01,280 Speaker 6: And then when I think of like black businesses, and 471 00:23:01,320 --> 00:23:03,800 Speaker 6: I see this happen in the food business more than anything. 472 00:23:04,880 --> 00:23:08,160 Speaker 6: You'll go to a restaurant they don't have like nine 473 00:23:08,200 --> 00:23:10,080 Speaker 6: things on the menu where you're like, man, I'm never 474 00:23:10,080 --> 00:23:12,400 Speaker 6: gonna come to this restaurant again. And then I've seen 475 00:23:12,440 --> 00:23:16,080 Speaker 6: other me, other menus and other companies who will say, well, 476 00:23:16,080 --> 00:23:18,960 Speaker 6: first come, first air, right like if we run out, 477 00:23:18,960 --> 00:23:21,760 Speaker 6: we run out, and you start getting to that early 478 00:23:21,800 --> 00:23:24,280 Speaker 6: because they've set a different kind of expectation around the 479 00:23:24,320 --> 00:23:28,439 Speaker 6: scarcity and limited availability. It's how you communicate it. In 480 00:23:28,480 --> 00:23:31,119 Speaker 6: one instance, I see black businesses being demonized for that 481 00:23:31,200 --> 00:23:33,760 Speaker 6: they never got what they say they don't have, They 482 00:23:33,840 --> 00:23:35,600 Speaker 6: never open when they say they're supposed to open, they 483 00:23:35,680 --> 00:23:38,600 Speaker 6: close in early. And then I've seen it manage the expectation, 484 00:23:38,720 --> 00:23:41,720 Speaker 6: manage around that. In other south By Southwest, the barbecue 485 00:23:41,760 --> 00:23:43,960 Speaker 6: place there is a prime example. You know that if 486 00:23:43,960 --> 00:23:45,760 Speaker 6: you don't get there at six o'clock in the morning, 487 00:23:46,080 --> 00:23:48,439 Speaker 6: you may not get that barbecue because they once they 488 00:23:48,520 --> 00:23:51,520 Speaker 6: run out, they run out. You're not saying like, man, 489 00:23:51,560 --> 00:23:54,199 Speaker 6: they ain't this, they don't have anything together. You know what, 490 00:23:54,280 --> 00:23:56,760 Speaker 6: You wake up the next morning at six o'clock because 491 00:23:56,760 --> 00:24:00,280 Speaker 6: you really want that barbecue. Everyone's spoken so highly about it, 492 00:24:00,320 --> 00:24:02,320 Speaker 6: and you know that it's now a very kind of 493 00:24:02,400 --> 00:24:05,439 Speaker 6: sacred experience that you have that you wouldn't have anywhere 494 00:24:05,480 --> 00:24:07,960 Speaker 6: else because you get to try something that other people 495 00:24:08,000 --> 00:24:10,480 Speaker 6: may not try because they've missed a lot. It's about 496 00:24:10,480 --> 00:24:13,159 Speaker 6: how we manage expectations in business and then how we 497 00:24:13,240 --> 00:24:15,919 Speaker 6: communicate the value of what we're doing. In one end, 498 00:24:15,920 --> 00:24:17,480 Speaker 6: you never going to go back there because they don't 499 00:24:17,480 --> 00:24:21,000 Speaker 6: never have anything together. There's literally no difference. The supply 500 00:24:21,200 --> 00:24:23,600 Speaker 6: is gone. You get there first, You get there first. 501 00:24:23,600 --> 00:24:26,760 Speaker 6: One instance is coveted and then the other instance is demonized, 502 00:24:26,800 --> 00:24:29,240 Speaker 6: and that's not fair. But it's a business lesson that 503 00:24:29,280 --> 00:24:30,119 Speaker 6: people have to learn. 504 00:24:30,560 --> 00:24:33,280 Speaker 3: You have the second part because I want it's interesting 505 00:24:33,320 --> 00:24:36,720 Speaker 3: because I'm thinking about the strategy. I feel like it's brilliant. 506 00:24:37,240 --> 00:24:39,600 Speaker 3: But it does also determine on what stage or business 507 00:24:39,640 --> 00:24:42,679 Speaker 3: you're at right Like if you're a new entrepreneur, you 508 00:24:42,760 --> 00:24:44,639 Speaker 3: have to first build a client base, you have to 509 00:24:44,640 --> 00:24:47,440 Speaker 3: build a trust, and you have to set those expectations. 510 00:24:47,800 --> 00:24:49,919 Speaker 3: So it goes back to those foundational pieces. I know 511 00:24:49,960 --> 00:24:53,200 Speaker 3: you were talking about foundations, so as an entrepreneur, you said, 512 00:24:53,280 --> 00:24:55,200 Speaker 3: sometimes we're not writy, and this is true. We see 513 00:24:55,200 --> 00:24:56,800 Speaker 3: a lot of people, We've seen it happen here. People 514 00:24:56,840 --> 00:24:59,440 Speaker 3: come on the show, they got that push and then 515 00:24:59,480 --> 00:25:02,159 Speaker 3: it's like they weren't ready for the push. 516 00:25:02,160 --> 00:25:04,320 Speaker 6: Do you know what does feel like I was there? 517 00:25:04,960 --> 00:25:07,520 Speaker 3: What are those foundational pieces that you would say that 518 00:25:07,760 --> 00:25:11,119 Speaker 3: entrepreneurs should have in the event that what you're wishing 519 00:25:11,119 --> 00:25:12,399 Speaker 3: for I actually come to pluition. 520 00:25:12,720 --> 00:25:14,840 Speaker 6: Yeah, I think something that you said in the beginning 521 00:25:14,880 --> 00:25:17,159 Speaker 6: of that that can be your business model in the 522 00:25:17,200 --> 00:25:19,480 Speaker 6: beginning too, right, You see like a lot of businesses 523 00:25:19,480 --> 00:25:23,600 Speaker 6: that have customized products or you have to be tailored. 524 00:25:23,640 --> 00:25:25,639 Speaker 6: And we were talking about Ghana. My husband got like 525 00:25:26,160 --> 00:25:28,960 Speaker 6: ten outfits in Ghana and he had to be tailored 526 00:25:28,960 --> 00:25:31,000 Speaker 6: and measured for it. It wasn't anything that he could 527 00:25:31,040 --> 00:25:33,760 Speaker 6: buy off the shelf. But I've also seen entrepreneurs where 528 00:25:33,800 --> 00:25:38,560 Speaker 6: they have very limited capital, very limited product supply, and 529 00:25:38,600 --> 00:25:42,640 Speaker 6: then they're constantly sold out on their website without communicating that, hey, 530 00:25:42,720 --> 00:25:45,000 Speaker 6: this is a one of a kind piece and it's 531 00:25:45,000 --> 00:25:46,880 Speaker 6: going to take six to eight weeks to be able 532 00:25:46,920 --> 00:25:48,879 Speaker 6: to get it and as because of that, there's a 533 00:25:48,880 --> 00:25:52,840 Speaker 6: premium price that's associated with that in order to come 534 00:25:53,000 --> 00:25:56,200 Speaker 6: and like that is that is the business model. I've 535 00:25:56,240 --> 00:25:58,919 Speaker 6: also seen, like I've gotten people to come to my 536 00:25:59,000 --> 00:26:01,200 Speaker 6: house to cut my hair or like do my nails 537 00:26:01,480 --> 00:26:04,879 Speaker 6: and they charge bottom basement pricing and they're not charging 538 00:26:04,920 --> 00:26:08,600 Speaker 6: like a travel fee. Well that's not and they feel 539 00:26:08,640 --> 00:26:10,520 Speaker 6: like they're less than because they don't have a shop. 540 00:26:10,600 --> 00:26:12,800 Speaker 6: I was like, you were providing a concanerge service. What 541 00:26:12,840 --> 00:26:15,400 Speaker 6: are you talking about, like if you don't add significant 542 00:26:15,400 --> 00:26:18,680 Speaker 6: tax on that. But that's a misalignment with who they're serving. 543 00:26:19,040 --> 00:26:22,359 Speaker 6: If you understand that you're serving people that value their 544 00:26:22,359 --> 00:26:24,760 Speaker 6: time and constantly trying to buy back their time, they 545 00:26:24,800 --> 00:26:27,239 Speaker 6: will pay a premium to not go sit in a 546 00:26:27,280 --> 00:26:30,639 Speaker 6: barbershop or make an appointment, but still sit there for 547 00:26:30,680 --> 00:26:34,040 Speaker 6: two hours. And so if you understand who your true 548 00:26:34,040 --> 00:26:37,560 Speaker 6: customer is around that there is no scarcity issue and 549 00:26:37,600 --> 00:26:39,200 Speaker 6: there's a different way that you can look at the 550 00:26:39,240 --> 00:26:40,960 Speaker 6: business in a different way that you can promote the 551 00:26:41,000 --> 00:26:44,399 Speaker 6: business that increases the value of it significantly. If you 552 00:26:44,400 --> 00:26:46,119 Speaker 6: can come to my house and cut my hair, I 553 00:26:46,119 --> 00:26:48,560 Speaker 6: will pay you double or triple because I don't have 554 00:26:48,600 --> 00:26:51,359 Speaker 6: time to sit in the barbershop. It is not less 555 00:26:51,400 --> 00:26:53,720 Speaker 6: than of your business. And I think that's the thing 556 00:26:53,800 --> 00:26:57,080 Speaker 6: that even in the application process with Black Ambition, we 557 00:26:57,119 --> 00:27:00,280 Speaker 6: see over and over again it's like, really amazing idea 558 00:27:00,359 --> 00:27:03,240 Speaker 6: is really amazing traction. They have no idea how to 559 00:27:03,240 --> 00:27:06,960 Speaker 6: communicate the value high enough that that I can see 560 00:27:06,960 --> 00:27:10,240 Speaker 6: a return on the investment, or any other investor or 561 00:27:10,280 --> 00:27:13,160 Speaker 6: partner can see a return on that. And then oftentimes 562 00:27:13,200 --> 00:27:16,080 Speaker 6: we don't understand why we're not seeing the money, and 563 00:27:16,119 --> 00:27:18,680 Speaker 6: there's other nuances part of that. And then you see 564 00:27:18,680 --> 00:27:21,720 Speaker 6: white businesses being able to accelerate in the exact same industry. 565 00:27:22,040 --> 00:27:23,959 Speaker 6: Sometimes what I see in the difference is there's an 566 00:27:24,000 --> 00:27:27,680 Speaker 6: overinflation of the value on when and there's an underinflation 567 00:27:27,760 --> 00:27:30,560 Speaker 6: of the value on the other end. There's other parts 568 00:27:30,560 --> 00:27:34,400 Speaker 6: of that. There's racism. That's also something that we see 569 00:27:34,440 --> 00:27:36,320 Speaker 6: time and time again in our applications. 570 00:27:36,560 --> 00:27:39,359 Speaker 5: So what is some other thing, like another thing that 571 00:27:39,400 --> 00:27:40,840 Speaker 5: you that you picked up from that book? 572 00:27:41,359 --> 00:27:45,879 Speaker 6: Ooh, fomo, it was another one. So fear of missing 573 00:27:45,880 --> 00:27:50,280 Speaker 6: out and how to like kind of enact that one 574 00:27:50,280 --> 00:27:51,959 Speaker 6: of the other things that I thought, And I cannot 575 00:27:52,000 --> 00:27:57,399 Speaker 6: remember the name of the principle, but oh gosh, what 576 00:27:57,480 --> 00:28:00,239 Speaker 6: is it called. It'll come to me. But essentially it 577 00:28:00,280 --> 00:28:03,080 Speaker 6: gave this example of this bakery that like this person 578 00:28:03,080 --> 00:28:05,240 Speaker 6: would drive by all the time and they saw the bakery, 579 00:28:05,280 --> 00:28:07,399 Speaker 6: but they didn't really pay any attention to it, and 580 00:28:07,440 --> 00:28:09,760 Speaker 6: then the one day that they saw a line outside 581 00:28:09,800 --> 00:28:12,960 Speaker 6: the door is the day that they stopped. And it 582 00:28:13,000 --> 00:28:18,480 Speaker 6: was literally because someone else validated that decision for them, right, 583 00:28:18,560 --> 00:28:21,440 Speaker 6: And oftentimes we can call that like following I'm forgetting 584 00:28:21,440 --> 00:28:23,440 Speaker 6: what the principle is, and it's killing me that I'm forgetting. 585 00:28:23,760 --> 00:28:27,320 Speaker 6: But like there's that within itself is something that you 586 00:28:27,359 --> 00:28:29,280 Speaker 6: can duplicate as a business principle. 587 00:28:29,280 --> 00:28:31,359 Speaker 5: That's why, like clubs intentionally have lines. 588 00:28:31,480 --> 00:28:31,640 Speaker 2: Right. 589 00:28:31,840 --> 00:28:34,320 Speaker 5: You go in the clubs sometimes and there's enough room 590 00:28:34,320 --> 00:28:37,600 Speaker 5: to get people in, but it's like if nobody's waiting online, 591 00:28:37,720 --> 00:28:40,840 Speaker 5: it doesn't look like it's lit. But then if you 592 00:28:40,920 --> 00:28:44,000 Speaker 5: if somebody's waiting online, now you'll pay three thousand dollars 593 00:28:44,000 --> 00:28:48,680 Speaker 5: a bottle service because the anticipation on what's inside, based 594 00:28:48,720 --> 00:28:52,040 Speaker 5: off of people trying to get in that's not able 595 00:28:52,080 --> 00:28:54,600 Speaker 5: to get in, makes it more appealing than if they 596 00:28:54,640 --> 00:28:55,600 Speaker 5: just let everybody in. 597 00:28:55,840 --> 00:28:59,720 Speaker 6: Yeah, and you need you you want. As human nature, 598 00:28:59,760 --> 00:29:04,000 Speaker 6: we make decisions oftentimes not based off of ourselves, but 599 00:29:04,080 --> 00:29:07,040 Speaker 6: the validation of someone else. You see that in the 600 00:29:07,080 --> 00:29:11,080 Speaker 6: investment space and corporate partnership space, especially right, I don't 601 00:29:11,120 --> 00:29:13,840 Speaker 6: want to be first money in. If anybody else comes 602 00:29:13,840 --> 00:29:16,280 Speaker 6: in with money, then I will definitely come in, but 603 00:29:16,320 --> 00:29:18,760 Speaker 6: I need to kind of de risk my decision. Right 604 00:29:18,920 --> 00:29:21,200 Speaker 6: the club is no different. I don't want to go 605 00:29:21,240 --> 00:29:24,920 Speaker 6: into something that's not popping and it's empty inside. But 606 00:29:25,000 --> 00:29:27,160 Speaker 6: the line is so long that it makes me feel 607 00:29:27,200 --> 00:29:29,400 Speaker 6: like the vibe is already created. I don't have to 608 00:29:29,440 --> 00:29:30,920 Speaker 6: be the one to come in and create the vibe. 609 00:29:31,240 --> 00:29:34,080 Speaker 6: And that's how we make decisions as humans. That's how 610 00:29:34,080 --> 00:29:37,320 Speaker 6: we're influenced by other people. Like that's how I bought 611 00:29:37,320 --> 00:29:39,560 Speaker 6: the first iPhone, right like that lie, I was just like, 612 00:29:39,720 --> 00:29:42,080 Speaker 6: it must be because what we say is like, there 613 00:29:42,240 --> 00:29:44,240 Speaker 6: is not never gonna be like, oh, it must be 614 00:29:44,280 --> 00:29:47,240 Speaker 6: empty in there. There must be something unique and special 615 00:29:47,280 --> 00:29:49,480 Speaker 6: that I need to be a part of. If this 616 00:29:49,560 --> 00:29:52,000 Speaker 6: line is that long, whether the thing tastes good or 617 00:29:52,080 --> 00:29:54,960 Speaker 6: is good or not, the line makes the decision for you. 618 00:29:55,360 --> 00:29:58,800 Speaker 6: And so many of us do buying decisions specifically because 619 00:29:58,800 --> 00:29:59,440 Speaker 6: we see those things. 620 00:30:00,000 --> 00:30:02,520 Speaker 3: They did a masterful job with that. Yeah, it was like, 621 00:30:02,600 --> 00:30:04,560 Speaker 3: no matter what time you went, it was going to 622 00:30:04,640 --> 00:30:04,880 Speaker 3: be a. 623 00:30:04,800 --> 00:30:11,000 Speaker 6: Line Chipotle Apple with the iPhone sneakers. You can see, 624 00:30:11,080 --> 00:30:14,640 Speaker 6: and these things are sometimes very warranted because the product 625 00:30:14,680 --> 00:30:16,920 Speaker 6: is good. But a lot of times, like nightclubs, it's 626 00:30:16,960 --> 00:30:20,200 Speaker 6: manufactured for the very specific reason that they know it's 627 00:30:20,240 --> 00:30:22,440 Speaker 6: going to enact one of the principles of the psychology 628 00:30:22,440 --> 00:30:24,080 Speaker 6: of influence of how we made decisions. 629 00:30:24,520 --> 00:30:26,520 Speaker 3: You brought up the criteria when you're looking at the 630 00:30:26,560 --> 00:30:30,880 Speaker 3: applications we talk about, especially our community, having businesses that 631 00:30:30,920 --> 00:30:33,560 Speaker 3: are scalable. Talk about the importance of that, right, because 632 00:30:33,600 --> 00:30:36,080 Speaker 3: I mean you said you can thousands of applications. I'm 633 00:30:36,120 --> 00:30:38,800 Speaker 3: sure this criteria that they have to meet. How much 634 00:30:38,840 --> 00:30:41,560 Speaker 3: of it is this business scalable at on your criteria? 635 00:30:41,720 --> 00:30:45,400 Speaker 6: Yeah, that's high that we look at, right. I think, 636 00:30:45,480 --> 00:30:48,520 Speaker 6: especially in like our tech vertical as well as our 637 00:30:48,560 --> 00:30:51,880 Speaker 6: CpG vertical, you cannot be a product of one like 638 00:30:51,920 --> 00:30:54,640 Speaker 6: who are you selling it to? And then your vision 639 00:30:55,000 --> 00:30:57,520 Speaker 6: has to be big enough that we as investors can 640 00:30:57,520 --> 00:30:59,200 Speaker 6: see where we can go along with you in the 641 00:30:59,280 --> 00:31:02,680 Speaker 6: journey and how big you're thinking about it. I think 642 00:31:02,800 --> 00:31:05,440 Speaker 6: now kind of given the landscape, if you're not thinking 643 00:31:05,600 --> 00:31:09,160 Speaker 6: especially as a company or a product a service services 644 00:31:09,200 --> 00:31:11,520 Speaker 6: people of color, like not looking at like the global 645 00:31:11,600 --> 00:31:15,080 Speaker 6: landscape as your marketplace, then you're really shortsighted. About what 646 00:31:15,120 --> 00:31:17,240 Speaker 6: you're building and where it can go. The other part 647 00:31:17,280 --> 00:31:19,400 Speaker 6: is people need their money back, right, Like you want 648 00:31:19,400 --> 00:31:22,120 Speaker 6: to make sure that you can ensure some sort of return. 649 00:31:22,920 --> 00:31:26,120 Speaker 6: And if those things aren't communicated, then miss you miss 650 00:31:26,160 --> 00:31:28,959 Speaker 6: the opportunity of people being able to see how they 651 00:31:29,000 --> 00:31:30,880 Speaker 6: can go along with you in the journey. And so 652 00:31:30,920 --> 00:31:35,040 Speaker 6: scalability is important. I think what scalability means to you 653 00:31:35,320 --> 00:31:38,480 Speaker 6: is the bigger question because I think as entrepreneurs, what 654 00:31:38,600 --> 00:31:41,080 Speaker 6: you also see is people just start asking you that 655 00:31:41,200 --> 00:31:42,680 Speaker 6: question all the time, Well, how are you going to 656 00:31:42,720 --> 00:31:44,560 Speaker 6: scale this? How are you going to scale this? Your 657 00:31:44,600 --> 00:31:47,840 Speaker 6: intention made just to be to dig deeper into the 658 00:31:47,880 --> 00:31:50,680 Speaker 6: market that you're in, right, or the neighborhood or the 659 00:31:50,680 --> 00:31:52,880 Speaker 6: region that you're in. It doesn't always have to be 660 00:31:52,920 --> 00:31:55,800 Speaker 6: scaling nationally or internationally, but you have to be able 661 00:31:55,840 --> 00:31:58,600 Speaker 6: to communicate how you can go deeper within the niche 662 00:31:58,600 --> 00:32:01,440 Speaker 6: that you're in. And I think one thing, and I 663 00:32:01,480 --> 00:32:03,680 Speaker 6: can't remember who I heard this from it, but like, hey, 664 00:32:03,680 --> 00:32:05,920 Speaker 6: if you solve one problem for someone, you end up 665 00:32:05,920 --> 00:32:09,000 Speaker 6: creating ten more problems for them, which is amazing and 666 00:32:09,080 --> 00:32:12,120 Speaker 6: masterful to think about, right, And I think sometimes people 667 00:32:12,160 --> 00:32:15,040 Speaker 6: don't communicate how they can go deeper and increase the 668 00:32:15,080 --> 00:32:18,480 Speaker 6: lifetime value of the existing customer base, the region, the city, 669 00:32:18,560 --> 00:32:21,640 Speaker 6: the state, the country that they're in with their product. 670 00:32:21,880 --> 00:32:23,920 Speaker 6: And so what do I mean by that? If you 671 00:32:24,600 --> 00:32:27,760 Speaker 6: are if you help people write books? Okay, now that 672 00:32:27,840 --> 00:32:31,080 Speaker 6: the book is done, they need publishing, they need printing, 673 00:32:31,680 --> 00:32:35,680 Speaker 6: they need pr they need graphics done, they need their 674 00:32:35,760 --> 00:32:39,080 Speaker 6: author photo done. They need at least ten other things, 675 00:32:39,160 --> 00:32:40,600 Speaker 6: ten other problems that you created. 676 00:32:42,160 --> 00:32:42,920 Speaker 3: Earners, What's up? 677 00:32:43,000 --> 00:32:45,479 Speaker 4: You ever walk into a small business and everything just 678 00:32:45,640 --> 00:32:48,800 Speaker 4: works like, the checkout is fast, the re seats are digital, 679 00:32:49,320 --> 00:32:52,320 Speaker 4: tipping is a breeze, and you're out the door before 680 00:32:52,320 --> 00:32:56,480 Speaker 4: the line even builds. Odds are they're using Square? We 681 00:32:56,640 --> 00:32:59,160 Speaker 4: love supporting businesses that run on Square because it just 682 00:32:59,200 --> 00:33:02,440 Speaker 4: feels seamless. Whether it's a local coffee shop, a vendor 683 00:33:02,480 --> 00:33:04,640 Speaker 4: at a pop up market, or even one of. 684 00:33:04,600 --> 00:33:05,600 Speaker 3: Our merch partners. 685 00:33:05,840 --> 00:33:09,640 Speaker 4: Square makes it easy for them to take payments, manage inventory, 686 00:33:09,720 --> 00:33:13,640 Speaker 4: and run their business with confidence, all from one simple system. 687 00:33:14,080 --> 00:33:16,720 Speaker 4: If you're a business owner or even just thinking about 688 00:33:16,760 --> 00:33:19,840 Speaker 4: launching something soon, Square is hands down one of the 689 00:33:19,880 --> 00:33:23,320 Speaker 4: best tools out there to help you start, run, and grow. 690 00:33:23,600 --> 00:33:26,640 Speaker 4: It's not just about payments. It's about giving you time 691 00:33:26,720 --> 00:33:29,640 Speaker 4: back so you can focus on what matters most ready. 692 00:33:29,680 --> 00:33:33,080 Speaker 4: To see how Square can transform your business, visit Square 693 00:33:33,120 --> 00:33:37,640 Speaker 4: dot com backslash go backslash eyl to learn more that 694 00:33:37,840 --> 00:33:43,320 Speaker 4: Square dot com backslash, go backslash eyl. Don't wait, don't hesitate. 695 00:33:43,440 --> 00:33:45,800 Speaker 4: Let's Square handle the back end so you can keep 696 00:33:45,840 --> 00:33:51,920 Speaker 4: pushing your vision forward. This episode is brought to you 697 00:33:51,960 --> 00:33:54,240 Speaker 4: by P and C Bank. A lot of people think 698 00:33:54,280 --> 00:33:58,160 Speaker 4: podcasts about work are boring, and sure, they definitely can be, 699 00:33:58,680 --> 00:34:01,920 Speaker 4: but understanding a professional routine shows us how they achieve 700 00:34:02,000 --> 00:34:04,880 Speaker 4: their success little by little, day after day. 701 00:34:05,840 --> 00:34:07,480 Speaker 3: It's like banking with P and C Bank. 702 00:34:07,960 --> 00:34:10,759 Speaker 4: It might seem boring to save, plan and make calculated 703 00:34:10,800 --> 00:34:13,880 Speaker 4: decisions with your bank, but keeping your money boring is 704 00:34:13,920 --> 00:34:17,239 Speaker 4: what helps you live or more happily fulfilled life. P 705 00:34:17,360 --> 00:34:22,200 Speaker 4: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 706 00:34:22,239 --> 00:34:24,880 Speaker 4: Boring since eighteen sixty five is a service mark of 707 00:34:24,920 --> 00:34:28,160 Speaker 4: the PNC Financial Service Group, Inc. P and C Bank 708 00:34:28,600 --> 00:34:30,800 Speaker 4: National Association Member FDIC. 709 00:34:32,520 --> 00:34:36,160 Speaker 1: An illegal alien from Guatemala charged with raping a child 710 00:34:36,239 --> 00:34:40,040 Speaker 1: in Massachusetts. An MS thirteen gang member from el Salvador 711 00:34:40,280 --> 00:34:44,400 Speaker 1: accused of murdering a Texas man of Venezuelan charged with 712 00:34:44,480 --> 00:34:48,360 Speaker 1: filming and selling child pornography in Michigan. These are just 713 00:34:48,480 --> 00:34:52,240 Speaker 1: some of the heinous migrant criminals caught because of President 714 00:34:52,280 --> 00:34:55,799 Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States 715 00:34:55,880 --> 00:35:00,680 Speaker 1: Secretary of Homeland Security. Under President Trump, attempted legal border 716 00:35:00,719 --> 00:35:04,239 Speaker 1: crossings are at the lowest levels ever recorded, and over 717 00:35:04,320 --> 00:35:06,560 Speaker 1: one hundred thousand illegal aliens. 718 00:35:06,120 --> 00:35:06,920 Speaker 2: Have been arrested. 719 00:35:07,239 --> 00:35:10,799 Speaker 1: If you were here illegally, your next you will be 720 00:35:10,840 --> 00:35:14,719 Speaker 1: fine nearly one thousand dollars a day, imprisoned and deported, 721 00:35:15,160 --> 00:35:18,400 Speaker 1: you will never return. But if you register using our 722 00:35:18,440 --> 00:35:21,640 Speaker 1: CBP home app and leave now, you could be allowed 723 00:35:21,680 --> 00:35:26,640 Speaker 1: to return legally. Do what's right. Leave now. Under President Trump, 724 00:35:26,800 --> 00:35:29,880 Speaker 1: America's laws, border and families will. 725 00:35:29,760 --> 00:35:32,680 Speaker 2: Be protected sponsored by the United States Department of Homeland Security. 726 00:35:32,880 --> 00:35:35,680 Speaker 6: That within itself can make you extremely wealthy if you 727 00:35:35,719 --> 00:35:37,720 Speaker 6: think about it. So when we talk about getting niche 728 00:35:37,760 --> 00:35:40,920 Speaker 6: down or getting scaled or scaling, sometimes it's not this. 729 00:35:41,360 --> 00:35:44,520 Speaker 6: It's literally going from here here or here here with 730 00:35:44,600 --> 00:35:47,120 Speaker 6: that customer base and being able to communicate that. 731 00:35:47,760 --> 00:35:52,520 Speaker 5: So, as far as another marketing question, what's the good leads? 732 00:35:52,520 --> 00:35:55,200 Speaker 5: Because I study like boxing, right, and I noticed that 733 00:35:55,280 --> 00:35:59,480 Speaker 5: like boxers, they announced the fight and then they go 734 00:35:59,600 --> 00:36:03,000 Speaker 5: to training camp for about five weeks and then it's quiet. 735 00:36:03,040 --> 00:36:05,279 Speaker 5: That training camp period is quiet, yeah, and then like 736 00:36:05,320 --> 00:36:09,280 Speaker 5: two weeks before the fight, that's when it's an onslaught 737 00:36:09,320 --> 00:36:14,600 Speaker 5: of just marketing. They don't market the whole entire six weeks, right, 738 00:36:15,160 --> 00:36:19,840 Speaker 5: So from your perspective, what is a good time to 739 00:36:20,040 --> 00:36:22,840 Speaker 5: actually market leading up to like a drop date or 740 00:36:22,880 --> 00:36:25,920 Speaker 5: a release date or an event, as opposed to starting 741 00:36:25,960 --> 00:36:28,560 Speaker 5: too early and then you just kind of wasting time 742 00:36:28,600 --> 00:36:31,680 Speaker 5: because people usually don't buy until there's a sense of urgency, 743 00:36:31,760 --> 00:36:33,440 Speaker 5: like leading up to the actual date. 744 00:36:34,760 --> 00:36:37,880 Speaker 6: So you hit on something really interesting. Because it's also 745 00:36:37,920 --> 00:36:39,759 Speaker 6: the thing that I hear the most of, like I 746 00:36:39,800 --> 00:36:42,279 Speaker 6: got to build in silence, And I think that's some 747 00:36:42,320 --> 00:36:45,239 Speaker 6: of the worst business advice that people tet. There's a 748 00:36:45,239 --> 00:36:47,719 Speaker 6: lot of bad, crazy things that people say. It's also 749 00:36:47,840 --> 00:36:49,560 Speaker 6: like I gotta get the coins in the bag, Like 750 00:36:49,920 --> 00:36:52,560 Speaker 6: do you really want coins? What kind of bag do 751 00:36:52,640 --> 00:36:52,960 Speaker 6: you want? 752 00:36:53,040 --> 00:36:53,680 Speaker 3: Like what you like? 753 00:36:53,719 --> 00:36:57,200 Speaker 6: You got to be very specific, And so why I 754 00:36:57,239 --> 00:36:59,320 Speaker 6: hate when people say you got to build in silence 755 00:36:59,400 --> 00:37:02,120 Speaker 6: is because most times people have no idea what you're doing. 756 00:37:02,880 --> 00:37:05,520 Speaker 6: And you think that people around you understand what you're 757 00:37:05,520 --> 00:37:07,560 Speaker 6: doing and what they're building and how they can help you, 758 00:37:07,600 --> 00:37:10,440 Speaker 6: and they do not, not unless you communicate it. And 759 00:37:10,480 --> 00:37:12,560 Speaker 6: so I think the boxing part is a really good example. 760 00:37:12,560 --> 00:37:15,120 Speaker 6: But I think the way movies are put out, or 761 00:37:15,120 --> 00:37:16,799 Speaker 6: how they used to be put out, is a better 762 00:37:16,840 --> 00:37:19,040 Speaker 6: It's like a better example if I can explain that, right. 763 00:37:19,440 --> 00:37:22,560 Speaker 6: And so when a movie first comes out, you know, 764 00:37:22,640 --> 00:37:25,200 Speaker 6: most entrepreneurs, they just pop open and they expect the 765 00:37:25,280 --> 00:37:27,800 Speaker 6: arena to be full a filled. It does not happen. 766 00:37:28,120 --> 00:37:29,839 Speaker 6: You do not build it, and they will come. You 767 00:37:29,880 --> 00:37:32,400 Speaker 6: have to create the village and the community. And so 768 00:37:33,280 --> 00:37:38,280 Speaker 6: when movies are created, maybe three, four or five years before, 769 00:37:38,560 --> 00:37:41,400 Speaker 6: you have a few of the key artists or the 770 00:37:41,520 --> 00:37:44,400 Speaker 6: few of the key actors talking about I'm working on 771 00:37:44,440 --> 00:37:47,000 Speaker 6: this movie. They may do some light interviews, they may 772 00:37:47,000 --> 00:37:49,000 Speaker 6: do some drops. You may see a little bit of 773 00:37:49,000 --> 00:37:51,719 Speaker 6: content that they're on the studio. But they've told you 774 00:37:51,800 --> 00:37:53,960 Speaker 6: that they are in the process of building somebody. 775 00:37:54,080 --> 00:37:55,520 Speaker 5: I mean, what's the tipher you said three five. 776 00:37:55,640 --> 00:37:57,839 Speaker 6: I've usually seen it like two to three years out, 777 00:37:57,920 --> 00:37:59,960 Speaker 6: two to three years yeah, because it takes a year 778 00:38:00,200 --> 00:38:02,480 Speaker 6: plus them or sometimes years to be able to do 779 00:38:02,520 --> 00:38:05,960 Speaker 6: a movie. But usually those marquee top artists are not 780 00:38:06,080 --> 00:38:09,120 Speaker 6: keep saying artists, but like actors, they drop that they're 781 00:38:09,160 --> 00:38:11,480 Speaker 6: working on a movie. They may even drop the title, 782 00:38:11,719 --> 00:38:15,560 Speaker 6: but they drop something right. And then as it progresses, 783 00:38:15,600 --> 00:38:18,440 Speaker 6: you start to see more and more things literally about 784 00:38:18,480 --> 00:38:21,759 Speaker 6: the process. There's nothing wrong with documenting your process to 785 00:38:21,760 --> 00:38:24,640 Speaker 6: getting to that point. And then, as I would say, 786 00:38:24,680 --> 00:38:26,200 Speaker 6: like maybe a year out is when you start to 787 00:38:26,200 --> 00:38:29,160 Speaker 6: see the commercials, you start to see the press junkets, 788 00:38:29,200 --> 00:38:33,120 Speaker 6: you start to see the trailers, come out, behind the 789 00:38:33,160 --> 00:38:36,480 Speaker 6: scenes footage right, and then mons the three months leading 790 00:38:36,520 --> 00:38:38,840 Speaker 6: up to it, that's when you see the onslaught of things, 791 00:38:39,120 --> 00:38:42,000 Speaker 6: so that on Friday Night when the movie hits, there 792 00:38:42,040 --> 00:38:44,520 Speaker 6: is actually people to buy the tickets. And I think 793 00:38:44,640 --> 00:38:47,239 Speaker 6: entrepreneurs look at and not all entrepreneurs, but I think 794 00:38:47,360 --> 00:38:51,920 Speaker 6: entrepreneurs that are scared rightfully, so I get it. But 795 00:38:51,960 --> 00:38:53,919 Speaker 6: if you want to sell a product and you want 796 00:38:53,920 --> 00:38:56,440 Speaker 6: people to support you, you got to let them know 797 00:38:56,600 --> 00:38:58,440 Speaker 6: and be a part of the journey of getting there. 798 00:38:58,480 --> 00:39:01,319 Speaker 6: That's part of the storytelling. That is the magic that 799 00:39:01,360 --> 00:39:04,799 Speaker 6: builds the affinity for people wanting to actually purchase or 800 00:39:04,840 --> 00:39:07,000 Speaker 6: be a part of the process. People want to be 801 00:39:07,080 --> 00:39:09,840 Speaker 6: a part of your winning season and your process. And 802 00:39:09,880 --> 00:39:12,800 Speaker 6: if you never tell them what you're working on, because 803 00:39:12,840 --> 00:39:15,719 Speaker 6: you're building in the dark, which is very bad information, 804 00:39:16,040 --> 00:39:19,160 Speaker 6: there's nobody there, and then what happens is you get 805 00:39:19,320 --> 00:39:23,600 Speaker 6: very discouraged because it's there's no one there to support you. 806 00:39:23,600 --> 00:39:27,560 Speaker 6: You then very ill blame your friends and family, like 807 00:39:27,600 --> 00:39:30,719 Speaker 6: why they not buying a product, They're not your customer. 808 00:39:31,120 --> 00:39:33,839 Speaker 6: My husband and I ran a gourmet popsicle a manufacturing 809 00:39:34,200 --> 00:39:39,400 Speaker 6: company like with clients like PayPal, Google, Target for seven years. 810 00:39:40,360 --> 00:39:42,640 Speaker 6: I never went to my parents and like, why y'all 811 00:39:42,680 --> 00:39:45,600 Speaker 6: not buying popsicles? Why because my parents are black and 812 00:39:45,640 --> 00:39:49,239 Speaker 6: they like butter pecan and ice cream, they're not buying popsicles. 813 00:39:49,320 --> 00:39:52,480 Speaker 6: They never bought a popsicle, but they supported me in 814 00:39:52,560 --> 00:39:54,360 Speaker 6: other ways. But I also knew they were not my 815 00:39:54,440 --> 00:39:58,279 Speaker 6: customer base. Wealthy white women were our customer base because 816 00:39:58,280 --> 00:40:00,640 Speaker 6: they could buy a thirty dollars box of pa obstacles, 817 00:40:00,880 --> 00:40:05,120 Speaker 6: where they can buy a forty dollars box of alcohol popsicles, 818 00:40:05,120 --> 00:40:07,400 Speaker 6: Like that was our customer base, right Like, and we 819 00:40:07,520 --> 00:40:09,520 Speaker 6: had to understand that, and we it was hard for 820 00:40:09,600 --> 00:40:12,040 Speaker 6: us to get to that point. But I just stress 821 00:40:12,120 --> 00:40:14,560 Speaker 6: people in that process of do not build in the dark. 822 00:40:14,800 --> 00:40:16,759 Speaker 6: You don't have to give all your IP away, but 823 00:40:16,800 --> 00:40:19,239 Speaker 6: you've got to make sure people understand the journey that 824 00:40:19,320 --> 00:40:21,920 Speaker 6: you're on and then the value that you're bringing in 825 00:40:22,040 --> 00:40:24,760 Speaker 6: what problems that you're solving, and if you wait until 826 00:40:24,760 --> 00:40:28,479 Speaker 6: you spent all this inventory to even test any of that, 827 00:40:28,600 --> 00:40:31,520 Speaker 6: then then you've already started with a bad foundation. 828 00:40:31,719 --> 00:40:33,759 Speaker 3: And you talked about don't build in the dark, right, 829 00:40:33,840 --> 00:40:37,680 Speaker 3: So a part of that to kind of alleviate that 830 00:40:37,719 --> 00:40:41,120 Speaker 3: would be good mentorship. I want you to talk about 831 00:40:41,400 --> 00:40:45,160 Speaker 3: what Black ambition is doing and its intentionality around having mentorship. 832 00:40:45,200 --> 00:40:49,080 Speaker 6: So these entrepreneurs mentorship, but like the right type of mentorship, right, 833 00:40:49,160 --> 00:40:51,839 Speaker 6: And so you know, I know people say this quote 834 00:40:51,840 --> 00:40:56,240 Speaker 6: all the time Black people are underfunded but over mentored, 835 00:40:56,360 --> 00:40:59,719 Speaker 6: and I truly believe that where we're different when black 836 00:40:59,719 --> 00:41:03,200 Speaker 6: and and this mostly comes from like my past entrepreneurial 837 00:41:03,560 --> 00:41:07,439 Speaker 6: well current, but like entrepreneurial experiences, I had some really 838 00:41:07,440 --> 00:41:10,120 Speaker 6: great mentors and I had a lot of BS mentors 839 00:41:10,480 --> 00:41:13,080 Speaker 6: that would just look at my deck and say, Okay, change, 840 00:41:13,160 --> 00:41:15,880 Speaker 6: just change that. But like if I needed the buyer 841 00:41:15,960 --> 00:41:18,640 Speaker 6: for Whole Foods and you had that person in like 842 00:41:18,920 --> 00:41:21,560 Speaker 6: as a contact, as a college buddy, and you would 843 00:41:21,560 --> 00:41:24,040 Speaker 6: look at what I'm building, understand the value of it, 844 00:41:24,080 --> 00:41:26,359 Speaker 6: but you would never make that phone call for me. Well, 845 00:41:26,360 --> 00:41:29,000 Speaker 6: you're doing me more of a disservice. And That's what 846 00:41:29,040 --> 00:41:31,680 Speaker 6: I've seen happen for the years that we were building 847 00:41:31,719 --> 00:41:34,240 Speaker 6: Black Tech Week. That's what I've seen happen in the 848 00:41:34,280 --> 00:41:37,400 Speaker 6: beginning years of Black Ambition is like you had a 849 00:41:37,400 --> 00:41:39,400 Speaker 6: lot of people that wanted to mentor black people to 850 00:41:39,400 --> 00:41:42,400 Speaker 6: get a pat on the back, but they weren't actually 851 00:41:42,480 --> 00:41:46,319 Speaker 6: valuable in opening up their rolodex and opening up like 852 00:41:46,360 --> 00:41:49,480 Speaker 6: their contacts and putting you on. And so we need 853 00:41:49,480 --> 00:41:52,359 Speaker 6: more mentors that put you on. And so that thought 854 00:41:52,400 --> 00:41:55,080 Speaker 6: process is what we've ingrained into Black Ambition, Like we 855 00:41:55,160 --> 00:41:59,560 Speaker 6: have really amazing mentors that have invested in their entrepreneurs 856 00:42:00,480 --> 00:42:04,480 Speaker 6: have opened up the doors to HSN, to Target, to Walmart, 857 00:42:05,239 --> 00:42:10,040 Speaker 6: to major retailers because of that very specific intention if 858 00:42:10,120 --> 00:42:12,880 Speaker 6: you are not going to call on behalf of our 859 00:42:13,000 --> 00:42:18,560 Speaker 6: entrepreneurs do not come to our program. And our entrepreneurs 860 00:42:18,600 --> 00:42:21,080 Speaker 6: people have gotten very comfortable wasting the time of black 861 00:42:21,200 --> 00:42:24,120 Speaker 6: entrepreneurs like wasting the time, and time is the only 862 00:42:24,120 --> 00:42:26,440 Speaker 6: commodity that you do not get back. And so when 863 00:42:26,440 --> 00:42:29,080 Speaker 6: we're talking about closing the wealth gap, well, wealth has 864 00:42:29,080 --> 00:42:31,680 Speaker 6: a need for speed, and if we don't fully understand 865 00:42:31,680 --> 00:42:35,560 Speaker 6: that as a big utility for black entrepreneurs, then get 866 00:42:35,600 --> 00:42:37,879 Speaker 6: out of the way, do not bother them, give them 867 00:42:37,880 --> 00:42:39,840 Speaker 6: what they need, and then get out the way so 868 00:42:39,880 --> 00:42:42,319 Speaker 6: that they can build their companies because they're equipped to it, 869 00:42:42,520 --> 00:42:45,520 Speaker 6: they just are oftentimes blocked from the resources that are necessary. 870 00:42:45,680 --> 00:42:49,240 Speaker 6: So in the three months of the Cohort for Black Ambition, 871 00:42:50,120 --> 00:42:52,799 Speaker 6: we have about fifty mentors throughout the pods that we 872 00:42:52,880 --> 00:42:55,239 Speaker 6: create for the two hundred and fifty companies that do 873 00:42:55,320 --> 00:42:58,719 Speaker 6: exactly just that. They're supporting them with the knowledge the 874 00:42:58,760 --> 00:43:01,680 Speaker 6: resources that they need. But then they're also opening up 875 00:43:01,760 --> 00:43:04,640 Speaker 6: doors for those entrepreneurs because they have really good companies. 876 00:43:04,960 --> 00:43:07,960 Speaker 6: And to me, that's the biggest kind of show of 877 00:43:08,040 --> 00:43:11,360 Speaker 6: belief in those companies is if you're leveraging your reputation 878 00:43:11,880 --> 00:43:13,879 Speaker 6: and your relationships and support of them. 879 00:43:14,360 --> 00:43:17,480 Speaker 3: You said entrepreneurs, And it made me think, because I 880 00:43:17,480 --> 00:43:20,919 Speaker 3: know Shy's thinking from the marketing standpoint when with Jay 881 00:43:21,120 --> 00:43:23,400 Speaker 3: and Pharrell putting the song out that was part of 882 00:43:23,400 --> 00:43:24,760 Speaker 3: the rollout for Black Ambitions. 883 00:43:24,800 --> 00:43:27,560 Speaker 6: This part of my it was the empetism for that, Yeah, 884 00:43:27,680 --> 00:43:31,640 Speaker 6: that the song. Virgil designed the logo for Black and 885 00:43:31,840 --> 00:43:36,759 Speaker 6: Black Ambition, and it was you know, Pharrell has has 886 00:43:36,800 --> 00:43:40,600 Speaker 6: a long standing career in this right as an entrepreneur, 887 00:43:40,640 --> 00:43:44,560 Speaker 6: as a creative, as a definitely as a musician, right 888 00:43:44,880 --> 00:43:47,840 Speaker 6: among so many things, and owns a ton of companies 889 00:43:47,920 --> 00:43:51,480 Speaker 6: in a lot of different verticals, and so Black Ambition 890 00:43:51,640 --> 00:43:53,640 Speaker 6: is literally him, Like I say that to him all 891 00:43:53,680 --> 00:43:56,000 Speaker 6: the time, and I say that to people, like looking 892 00:43:56,000 --> 00:43:58,880 Speaker 6: at where he came from from Virginia and figuring that 893 00:43:59,000 --> 00:44:01,200 Speaker 6: out and like getting to this point where he's now 894 00:44:01,440 --> 00:44:05,120 Speaker 6: building legacy for himself and his family, and then that 895 00:44:05,239 --> 00:44:08,200 Speaker 6: legacy is through the one hundred and one entrepreneurs that 896 00:44:08,239 --> 00:44:09,000 Speaker 6: we've invested in. 897 00:44:09,280 --> 00:44:11,040 Speaker 3: It was perfect time. And when that song came out, 898 00:44:11,120 --> 00:44:13,839 Speaker 3: we I mean think we in our second year. It 899 00:44:13,880 --> 00:44:18,200 Speaker 3: was like it sounds like we're doing yeah, perfect. 900 00:44:18,719 --> 00:44:19,920 Speaker 5: So how did you connect with him? 901 00:44:21,320 --> 00:44:25,000 Speaker 6: His chief of staff asked me to come lead Black Ambition, 902 00:44:25,200 --> 00:44:28,160 Speaker 6: and that was my first time meeting meeting him and 903 00:44:28,239 --> 00:44:31,360 Speaker 6: chatting through like what black Ambition could be and where 904 00:44:31,400 --> 00:44:33,920 Speaker 6: what we can grow it into, the need and the 905 00:44:33,960 --> 00:44:36,680 Speaker 6: importance of it, and then more than anything, how to 906 00:44:36,680 --> 00:44:40,680 Speaker 6: really kind of extract the resources and the access and 907 00:44:40,719 --> 00:44:44,000 Speaker 6: the people that are around him to support the entrepreneurs. 908 00:44:44,040 --> 00:44:47,640 Speaker 6: And so that was literally one of our first conversations. 909 00:44:47,800 --> 00:44:50,319 Speaker 5: So how hands on? Obviously everybody knows he lives in 910 00:44:50,360 --> 00:44:54,319 Speaker 5: Paris and he's running Leavaton, so I'm sure he got 911 00:44:54,360 --> 00:44:58,000 Speaker 5: his hands full. How hands on is he in Like 912 00:44:58,040 --> 00:44:59,560 Speaker 5: how often do you communicate with him? 913 00:45:00,080 --> 00:45:02,080 Speaker 6: I talked to him quite a bit because he's my boss, 914 00:45:03,160 --> 00:45:05,520 Speaker 6: but he's really hands on as much as he can 915 00:45:05,560 --> 00:45:08,520 Speaker 6: be with Black Ambition, right, and so and a lot 916 00:45:08,560 --> 00:45:10,920 Speaker 6: of that comes from like his ideas and his vision 917 00:45:11,080 --> 00:45:14,279 Speaker 6: around it, and then his resources and his people more 918 00:45:14,320 --> 00:45:16,880 Speaker 6: than anything, you know, when you talk about me, when 919 00:45:16,920 --> 00:45:19,080 Speaker 6: I was talking about mentors being able to kind of 920 00:45:19,360 --> 00:45:23,319 Speaker 6: conflate the time that's needed for entrepreneurs. One of my 921 00:45:23,400 --> 00:45:25,800 Speaker 6: first ask of him and I take all the entrepreneurs 922 00:45:25,840 --> 00:45:28,160 Speaker 6: asks that they have and present it to him and 923 00:45:28,200 --> 00:45:30,200 Speaker 6: his team for them to really kind of find the 924 00:45:30,239 --> 00:45:33,279 Speaker 6: contacts for the entrepreneurs. But I remember one of the 925 00:45:33,280 --> 00:45:37,279 Speaker 6: company's family, which is a feminine hygiene company. One of 926 00:45:37,320 --> 00:45:40,480 Speaker 6: the twenty twenty one prize winners who had been knocking 927 00:45:40,560 --> 00:45:43,680 Speaker 6: on the door for Marriott for about two years could 928 00:45:43,760 --> 00:45:46,719 Speaker 6: not get through. And having that conversation, I'm like, hey, 929 00:45:46,719 --> 00:45:48,880 Speaker 6: she's trying to get into marriout. He's like, well, I 930 00:45:48,960 --> 00:45:51,439 Speaker 6: know one of the owners of Marriott, and like, within 931 00:45:51,560 --> 00:45:54,040 Speaker 6: two phone calls, it helped her get into I think 932 00:45:54,080 --> 00:45:57,839 Speaker 6: her first one or two locations in Marriott. That's what 933 00:45:57,880 --> 00:46:01,360 Speaker 6: black entrepreneurs need, that's what we need, right, And so 934 00:46:02,080 --> 00:46:04,800 Speaker 6: now she gets two years of her time back. Unfortunately 935 00:46:04,880 --> 00:46:06,840 Speaker 6: she had to spend two years to get to that point. 936 00:46:07,120 --> 00:46:09,480 Speaker 6: But I think that's the magic of having really good 937 00:46:09,520 --> 00:46:12,640 Speaker 6: mentors that can just pick like these are. When you're 938 00:46:12,760 --> 00:46:15,600 Speaker 6: working with high net worth individuals, right, and you're trying 939 00:46:15,640 --> 00:46:18,799 Speaker 6: to get entrepreneurs to get more comfortable to their proximity 940 00:46:18,800 --> 00:46:23,320 Speaker 6: to power and to wealth, it's introductions and it's phone calls, 941 00:46:23,400 --> 00:46:25,720 Speaker 6: and that is always the thing that in that moment 942 00:46:26,160 --> 00:46:29,080 Speaker 6: excited me how quickly it can happen, but it also 943 00:46:29,160 --> 00:46:32,560 Speaker 6: further discouraged me because how long it takes and how 944 00:46:32,600 --> 00:46:35,560 Speaker 6: difficult sometimes people make. It seem like you got the 945 00:46:35,600 --> 00:46:38,680 Speaker 6: contact if you really believe in black entrepreneurs, why won't 946 00:46:38,719 --> 00:46:40,759 Speaker 6: you pick up the phone because if you would need 947 00:46:40,800 --> 00:46:42,400 Speaker 6: if you need it, And I asked people that, like, 948 00:46:42,600 --> 00:46:45,120 Speaker 6: if you needed to raise a you know, five million 949 00:46:45,160 --> 00:46:48,120 Speaker 6: dollars really quick for your business, who are the top 950 00:46:48,160 --> 00:46:51,040 Speaker 6: five people that you're calling, that's my question. Who are 951 00:46:51,040 --> 00:46:52,879 Speaker 6: the five people that you're going to call? And they 952 00:46:52,920 --> 00:46:54,839 Speaker 6: tell me. I was saying, great, I need you to 953 00:46:54,840 --> 00:46:58,160 Speaker 6: call those five people for our entrepreneurs because if you 954 00:46:58,200 --> 00:47:00,000 Speaker 6: can do it for yourself or one of your buddies, 955 00:47:00,280 --> 00:47:02,480 Speaker 6: but you keep telling me you believe in our entrepreneurs, 956 00:47:03,239 --> 00:47:06,080 Speaker 6: call those five people for them. And if they can't 957 00:47:06,120 --> 00:47:08,320 Speaker 6: do it, they don't need to be involved in anything 958 00:47:08,320 --> 00:47:10,719 Speaker 6: that you have going on. And that's always my test 959 00:47:11,400 --> 00:47:14,200 Speaker 6: in my conversation. And sometimes they look at me crazy, 960 00:47:14,280 --> 00:47:17,359 Speaker 6: sometimes they stutter, and then for the most part, they 961 00:47:17,400 --> 00:47:20,520 Speaker 6: make those introductions. I've had some instances where they won't, 962 00:47:20,760 --> 00:47:23,279 Speaker 6: but then you know what you've told me exactly who 963 00:47:23,320 --> 00:47:26,279 Speaker 6: you are, because if you believe and you know you 964 00:47:26,280 --> 00:47:29,279 Speaker 6: can do it for yourself, then do it for these entrepreneurs. 965 00:47:29,480 --> 00:47:29,640 Speaker 5: Right. 966 00:47:29,719 --> 00:47:32,680 Speaker 6: And so when we talk about like Pharrell's involvement, a 967 00:47:32,719 --> 00:47:35,640 Speaker 6: lot of it has been putting our entrepreneurs on and 968 00:47:35,640 --> 00:47:38,680 Speaker 6: then he spends we do two office hours with the 969 00:47:38,840 --> 00:47:43,359 Speaker 6: entrepreneurs once we invest in them with him, and then 970 00:47:43,360 --> 00:47:45,719 Speaker 6: a lot of it is just like his amazing partners, right. 971 00:47:45,719 --> 00:47:48,279 Speaker 6: And so we were in New York maybe about a 972 00:47:48,280 --> 00:47:52,960 Speaker 6: month ago now where Luis LVMH is a funder of 973 00:47:53,000 --> 00:47:56,640 Speaker 6: Black Ambitions Work, and we created a learning lab. We 974 00:47:56,680 --> 00:47:58,640 Speaker 6: did it with Chanel when they were partners, and now 975 00:47:58,640 --> 00:48:01,520 Speaker 6: we've done it with LV and we bring all of 976 00:48:01,560 --> 00:48:04,360 Speaker 6: our entrepreneurs that we invest in into two days into 977 00:48:04,400 --> 00:48:08,719 Speaker 6: their headquarters, and then another day into their headquarters, and 978 00:48:08,760 --> 00:48:12,080 Speaker 6: then a day into their distribution center. No one gets 979 00:48:12,080 --> 00:48:14,719 Speaker 6: to go to the distribution center. You get to go 980 00:48:14,800 --> 00:48:17,799 Speaker 6: to it because you're a Black Ambition entrepreneur. And so 981 00:48:17,840 --> 00:48:20,120 Speaker 6: they get to ask all the questions about the supply chain, 982 00:48:20,160 --> 00:48:23,040 Speaker 6: the logistics from literally the top people that are doing it, 983 00:48:23,040 --> 00:48:25,720 Speaker 6: from one of the top luxury brands in the world. 984 00:48:26,000 --> 00:48:29,840 Speaker 6: They build out strategic plans for them, they answer any questions. 985 00:48:29,920 --> 00:48:32,680 Speaker 6: The president of the US comes and speaks with the 986 00:48:32,880 --> 00:48:36,360 Speaker 6: entrepreneurs and like mentors them. So there's that high level 987 00:48:36,680 --> 00:48:40,960 Speaker 6: of corporate mentorship that happens. Literally because Pharrell is a 988 00:48:41,000 --> 00:48:42,640 Speaker 6: part of LVMH. 989 00:48:42,160 --> 00:48:45,480 Speaker 5: And they believe the president president of the United States. 990 00:48:45,760 --> 00:48:48,080 Speaker 6: No, no, no, no, the president the president of Louis Vata. 991 00:48:49,400 --> 00:48:52,080 Speaker 6: That would be cool too. We got we got the president. 992 00:48:51,840 --> 00:48:56,759 Speaker 3: Of anything about the luxury sales. He knows something about 993 00:48:56,760 --> 00:48:59,960 Speaker 3: an others what you said family is want to do 994 00:49:00,040 --> 00:49:02,239 Speaker 3: succe what other I mean, I'm sure there are. What 995 00:49:02,280 --> 00:49:05,520 Speaker 3: are some of the other success stories from you know, 996 00:49:05,600 --> 00:49:07,279 Speaker 3: companies and entrepreneurs that you've invested in. 997 00:49:07,440 --> 00:49:10,040 Speaker 6: Yeah, it's like talking about what's your favorite baby, Right, 998 00:49:10,080 --> 00:49:13,759 Speaker 6: there's one hundred and one. So we do a one 999 00:49:13,800 --> 00:49:17,160 Speaker 6: million dollar investment each year and then the rest of 1000 00:49:17,200 --> 00:49:19,880 Speaker 6: the investments range between twenty five k to two hundred 1001 00:49:19,920 --> 00:49:21,960 Speaker 6: and fifty K, and we do about thirty five of 1002 00:49:22,000 --> 00:49:24,239 Speaker 6: those thirty to thirty five of those each each year. 1003 00:49:25,280 --> 00:49:29,080 Speaker 6: Our first year prize winner, Logistics is a construction like 1004 00:49:29,200 --> 00:49:33,320 Speaker 6: SaaS company out of Detroit that has done phenomenally well 1005 00:49:33,400 --> 00:49:35,840 Speaker 6: in the first year from the investment of Black Ambition. 1006 00:49:36,320 --> 00:49:38,720 Speaker 6: They went on to raise an additional six million dollars. 1007 00:49:39,080 --> 00:49:41,880 Speaker 6: They went from four employees to thirty four employees in 1008 00:49:41,880 --> 00:49:44,680 Speaker 6: the span of a year. They're not leaving Detroit and 1009 00:49:44,719 --> 00:49:47,640 Speaker 6: I love that, right so what they've been able to 1010 00:49:47,680 --> 00:49:50,080 Speaker 6: do with waste management in the contracts that they've gotten 1011 00:49:50,080 --> 00:49:54,799 Speaker 6: across the United States has been absolutely, absolutely amazing. And 1012 00:49:54,840 --> 00:49:57,680 Speaker 6: I remember when the first year of the prize, it 1013 00:49:57,800 --> 00:49:59,520 Speaker 6: was on Zoom because it was in the height of 1014 00:49:59,520 --> 00:50:03,720 Speaker 6: the pandemic, and myself and Farrell popped up on Zoom 1015 00:50:03,719 --> 00:50:06,040 Speaker 6: to tell them that they won a million dollars and 1016 00:50:06,160 --> 00:50:08,600 Speaker 6: everyone everyone is in tears. And then after I get 1017 00:50:08,640 --> 00:50:10,959 Speaker 6: off the phone, Farrell calls me and I'm like, oh Lord, 1018 00:50:10,960 --> 00:50:13,600 Speaker 6: what he called me about? And he calls and he 1019 00:50:13,680 --> 00:50:16,880 Speaker 6: was just like, that's the blueprint. And he was just like, 1020 00:50:16,920 --> 00:50:20,000 Speaker 6: when I was dreaming about what Black Ambition was going 1021 00:50:20,080 --> 00:50:22,880 Speaker 6: to become, I couldn't see who the entrepreneurs were going 1022 00:50:22,920 --> 00:50:24,760 Speaker 6: to be. I just knew that I was building something 1023 00:50:24,800 --> 00:50:27,520 Speaker 6: for them, and he was just like, they are the 1024 00:50:27,520 --> 00:50:32,319 Speaker 6: blueprint them. Khadiza, which was our Dose Beauty which creates 1025 00:50:32,400 --> 00:50:37,160 Speaker 6: hyper allergetic braiding hair I was our HBCU Top Prize 1026 00:50:37,200 --> 00:50:39,640 Speaker 6: winner for that year, so Live just six and then 1027 00:50:39,800 --> 00:50:43,440 Speaker 6: Kadija Dosa, those two companies when we that's we got 1028 00:50:43,480 --> 00:50:46,080 Speaker 6: off the phone and he was just like, that's the blueprint. 1029 00:50:46,239 --> 00:50:49,279 Speaker 6: That's who I was dreaming about. And so they have 1030 00:50:49,360 --> 00:50:53,319 Speaker 6: been the model ever since of how we look for companies. 1031 00:50:54,520 --> 00:50:58,319 Speaker 6: The second year of the prize, pound Cake, which is 1032 00:50:58,360 --> 00:51:03,279 Speaker 6: a lipstick company that has this proprietary technology. I know 1033 00:51:03,360 --> 00:51:06,440 Speaker 6: y'all wouldn't necessarily know, but like, you can buy lipstick 1034 00:51:06,480 --> 00:51:08,960 Speaker 6: in the store and no matter what your whatever your 1035 00:51:09,000 --> 00:51:11,120 Speaker 6: skin shade is, it's going to be a different color 1036 00:51:11,160 --> 00:51:13,680 Speaker 6: for whoever wears it. So they created a technology that 1037 00:51:13,719 --> 00:51:16,720 Speaker 6: it's the exact same color on no matter who puts 1038 00:51:16,719 --> 00:51:20,120 Speaker 6: it on. From a cultural skin tone standpoint, they were 1039 00:51:20,120 --> 00:51:22,239 Speaker 6: listed as one of Time one hundred's top and the 1040 00:51:22,440 --> 00:51:24,920 Speaker 6: Inventions of the year. The year that they won the 1041 00:51:24,920 --> 00:51:27,960 Speaker 6: Black Ambition Prize, they just rolled out into eight hundred 1042 00:51:28,080 --> 00:51:32,839 Speaker 6: Ulta locations. Last year's million dollar well yeah, twenty twenty 1043 00:51:32,840 --> 00:51:36,040 Speaker 6: three million dollar prize winner is Antoinette Banks with a 1044 00:51:36,080 --> 00:51:39,759 Speaker 6: company called expert iep. She founded the company because her 1045 00:51:39,840 --> 00:51:43,880 Speaker 6: daughter had autism and was given this prognosis that she'll 1046 00:51:44,239 --> 00:51:48,080 Speaker 6: never be able to matriculate through K through twelve with 1047 00:51:48,160 --> 00:51:52,800 Speaker 6: any level of success. And like black mothers, she said, 1048 00:51:53,400 --> 00:51:56,080 Speaker 6: watch me and her daughter I think just graduated either 1049 00:51:56,120 --> 00:51:59,240 Speaker 6: high school or just graduated college. And so she created 1050 00:51:59,239 --> 00:52:03,320 Speaker 6: a soft where that helps families and parents better navigate 1051 00:52:03,760 --> 00:52:07,480 Speaker 6: the X, like the individual learning plans that are created 1052 00:52:07,520 --> 00:52:10,320 Speaker 6: with school districts so that parents have much more power 1053 00:52:10,680 --> 00:52:13,799 Speaker 6: on how their children are being educated and much more 1054 00:52:13,800 --> 00:52:16,560 Speaker 6: accountability from the schools. And so those are our top 1055 00:52:16,600 --> 00:52:20,040 Speaker 6: three prize winners. I can go on and on, Like 1056 00:52:20,120 --> 00:52:22,680 Speaker 6: there's one of our companies that just rolled out into 1057 00:52:22,719 --> 00:52:27,840 Speaker 6: four airport locations. You have a prosthetic like a company 1058 00:52:27,840 --> 00:52:32,239 Speaker 6: out of Atlanta, like some really really phenomenal companies. You 1059 00:52:32,320 --> 00:52:35,560 Speaker 6: have Cosmology that's just rolled out into Target and HSN. 1060 00:52:36,040 --> 00:52:37,839 Speaker 6: The companies are doing phenomenally well. 1061 00:52:38,600 --> 00:52:41,640 Speaker 5: So and then so you guys invest in the companies 1062 00:52:41,960 --> 00:52:45,640 Speaker 5: you have. You take equity obviously, Yeah, how much is 1063 00:52:45,680 --> 00:52:47,319 Speaker 5: it the same equity or is it depends on how 1064 00:52:47,360 --> 00:52:47,840 Speaker 5: much it's the. 1065 00:52:47,800 --> 00:52:48,719 Speaker 6: Same across the board? 1066 00:52:48,760 --> 00:52:49,160 Speaker 5: What is it? 1067 00:52:49,360 --> 00:52:52,640 Speaker 6: We do it through a safe agreement. We give it's 1068 00:52:52,640 --> 00:52:54,920 Speaker 6: an eighty percent discount that we do so it's a 1069 00:52:55,000 --> 00:52:58,239 Speaker 6: very small amount that comes back into black ambitions so 1070 00:52:58,280 --> 00:52:59,880 Speaker 6: that we can fund more entrepreneurs. 1071 00:53:00,640 --> 00:53:04,719 Speaker 5: Okay, and then you help them raise more money from 1072 00:53:04,760 --> 00:53:08,040 Speaker 5: a network of rich people that you are connected with. 1073 00:53:08,200 --> 00:53:11,040 Speaker 6: Yeah, right, rich people, rich people and corporations. 1074 00:53:11,120 --> 00:53:14,279 Speaker 5: Yeah, and you also help them with mentorship. Yes, you 1075 00:53:14,640 --> 00:53:17,040 Speaker 5: would have them, like if somebody's in beauty care, you 1076 00:53:17,040 --> 00:53:19,080 Speaker 5: would you wouldn't have a mentor in the beauty care 1077 00:53:19,120 --> 00:53:22,200 Speaker 5: and it's correct, correct, and then that person would get 1078 00:53:22,200 --> 00:53:23,120 Speaker 5: equity in the company too. 1079 00:53:23,239 --> 00:53:27,120 Speaker 6: No, well, any follow on funding is something that's done separately. 1080 00:53:28,280 --> 00:53:30,239 Speaker 6: It's just what we do with Black Ambition and then 1081 00:53:30,239 --> 00:53:32,840 Speaker 6: connecting them to the mentors and the support that they need. 1082 00:53:32,880 --> 00:53:35,960 Speaker 5: So the business model, how do you guys make money 1083 00:53:35,960 --> 00:53:38,279 Speaker 5: from because eventually, I guess the plan is for these 1084 00:53:38,320 --> 00:53:40,719 Speaker 5: companies to make money exits and then you'll get paid 1085 00:53:40,760 --> 00:53:44,320 Speaker 5: later on. But in the meantime, how is it funded? 1086 00:53:44,520 --> 00:53:44,800 Speaker 3: Yeah? 1087 00:53:44,880 --> 00:53:46,759 Speaker 6: Yeah, So Black Ambition is a five oh one C 1088 00:53:46,840 --> 00:53:50,239 Speaker 6: three So we're a nonprofit. Most of our funding comes 1089 00:53:50,239 --> 00:53:54,520 Speaker 6: from foundations and major corporations that are partners that support 1090 00:53:54,560 --> 00:53:57,319 Speaker 6: the organization and allow us to do our programming and 1091 00:53:57,360 --> 00:53:59,840 Speaker 6: then also allow us to be able to invest in 1092 00:53:59,840 --> 00:54:01,400 Speaker 6: a get capital into those companies. 1093 00:54:01,640 --> 00:54:04,200 Speaker 5: LVMH. I'm assuming it is a major contributor. 1094 00:54:04,239 --> 00:54:06,880 Speaker 6: They're they're a major partner. Adidas is a major partner 1095 00:54:06,920 --> 00:54:11,160 Speaker 6: of ours as as well. Lenar Foundation is a fantastic 1096 00:54:11,280 --> 00:54:17,200 Speaker 6: partner of ours. Comcast NBC Universal is a new partner 1097 00:54:17,600 --> 00:54:18,759 Speaker 6: of Black Ambition too. 1098 00:54:19,120 --> 00:54:22,360 Speaker 5: And okay, this is before he started working at Levatana, 1099 00:54:22,440 --> 00:54:27,080 Speaker 5: after he started this company, lv nod your company. Did 1100 00:54:27,080 --> 00:54:28,160 Speaker 5: he start this before? 1101 00:54:29,360 --> 00:54:32,200 Speaker 6: Yeah? So Black Ambition is four years old and he's 1102 00:54:32,239 --> 00:54:36,279 Speaker 6: been on with LVMH as a men's creative director for 1103 00:54:36,800 --> 00:54:38,120 Speaker 6: maybe about a year and a half now. 1104 00:54:38,280 --> 00:54:39,799 Speaker 5: So I don't assuming he probably put it in a 1105 00:54:39,800 --> 00:54:43,120 Speaker 5: contract that Levton has to kind of help support this, 1106 00:54:43,440 --> 00:54:44,160 Speaker 5: right help. 1107 00:54:44,920 --> 00:54:48,319 Speaker 6: It is never really in like his contract as like 1108 00:54:48,360 --> 00:54:50,759 Speaker 6: an artist or the work that he does. But these 1109 00:54:50,800 --> 00:54:53,319 Speaker 6: are natural partnerships that make sense, right, And so I 1110 00:54:53,320 --> 00:54:56,920 Speaker 6: think when you think about artists, they can do a 1111 00:54:56,920 --> 00:54:59,720 Speaker 6: lot of different things other than contribute back into their community. 1112 00:54:59,719 --> 00:55:02,520 Speaker 6: And I thin think when you think about musicians or rappers, 1113 00:55:02,600 --> 00:55:05,240 Speaker 6: essentially they usually get that bad rap them and athletes 1114 00:55:05,280 --> 00:55:07,920 Speaker 6: that they don't contribute back to their communities. So I 1115 00:55:07,920 --> 00:55:09,920 Speaker 6: think the unique way in which he has done it 1116 00:55:10,400 --> 00:55:12,879 Speaker 6: in forming Black Ambition that allows us to fund these 1117 00:55:12,960 --> 00:55:16,239 Speaker 6: entrepreneurs is unique within himself. But it's something that we 1118 00:55:16,280 --> 00:55:19,840 Speaker 6: really want other people to copy, like copy our framework, 1119 00:55:19,920 --> 00:55:23,680 Speaker 6: copy our process, because we need as many entrepreneurs supported 1120 00:55:23,719 --> 00:55:24,200 Speaker 6: us possible. 1121 00:55:24,239 --> 00:55:27,080 Speaker 5: I think one of the things that I don't think 1122 00:55:27,120 --> 00:55:32,160 Speaker 5: people even know that's happening. So part of it, I 1123 00:55:32,200 --> 00:55:34,879 Speaker 5: think is actually getting the words well, I'm glad you're here, 1124 00:55:35,960 --> 00:55:38,160 Speaker 5: but I'm not. I don't. I haven't heard him speak 1125 00:55:38,200 --> 00:55:38,760 Speaker 5: about it. 1126 00:55:39,200 --> 00:55:41,879 Speaker 6: So he does quite a bit. I'm forced him too. 1127 00:55:42,320 --> 00:55:43,680 Speaker 5: Well. I think in outlets that. 1128 00:55:43,600 --> 00:55:49,560 Speaker 7: We listen to Okay, okay, that's important for our community, absolutely, So, yeah, 1129 00:55:49,680 --> 00:55:54,480 Speaker 7: that's because it's good, like representation is good and like 1130 00:55:54,480 --> 00:55:56,920 Speaker 7: you said, it's good to actually copy, right, but you 1131 00:55:56,960 --> 00:56:00,360 Speaker 7: can't copy if you're not actually aware of what actually 1132 00:56:00,400 --> 00:56:01,120 Speaker 7: currently happening. 1133 00:56:01,239 --> 00:56:04,040 Speaker 6: Yeah, yeah, but I mean thank you' all for this 1134 00:56:04,080 --> 00:56:06,440 Speaker 6: outlet to being able to do so, because I think 1135 00:56:08,400 --> 00:56:12,040 Speaker 6: one of the work is what we've been able to 1136 00:56:12,080 --> 00:56:15,360 Speaker 6: do for the past four years is important. The road 1137 00:56:15,560 --> 00:56:18,480 Speaker 6: ahead is equally important, and I think a lot of 1138 00:56:18,560 --> 00:56:21,839 Speaker 6: times when people build programs or institutions like this, they 1139 00:56:21,880 --> 00:56:25,239 Speaker 6: try and hold on to all the resources the failures 1140 00:56:25,320 --> 00:56:28,520 Speaker 6: as well as the success and we're very open about 1141 00:56:28,560 --> 00:56:31,200 Speaker 6: like what hasn't worked for us, so other people cannot 1142 00:56:31,200 --> 00:56:34,640 Speaker 6: go down that journey when they're building programs to support entrepreneurs. 1143 00:56:35,040 --> 00:56:38,040 Speaker 6: And then we've been equally talking about like the road 1144 00:56:38,080 --> 00:56:40,920 Speaker 6: ahead and then the successes that we've had, right, but 1145 00:56:41,000 --> 00:56:43,520 Speaker 6: like what we have learned in the process of that 1146 00:56:43,680 --> 00:56:46,040 Speaker 6: is super important. I think the one thing that I 1147 00:56:46,080 --> 00:56:48,279 Speaker 6: didn't mention that to me is one of the most 1148 00:56:48,320 --> 00:56:51,200 Speaker 6: important parts of the program is we approach it from 1149 00:56:51,200 --> 00:56:55,160 Speaker 6: a holistic standpoint, and so we have therapists on staff 1150 00:56:55,280 --> 00:56:59,200 Speaker 6: that support our entrepreneurs through a program called Evoke. So 1151 00:56:59,239 --> 00:57:03,680 Speaker 6: the entrepreneurs get group wellness and mental health support. They 1152 00:57:03,719 --> 00:57:06,400 Speaker 6: also get a bucket of in like one oh one support. 1153 00:57:06,920 --> 00:57:11,200 Speaker 6: Because my heart goes out to any entrepreneur that bet 1154 00:57:11,239 --> 00:57:14,319 Speaker 6: the house cash in on their four one K right 1155 00:57:14,360 --> 00:57:17,360 Speaker 6: before the pandemic for literally every worst case scenario that 1156 00:57:17,440 --> 00:57:20,360 Speaker 6: they that stopped them before to happen when they started business, 1157 00:57:20,400 --> 00:57:23,960 Speaker 6: and that was a pandemic. And so people are not okay. 1158 00:57:24,520 --> 00:57:27,040 Speaker 6: And when you talk about entrepreneurship and the ib and 1159 00:57:27,080 --> 00:57:29,680 Speaker 6: flow of it, some days is really good, some days 1160 00:57:29,720 --> 00:57:32,600 Speaker 6: it's really bad. People are burnt out. And in my 1161 00:57:32,720 --> 00:57:35,720 Speaker 6: entrepreneurial journey, I've burnt out twice. I do not wish 1162 00:57:35,800 --> 00:57:38,919 Speaker 6: burnout on anyone. And so when you're talking about that 1163 00:57:39,120 --> 00:57:42,840 Speaker 6: aspect of entrepreneurship, and then the fact that again when 1164 00:57:42,840 --> 00:57:44,840 Speaker 6: I go back to the proximity of wealth and power 1165 00:57:45,120 --> 00:57:47,200 Speaker 6: that many of our entrepreneurs are having for the very 1166 00:57:47,240 --> 00:57:50,880 Speaker 6: first time. That power dynamic of constantly going in front 1167 00:57:50,920 --> 00:57:53,360 Speaker 6: of people that don't look like you, asking them for 1168 00:57:53,400 --> 00:57:56,919 Speaker 6: corporate opportunities, asking them for contracts, asking them for money. 1169 00:57:57,000 --> 00:57:59,640 Speaker 6: It wanes on you. People always talk about you got 1170 00:57:59,680 --> 00:58:01,840 Speaker 6: to get to one hundred no's for your yes. The 1171 00:58:01,960 --> 00:58:04,680 Speaker 6: second note is hard as hell. The fifth note you 1172 00:58:04,720 --> 00:58:06,640 Speaker 6: don't want to get out of bed. But we need 1173 00:58:06,680 --> 00:58:09,760 Speaker 6: them to behold as entrepreneurs and that we need them 1174 00:58:09,760 --> 00:58:11,960 Speaker 6: to be good stewards of the resources that we provide 1175 00:58:11,960 --> 00:58:14,760 Speaker 6: at Black Ambition, and then when they raise capital, they're 1176 00:58:14,760 --> 00:58:18,560 Speaker 6: stepping into new levels of leadership for the very first time. 1177 00:58:18,920 --> 00:58:20,680 Speaker 6: They're the first in their family to do these things 1178 00:58:20,720 --> 00:58:22,960 Speaker 6: for the first time, and a lot of them do 1179 00:58:23,000 --> 00:58:25,640 Speaker 6: not have the tools mentally to be able to sustain 1180 00:58:25,680 --> 00:58:29,640 Speaker 6: their business, to even get to a point of scalability. 1181 00:58:29,760 --> 00:58:33,320 Speaker 6: And so having therapists on staff is something that is 1182 00:58:33,320 --> 00:58:35,920 Speaker 6: a kind of a really big component and vertical of 1183 00:58:35,960 --> 00:58:39,320 Speaker 6: Black Ambition, And it aligns back to Pharrell, who is 1184 00:58:39,360 --> 00:58:43,520 Speaker 6: a very spiritual and hoalistic person that we've incorporated into 1185 00:58:43,600 --> 00:58:45,000 Speaker 6: our programming for entrepreneurs. 1186 00:58:45,320 --> 00:58:47,120 Speaker 3: He said, there are some of the things that have 1187 00:58:47,280 --> 00:58:50,360 Speaker 3: not worked, And obviously business and entrepreneurship is a learning 1188 00:58:50,360 --> 00:58:53,320 Speaker 3: process and the social at this level. At this point, 1189 00:58:53,760 --> 00:58:56,720 Speaker 3: are there things that you're learning from entrepreneurs and what 1190 00:58:56,760 --> 00:58:58,200 Speaker 3: are some of the things that didn't work for you? 1191 00:58:59,240 --> 00:59:03,040 Speaker 6: How long are going to be? Yeah, there's there's a 1192 00:59:03,040 --> 00:59:06,640 Speaker 6: lot that we learned from them. You know, I think 1193 00:59:06,840 --> 00:59:11,480 Speaker 6: the the programming around our HBCU entrepreneurs we had to 1194 00:59:11,640 --> 00:59:16,439 Speaker 6: revamp because it wasn't it wasn't aligned with where those 1195 00:59:16,560 --> 00:59:19,880 Speaker 6: where those entrepreneurs are at the very early stage. When 1196 00:59:19,880 --> 00:59:22,919 Speaker 6: we first started Black Ambition, we had like an ideation track, 1197 00:59:23,000 --> 00:59:24,920 Speaker 6: so you could just apply for the prize with just 1198 00:59:24,960 --> 00:59:27,400 Speaker 6: an idea. Well, you were applying for the prize with 1199 00:59:27,520 --> 00:59:31,240 Speaker 6: just an idea with entrepreneurs that were doing revenue upward 1200 00:59:31,280 --> 00:59:36,040 Speaker 6: of a million plus. That's a misalignment for investors on 1201 00:59:36,120 --> 00:59:38,360 Speaker 6: the on the back end of once we invest in them, 1202 00:59:38,520 --> 00:59:40,760 Speaker 6: if we're pulling them all together to have a meeting, 1203 00:59:41,840 --> 00:59:43,240 Speaker 6: and we also want to make sure that we're not 1204 00:59:43,280 --> 00:59:46,480 Speaker 6: setting those entrepreneurs that are super super early up for failure. 1205 00:59:46,920 --> 00:59:48,480 Speaker 6: And so that's the learning that we had. So we 1206 00:59:48,520 --> 00:59:52,480 Speaker 6: took out the ideation track from the prize. It was 1207 00:59:52,560 --> 00:59:54,720 Speaker 6: painful to take it out, but we had to in 1208 00:59:54,800 --> 00:59:56,920 Speaker 6: order to one hold onto the integrity of what we 1209 00:59:57,000 --> 01:00:00,800 Speaker 6: built and then make sure that those entrepreneurs, the corporate, 1210 01:00:01,040 --> 01:00:04,000 Speaker 6: the investor introductions that we were making for them, that 1211 01:00:04,000 --> 01:00:06,680 Speaker 6: they were ready and right for those opportunities. And so 1212 01:00:06,960 --> 01:00:10,400 Speaker 6: that required us to just change how we supported HBCU 1213 01:00:10,560 --> 01:00:13,240 Speaker 6: entrepreneurs and those in the ideation stage, and so we 1214 01:00:13,280 --> 01:00:16,920 Speaker 6: launched an HBCU Tour, We launched an HBCU pre Accelerator 1215 01:00:16,960 --> 01:00:19,840 Speaker 6: to help those entrepreneurs still get them some capital. Those 1216 01:00:19,840 --> 01:00:23,120 Speaker 6: are grants, those aren't investments, but it allowed them to 1217 01:00:23,240 --> 01:00:26,000 Speaker 6: just kind of get a little bit more hands on 1218 01:00:26,040 --> 01:00:29,760 Speaker 6: support that they needed in order to get them ready 1219 01:00:29,760 --> 01:00:31,840 Speaker 6: for it for the next stage. That was one of 1220 01:00:31,880 --> 01:00:36,120 Speaker 6: the biggest learnings that we had the time to complete 1221 01:00:36,120 --> 01:00:39,400 Speaker 6: the application in and with itself is something that we 1222 01:00:39,480 --> 01:00:42,479 Speaker 6: had to change too. And I think there's a lot 1223 01:00:42,480 --> 01:00:45,560 Speaker 6: of after the murder of George Floyd, there were an 1224 01:00:45,600 --> 01:00:49,000 Speaker 6: onslaught of programs that were built right onslaught of programs, 1225 01:00:49,160 --> 01:00:51,640 Speaker 6: and every single one of them was requiring an application 1226 01:00:51,680 --> 01:00:54,040 Speaker 6: that took you two days. Well, that's not actually fair 1227 01:00:54,080 --> 01:00:56,080 Speaker 6: to the entrepreneurs because they need to build their companies. 1228 01:00:56,320 --> 01:00:57,760 Speaker 6: And so if there's ten programs that I'm going to 1229 01:00:57,760 --> 01:00:59,320 Speaker 6: try and apply for, and each one of those had 1230 01:00:59,320 --> 01:01:01,919 Speaker 6: taking me twenty two or three days to but they're 1231 01:01:01,920 --> 01:01:04,880 Speaker 6: all asking for the same question, how can we lessen 1232 01:01:04,960 --> 01:01:07,960 Speaker 6: that load for them and just get the exact information 1233 01:01:08,040 --> 01:01:10,560 Speaker 6: that we need to create the opportunity for them, but 1234 01:01:10,600 --> 01:01:13,200 Speaker 6: then also stop wasting their time. And so like, those 1235 01:01:13,200 --> 01:01:16,080 Speaker 6: are some programmatic things that we had to change. And 1236 01:01:16,120 --> 01:01:18,840 Speaker 6: then what I mentioned to you about the mentors is 1237 01:01:18,920 --> 01:01:22,200 Speaker 6: reevaluating all the mentors that were coming into our program 1238 01:01:22,440 --> 01:01:25,000 Speaker 6: and then being able to share that with other organizations, 1239 01:01:25,000 --> 01:01:27,760 Speaker 6: and like, these are better metrics that are better supported 1240 01:01:27,800 --> 01:01:31,120 Speaker 6: for black entrepreneurs with the mentors that they need that 1241 01:01:31,160 --> 01:01:33,439 Speaker 6: are not going to waste their time. And I would say, 1242 01:01:33,440 --> 01:01:35,480 Speaker 6: like the last thing, which is still like a very 1243 01:01:35,520 --> 01:01:38,280 Speaker 6: present thing, is like there was a Mackenzie study that 1244 01:01:38,360 --> 01:01:42,160 Speaker 6: came out I think last year about like the sheer 1245 01:01:42,200 --> 01:01:46,040 Speaker 6: amount of money that was allocated, well verbally committed to 1246 01:01:46,440 --> 01:01:50,000 Speaker 6: black businesses after the murder of George Floyd. Well that 1247 01:01:50,120 --> 01:01:55,320 Speaker 6: numbers three hundred and forty billion dollars, not million, three 1248 01:01:55,400 --> 01:01:59,760 Speaker 6: hundred and forty billion dollars was verbally allocated from corporations 1249 01:02:00,240 --> 01:02:05,680 Speaker 6: to support black businesses, infrastructure, transportation, housing, and then there 1250 01:02:05,720 --> 01:02:08,160 Speaker 6: was another study that came out that said only one 1251 01:02:08,200 --> 01:02:11,680 Speaker 6: percent of that has actually been allocated. That's a lot 1252 01:02:11,760 --> 01:02:14,520 Speaker 6: of money that's floating out that is owed to us. 1253 01:02:15,040 --> 01:02:18,240 Speaker 6: And so advocating because of who our founder is and 1254 01:02:18,280 --> 01:02:21,440 Speaker 6: the voice that we have is also better advocating for 1255 01:02:21,800 --> 01:02:25,360 Speaker 6: the distribution and the allocation of that money. Because imagine 1256 01:02:25,360 --> 01:02:27,400 Speaker 6: if we got the three hundred and forty billion dollars 1257 01:02:27,440 --> 01:02:31,320 Speaker 6: distributed across our businesses and our communities, we would be 1258 01:02:31,400 --> 01:02:34,880 Speaker 6: pretty good. So it's literally just like how do we 1259 01:02:34,960 --> 01:02:37,520 Speaker 6: ask and how do not only haves, but like demand 1260 01:02:37,520 --> 01:02:40,560 Speaker 6: and hold accountable for the money that was already verbally 1261 01:02:40,600 --> 01:02:42,800 Speaker 6: committed to us. And so you've seen a lot of 1262 01:02:42,840 --> 01:02:46,760 Speaker 6: programs similar to our shutter because they've been secretly rolling 1263 01:02:46,840 --> 01:02:50,080 Speaker 6: back the money by saying, well, we put this program 1264 01:02:50,120 --> 01:02:52,800 Speaker 6: out there, but nobody apply, So we try so we 1265 01:02:52,840 --> 01:02:56,840 Speaker 6: can reallocate the money, right, or we fired all our 1266 01:02:56,920 --> 01:03:00,120 Speaker 6: d and I people so there's no internal accountability. We 1267 01:03:00,160 --> 01:03:02,800 Speaker 6: can roll this money back, or we can just redistribute 1268 01:03:02,840 --> 01:03:05,280 Speaker 6: it and or the last thing what you've seen with 1269 01:03:05,320 --> 01:03:07,880 Speaker 6: the law, with all the recent lawsuits is hey, if 1270 01:03:07,920 --> 01:03:12,920 Speaker 6: we change policy now, we never have to allocate this money. 1271 01:03:13,520 --> 01:03:16,360 Speaker 6: And so everything that you've seen in the past four years, 1272 01:03:16,720 --> 01:03:19,360 Speaker 6: as it relates to programs similar to ours, are unfortunately 1273 01:03:19,360 --> 01:03:22,440 Speaker 6: being rolled back aggressively. And so how do we become 1274 01:03:22,440 --> 01:03:25,840 Speaker 6: better mouthpieces and advocates for the money that was literally 1275 01:03:25,880 --> 01:03:29,040 Speaker 6: committed to us is also the change that we had 1276 01:03:29,080 --> 01:03:32,800 Speaker 6: to make. So how can people apply Black Ambition Prize? 1277 01:03:32,840 --> 01:03:35,200 Speaker 6: Dot com is where they go to to fill out 1278 01:03:35,240 --> 01:03:36,960 Speaker 6: and complete their application. 1279 01:03:37,280 --> 01:03:41,160 Speaker 3: And this is I know, is it internationally yet or 1280 01:03:41,400 --> 01:03:43,080 Speaker 3: are we scaling to that point? 1281 01:03:43,200 --> 01:03:48,440 Speaker 6: So we started international expansion last year. We did Ghana 1282 01:03:48,560 --> 01:03:53,280 Speaker 6: during Afrofuture. Yeah, we've partnered with the Aspen Institute for 1283 01:03:54,200 --> 01:03:58,160 Speaker 6: going to Cartagena where we invested in some Afro female 1284 01:03:58,160 --> 01:04:02,640 Speaker 6: Colombian entrepreneurs. Did Brazil a few weeks ago in partnership 1285 01:04:02,640 --> 01:04:06,120 Speaker 6: with Aspen Festival Diasport as well, and we invested in 1286 01:04:06,240 --> 01:04:12,840 Speaker 6: seven female Brazilian entrepreneurs. And all roads now lead to 1287 01:04:12,840 --> 01:04:17,080 Speaker 6: the Olympics. And so we'll launch a prize competition similar 1288 01:04:17,120 --> 01:04:20,760 Speaker 6: in scope and check size in the US. We'll do 1289 01:04:20,800 --> 01:04:22,960 Speaker 6: that in Paris as a part of the Olympics. So 1290 01:04:23,000 --> 01:04:25,960 Speaker 6: we're going to bring some US based entrepreneurs to the Olympics, 1291 01:04:26,280 --> 01:04:28,360 Speaker 6: be able to partner them with some of our partners 1292 01:04:28,400 --> 01:04:30,720 Speaker 6: and so create some opportunities for them there. And then 1293 01:04:30,720 --> 01:04:35,320 Speaker 6: we're launching a prize competition for diverse entrepreneurs during the Olympics. 1294 01:04:35,960 --> 01:04:39,240 Speaker 6: I think entrepreneurs compete on the global stage just like 1295 01:04:39,600 --> 01:04:42,920 Speaker 6: athletes do. Right, They train just like athletes do. They 1296 01:04:42,920 --> 01:04:45,240 Speaker 6: have to have the mindset just like athletes, and more 1297 01:04:45,280 --> 01:04:47,440 Speaker 6: than anything, they carry their culture on their back, just 1298 01:04:47,520 --> 01:04:50,920 Speaker 6: like athletes. And so why can't entrepreneurs be on the 1299 01:04:50,920 --> 01:04:53,680 Speaker 6: podium during the Olympics too. It's kind of like our present, 1300 01:04:54,040 --> 01:04:55,320 Speaker 6: like our thought process around that. 1301 01:04:56,600 --> 01:05:01,000 Speaker 5: Well, appreciate you for coming, Thank you. How can people follow? 1302 01:05:01,000 --> 01:05:02,400 Speaker 5: What's the social media handles and everything? 1303 01:05:02,520 --> 01:05:05,000 Speaker 6: Yeah, we're a Black Ambition prize and I'm at Felicia 1304 01:05:05,080 --> 01:05:07,040 Speaker 6: Hatcher because it's easy for me to remember. 1305 01:05:07,520 --> 01:05:10,200 Speaker 3: And if you ever need somebody, you know, any help 1306 01:05:10,200 --> 01:05:11,680 Speaker 3: in Paris, I know a couple of guys. 1307 01:05:11,760 --> 01:05:14,960 Speaker 7: Yeah, okay, carry yes. 1308 01:05:15,680 --> 01:05:18,240 Speaker 3: And we can't leave. We cannot leave without staying a 1309 01:05:18,320 --> 01:05:24,320 Speaker 3: huge shout out to our boy Neil David. Yes, He's 1310 01:05:24,360 --> 01:05:26,680 Speaker 3: been an a normal part of this whole process of 1311 01:05:26,720 --> 01:05:28,520 Speaker 3: making sure that this episode happens. So shout out to 1312 01:05:28,560 --> 01:05:29,120 Speaker 3: my boy Neil. 1313 01:05:29,280 --> 01:05:31,600 Speaker 6: Yeah, shout out Neil. Thank you for sure, and thank 1314 01:05:31,600 --> 01:05:34,320 Speaker 6: you guys as well for one everything that y'all do. 1315 01:05:34,480 --> 01:05:36,600 Speaker 6: I'm a big Zona genius person, so kind of being 1316 01:05:36,600 --> 01:05:39,520 Speaker 6: able to walk into y'all genius and see so many 1317 01:05:39,640 --> 01:05:42,800 Speaker 6: entrepreneurs benefit from it has been something amazing to watch. 1318 01:05:42,920 --> 01:05:44,440 Speaker 3: Yeah, you didn't tell me about your podcast? 1319 01:05:45,000 --> 01:05:47,480 Speaker 6: Some ambitious podcasts? How can I forget about that? 1320 01:05:47,840 --> 01:05:48,280 Speaker 3: Check you out? 1321 01:05:49,400 --> 01:05:49,600 Speaker 5: Sorry? 1322 01:05:49,640 --> 01:05:54,160 Speaker 6: Storytelling. We're into season two with just some amazing entrepreneurs 1323 01:05:54,160 --> 01:05:56,840 Speaker 6: sharing some of their most ambitious moments of how they 1324 01:05:56,960 --> 01:06:00,160 Speaker 6: bet the house, how they've stepped out on faith, how 1325 01:06:00,160 --> 01:06:01,960 Speaker 6: they told the mustard seed to do the faith walk. 1326 01:06:02,080 --> 01:06:06,400 Speaker 6: All of that has the beautiful podcast that we've created, 1327 01:06:06,440 --> 01:06:09,520 Speaker 6: and Sambia from our team has led that insomnia. 1328 01:06:10,200 --> 01:06:14,000 Speaker 5: Sambia, Okay, I what to say? That's an interest in them? 1329 01:06:15,920 --> 01:06:17,800 Speaker 5: All right, Gos, thank you forrakoing us to see you 1330 01:06:17,800 --> 01:06:18,160 Speaker 5: next week. 1331 01:06:18,200 --> 01:06:22,360 Speaker 1: Peace Peace an illegal alien from Guatemala charged with raping 1332 01:06:22,360 --> 01:06:25,800 Speaker 1: a child in Massachusetts. An MS thirteen gang member from 1333 01:06:25,840 --> 01:06:30,240 Speaker 1: Al Salvador accused of murdering a Texas man of Venezuelan 1334 01:06:30,600 --> 01:06:34,600 Speaker 1: charged with filming and selling child pornography in Michigan. These 1335 01:06:34,640 --> 01:06:38,320 Speaker 1: are just some of the heinous migrant criminals caught because 1336 01:06:38,320 --> 01:06:41,760 Speaker 1: of President Donald J. Trump's leadership. I'm Christin Noman, the 1337 01:06:41,840 --> 01:06:46,440 Speaker 1: United States Secretary of Homeland Security. Under President Trump, attempted 1338 01:06:46,480 --> 01:06:50,200 Speaker 1: illegal border crossings are at the lowest levels ever recorded, 1339 01:06:50,520 --> 01:06:53,560 Speaker 1: and over one hundred thousand illegal aliens have been arrested. 1340 01:06:53,840 --> 01:06:57,400 Speaker 1: If you were here illegally, your next you will be 1341 01:06:57,440 --> 01:07:01,280 Speaker 1: fine nearly one thousand dollars a day in and deported. 1342 01:07:01,760 --> 01:07:05,000 Speaker 1: You will never return. But if you register using our 1343 01:07:05,040 --> 01:07:08,240 Speaker 1: CBP home app and leave now, you could be allowed 1344 01:07:08,280 --> 01:07:10,439 Speaker 1: to return legally. Do what's right. 1345 01:07:11,000 --> 01:07:11,880 Speaker 6: Leave now. 1346 01:07:12,200 --> 01:07:16,520 Speaker 1: Under President Trump, America's laws, border and families. 1347 01:07:16,160 --> 01:07:17,000 Speaker 6: Will be protected. 1348 01:07:17,080 --> 01:07:19,200 Speaker 2: Sponsored by the United States Department of Homeland Security.