Latest / Earn Your Leisure / EYL #300 Black Entrepreneur Empowerment Fund: Marketing Secrets, Mentorship, & Funding with Felecia Hatcher

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EYL #300 Black Entrepreneur Empowerment Fund: Marketing Secrets, Mentorship, & Funding with Felecia Hatcher · Earn Your Leisure

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  Speaker 1: An illegal alien from Guatemala charged with raping a child
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  Speaker 5: welcome back he ey l. We're back when we have
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  Speaker 5: back home and we have a special guest. Felicia Hatcher,
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  Speaker 5: who is the CEO of Forharrell Williams Black Ambition Opportunity Incorporated. Yes, yes,
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  Speaker 5: they have the mission of helping thousands of entrepreneurs, but
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  Speaker 5: specifically one hundred entrepreneurs raised more than ninety five million dollars.
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  Speaker 5: She has a strong marketing background. He used to work
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  Speaker 5: at companies like Nintendo and Sony, and now she drives
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  Speaker 5: the team over at the Black Ambition Opportunity, Inc. And
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  Speaker 5: she's also a very celebrated and accomplished speaker, author. She
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  Speaker 5: was part of the White House Champion of Change. It's
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  Speaker 5: been featured on Forbes, NBC, Bloomberg, to name a few.
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  Speaker 5: So happy to have her here. I know there's gonna
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  Speaker 5: be a lot of information, a lot of gyms that
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  Speaker 5: will be shared. So thank you for joining us, appreciate.
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  Speaker 6: It, Thank you all for having me.
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  Speaker 3: It's been too long.
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  Speaker 5: First let's start with Black Ambition, Yeah right, So what
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  Speaker 5: is it for people that have never heard of it before?
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  Speaker 5: How did it start? And how do you get involved in?
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  Speaker 6: Sure? Sure?
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  Speaker 5: So.
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  Speaker 6: Black Ambition was founded by Pharrell Williams four years ago
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  Speaker 6: to create uninterrupted opportunities to funding community contacts, care and
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  Speaker 6: like wealth for black, Hispanic and HBCU entrepreneurs. And the
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  Speaker 6: best way I can describe Black Ambition is actually, like
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  Speaker 6: the very first conversation that Farrell and I had, and
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  Speaker 6: we were talking about the show Lovecraft Country and like
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  Speaker 6: Dove show one season what happened, And you can only
• 3:40
  Speaker 6: describe it to people who've seen it, like you've never
• 3:42
  Speaker 6: seen It's very hard to describe to people but there's
• 3:44
  Speaker 6: a specific episode around episode four where there's two characters
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  Speaker 6: that are having a conversation. So one is Christina, which
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  Speaker 6: is this white woman with all these mystical powers, and
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  Speaker 6: then Ruby, who feels quite powerless, like she has all
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  Speaker 6: these things that she wants to do with her life,
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  Speaker 6: but she feels like she can't achieve any of it.
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  Speaker 6: She also feels like she just doesn't have any agency
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  Speaker 6: over her life or her body. And Christina turns to
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  Speaker 6: Ruby and she asked her this question, like, Ruby, who
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  Speaker 6: were you uninterrupted? And I had never heard that question
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  Speaker 6: before in my entire life, work for some of the
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  Speaker 6: coolest tech companies in the world, just never heard it.
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  Speaker 6: And I couldn't answer that question in that moment. And
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  Speaker 6: so like, if nothing ever stood in your way of
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  Speaker 6: achieving success, what would life look like if like, at
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  Speaker 6: every intersection of your life the light was never red,
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  Speaker 6: it was never yellow, it was only green, what would
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  Speaker 6: you build? And so for us with black ambition, it's
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  Speaker 6: not only how do we help them be better entrepreneurs,
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  Speaker 6: but like black people are building companies, but they're constantly
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  Speaker 6: being interrupted. And so with black ambitions, like how do
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  Speaker 6: we align all the resources, how do we align the
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  Speaker 6: resources of Pharrell to support these entrepreneurs so at every
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  Speaker 6: stage in which they need support, we can lessen the
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  Speaker 6: interruptions as much as like humanly possible. Is how we
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  Speaker 6: look at black ambition. And then when you think about ambition,
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  Speaker 6: it's like, Okay, you can have the dreams, the hopes,
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  Speaker 6: the aspirations, but if you're constantly getting knocked down every
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  Speaker 6: single time, then you end up quitting or you don't
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  Speaker 6: get to scale at the rapid pace that you need
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  Speaker 6: to in order to have a return to any of
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  Speaker 6: your investors or your stakeholders. It's like that's how we
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  Speaker 6: look at black combisions, like how do we make the
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  Speaker 6: pathway uninterrupted for them?
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  Speaker 3: So, I mean it sounds like you two had a
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  Speaker 3: lined vision at that point. How did y'all meet, right?
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  Speaker 3: Because I mean we all face things as black entrepreneurs,
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  Speaker 3: black people in business, so there are commonalities and vision,
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  Speaker 3: But where did y'all meet to even come like we
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  Speaker 3: need to do this together?
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  Speaker 6: Yeah? I co founded an organization with my husband Derek
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  Speaker 6: called the Center for Black Innovation. We had built a
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  Speaker 6: conference called Black Tech Week that we end up selling
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  Speaker 6: to Lightship Capital a few years ago. It's been doing
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  Speaker 6: that work in building Miami's like black tech ecosystem for
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  Speaker 6: almost ten years, and about three years ago for OL's
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  Speaker 6: chief of staff asked me to come leave my organization
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  Speaker 6: that I founded and come run and kind of stand
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  Speaker 6: up Black Ambition for him, and so that's how we met.
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  Speaker 6: And the funny thing is the meeting that I had
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  Speaker 6: with the chief of staff wasn't the best meeting, like professionally,
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  Speaker 6: and it was a lot of me saying, like, y'all
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  Speaker 6: should do all these things differently. And the next day
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  Speaker 6: I get a phone call it was just like, we
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  Speaker 6: want you to come run it. And I was like,
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  Speaker 6: run what it's like Black Black Ambition, Like I think
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  Speaker 6: that you understand what needs to happen and how to
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  Speaker 6: grow and grow and scale this. But it was definitely
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  Speaker 6: out of left field because the meeting didn't go that will.
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  Speaker 3: Perspective is key for them. They're probably like she has
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  Speaker 3: all the ideas.
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  Speaker 6: Or she's pushing back enough to like be able to
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  Speaker 6: go go figure it out. But it was definitely, you know,
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  Speaker 6: at the time, something that was out of left field,
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  Speaker 6: but it was also very right. Next progression of how
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  Speaker 6: to support black entrepreneurs specifically in the capital that they
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  Speaker 6: that they needed, which is the thing that I wasn't
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  Speaker 6: able to do in the ten years of running Black
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  Speaker 6: Tech Week or the Center for Black Innovation.
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  Speaker 5: So how specifically I have read in the beginning that
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  Speaker 5: you know, the goal is to help one hundred entrepreneurs, right,
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  Speaker 5: raise more than ninety five million dollars? Right? So what
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  Speaker 5: does specifically that? What does that mean? How exactly are
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  Speaker 5: you guys helping entrepreneurs? Is it like a contest that
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  Speaker 5: they have to enter or are you matching them up
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  Speaker 5: with vcs? Like, how does this work?
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  Speaker 6: Yeah, our initial goal from founding the organization was to
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  Speaker 6: support fifteen hundred entrepreneurs, and so we're pacing towards that
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  Speaker 6: as like our initial five year goal. The majority of
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  Speaker 6: the work that we do is centered around a prize competition,
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  Speaker 6: and so that's how we source the entrepreneurs with partners
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  Speaker 6: kind of raising the awareness for them to apply to
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  Speaker 6: the prize. And then we invest in five verticals and
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  Speaker 6: so tech, healthcare, consumer goods and services, Media, entertainment, and
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  Speaker 6: then AI is the new vertical for this year. And
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  Speaker 6: they enter a prize process and we have about two
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  Speaker 6: hundred application reviewers that help us take all the applications
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  Speaker 6: between two to three rounds of reviews, and then that
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  Speaker 6: takes us down to two hundred and fifty entrepreneurs every year.
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  Speaker 6: So it's a pretty extensive heavy lift that we go
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  Speaker 6: through to find the best entrepreneurs in the United States.
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  Speaker 6: And then from those two hundred and fifty, we take
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  Speaker 6: them through a really dope three month cohort style mentorship
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  Speaker 6: program where we put them into pods and circles based
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  Speaker 6: off their strengths, their industries, and like what they need
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  Speaker 6: from a mentorship and community. The most that also secretly
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  Speaker 6: serves as like our vetting and evaluation of those entrepreneurs,
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  Speaker 6: like who's showing up to their pods, how are they
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  Speaker 6: contributing back to the other entrepreneurs, And then we take
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  Speaker 6: that from the two fifty, and then we invest in
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  Speaker 6: about thirty five of those companies every single year. So
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  Speaker 6: we just celebrated investing in one hundred and one entrepreneurs,
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  Speaker 6: which is amazing. It's faster than we kind of expected
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  Speaker 6: given the climate. And then those companies have gone on
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  Speaker 6: to raise over ninety five million dollars from the initial
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  Speaker 6: ten over ten million dollars that we've invested into those companies.
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  Speaker 3: You have a unique vantage point, right. We talked about
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  Speaker 3: work with Nintendo, working with Sony. I know you've helped
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  Speaker 3: brands like Target and Disney and Google. What are some
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  Speaker 3: of the things when we talk about disparities, especially inside
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  Speaker 3: that corporate world, it's tough to understand it because most
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  Speaker 3: people aren't in it. They never get to see it.
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  Speaker 3: But talk about some of the advantage points that you
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  Speaker 3: saw that you can help entrepreneurs during this process.
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  Speaker 6: There's a lot, right, So I think one of the
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  Speaker 6: biggest things is entrepreneurs cannot be intimidated by big corporations.
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  Speaker 6: Like the big corporations actually need them more than they
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  Speaker 6: sometimes then you need them without without realizing it, right,
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  Speaker 6: And so I always say that because there's a really
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  Speaker 6: interesting power dynamic that a lot of entrepreneurs that are
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  Speaker 6: just starting out feel like they can't contribute to the
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  Speaker 6: big boys. It takes the big boys a really long
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  Speaker 6: time to make decisions. And that's your secret sauce as
• 9:45
  Speaker 6: a small company, because you're very nimble, you can make
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  Speaker 6: a decision today, right, and you can activate on that today.
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  Speaker 6: And so like that's always a value added to those
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  Speaker 6: major corporations that I think small entrepreneurs just aren't utilizing
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  Speaker 6: and playing up enough as like their core strengths.
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  Speaker 5: So as far as marketing was having this conversation because
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  Speaker 5: I know that's your background. Yeah, you worked for Nintendo
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  Speaker 5: and Sony. What are some core marketing lessons that you
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  Speaker 5: learned throughout your corporate journey and that you actually implemented
• 10:14
  Speaker 5: while you were at those positions.
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  Speaker 6: Ooh, I would say one of the biggest lessons. So
• 10:19
  Speaker 6: I worked in experiential marketing for Nintendo, and so I
• 10:22
  Speaker 6: launched the we Fit in the WE Sports Resort. I
• 10:25
  Speaker 6: think people often talk talk about like you got to
• 10:28
  Speaker 6: know your target market, but like on a granular level.
• 10:31
  Speaker 6: And so one of the things that I learned at
• 10:33
  Speaker 6: Nintendo when we launched the We We the we Fit board.
• 10:36
  Speaker 6: I don't know if y'all remember that, but it was
• 10:40
  Speaker 6: it was powerful, right, But like at that time, video
• 10:42
  Speaker 6: games was only centered around like the pimple past, pimple
• 10:46
  Speaker 6: faced kid playing like Nintendo in a dark like whatever
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  Speaker 6: that didn't do any exercise, didn't move their body. That's
• 10:54
  Speaker 6: what video games was centered around. And with working within Nintendo,
• 10:58
  Speaker 6: what we settled on was like that actually wasn't our
• 11:01
  Speaker 6: core audience to launch this new product. What it was
• 11:04
  Speaker 6: were alpha moms, right, And so like the best way
• 11:06
  Speaker 6: we described alpha moms were moms that had a BlackBerry
• 11:10
  Speaker 6: in one hand that's how old it was, and a
• 11:12
  Speaker 6: kid in the other. But they were the first to
• 11:14
  Speaker 6: make big buying decisions into their homes. And so this
• 11:17
  Speaker 6: new board where it was requiring the family to be
• 11:20
  Speaker 6: a part of it because that's how the games were
• 11:22
  Speaker 6: kind of centered. But it was also kind of secretly
• 11:25
  Speaker 6: for people to move their body and exercise. That wasn't
• 11:28
  Speaker 6: the traditional profile of video games, and if it would
• 11:31
  Speaker 6: have went in that way, then it wouldn't have been successful.
• 11:34
  Speaker 6: And so it's like, how do you introduce video games
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  Speaker 6: a whole new market? Well, you have to define who
• 11:38
  Speaker 6: your new audience is. And I think sometimes when entrepreneurs
• 11:41
  Speaker 6: first start, the audience that you first start with because
• 11:44
  Speaker 6: you're just trying to get your feet off the ground,
• 11:46
  Speaker 6: is not the audience that you were still serving when
• 11:49
  Speaker 6: you're trying to launch new product lines. I would say
• 11:51
  Speaker 6: that was one of the best lessons that I learned,
• 11:54
  Speaker 6: is like, oh, alpha moms, right, they can influence bloggers,
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  Speaker 6: they have communities, they have massive just bolsile income, and
• 12:01
  Speaker 6: so that was one of the things that was really
• 12:03
  Speaker 6: helpful for me and I took that and when we
• 12:06
  Speaker 6: got laid off from Nintendo in two thousand and eight
• 12:08
  Speaker 6: during the economic downturn, I used that as kind of
• 12:11
  Speaker 6: the core audience for the food company that I ran
• 12:14
  Speaker 6: in Miami for seven years. And so those were some
• 12:17
  Speaker 6: of the things, is like literally changing the audience, and
• 12:20
  Speaker 6: then also kind of supply and demand was this other
• 12:23
  Speaker 6: really interesting thing that like, once I read the book
• 12:26
  Speaker 6: The Psychology of Influence, I kind of understood what we
• 12:28
  Speaker 6: were doing because we were producing and marketing a product
• 12:30
  Speaker 6: all across the United States. But like the scarcity tactic
• 12:34
  Speaker 6: of it kind of we were playing onto that because
• 12:37
  Speaker 6: the product wasn't actually available until Christmas time came back around,
• 12:42
  Speaker 6: but not just Christmas time, after Christmas time, so it
• 12:45
  Speaker 6: forced parents to buy two products as opposed to one
• 12:48
  Speaker 6: initial product that they had, and something that you see
• 12:50
  Speaker 6: a lot happen with product companies at the end of
• 12:53
  Speaker 6: the year.
• 12:53
  Speaker 3: Definitely was revolutionary. I remember having it. It came with
• 12:56
  Speaker 3: one controller and it came with two, but it became
• 12:59
  Speaker 3: an initiative inside of physical I was the physic that teacher,
• 13:01
  Speaker 3: and it became this is the new way you can
• 13:03
  Speaker 3: gamify it, and so now we can use the weed
• 13:05
  Speaker 3: for the kids now exercise. So there's there's a tech
• 13:09
  Speaker 3: component in there. Because I'm thinking backgrounds in Florida. I'm
• 13:11
  Speaker 3: thinking this this younger in Florida with all these these ideas,
• 13:15
  Speaker 3: How did that go from tech to the in the
• 13:17
  Speaker 3: NBA or what was the order? Right? Because you worked
• 13:19
  Speaker 3: with the Timberwolves, so you didn't go from Nintendo now
• 13:21
  Speaker 3: we're going to the NBA.
• 13:22
  Speaker 6: It was it was before and so I worked with
• 13:26
  Speaker 6: it was a front office marketing manager for the Minnesota
• 13:29
  Speaker 6: Links in the Timberwolves. So the Timberwolves on the Links.
• 13:31
  Speaker 6: So the w NBA team ended up in Minnesota, following
• 13:35
  Speaker 6: my fiance then husband, who got a job at Target
• 13:37
  Speaker 6: as a financial analyst. A Florida girl in cold Minnesota
• 13:43
  Speaker 6: did not last long, Like the night it said negative
• 13:45
  Speaker 6: thirty two degree when she I was like, I got
• 13:47
  Speaker 6: to get the heck out of here. But I worked
• 13:50
  Speaker 6: at a time where Kevin Garnett had just left, and
• 13:53
  Speaker 6: so both teams were the worst teams in their respective leagues,
• 13:58
  Speaker 6: the WNB A team and the A team. We couldn't
• 14:01
  Speaker 6: sell tickets. We couldn't even give away tickets. You could
• 14:04
  Speaker 6: literally buy a nosebleed and walk down to the floor
• 14:08
  Speaker 6: and no one would bother you. That's how empty the
• 14:11
  Speaker 6: seats were and the arena was. And so it was
• 14:13
  Speaker 6: a really hard time. But it also kind of forced
• 14:16
  Speaker 6: us in the front office to be more thinking, much
• 14:18
  Speaker 6: more intently about like the foundation that we needed to
• 14:22
  Speaker 6: set to get back into our winning season and the
• 14:24
  Speaker 6: w nb A team the Links ended up winning that year.
• 14:27
  Speaker 3: That I was there, It was that whatever is that?
• 14:33
  Speaker 6: This is like fifteen years ago?
• 14:34
  Speaker 3: Oh right, so this is pre maya more yes comes, Okay.
• 14:39
  Speaker 6: I cannot remember who the lady, the key, the marquis
• 14:42
  Speaker 6: I think player at the time. No, it was I
• 14:46
  Speaker 6: think someone wasn't there yet. It was somebody else and
• 14:48
  Speaker 6: their names at the tip of my tongue. I will
• 14:50
  Speaker 6: find it and I will tell you. But it was
• 14:52
  Speaker 6: during that time working there, so it was really hard
• 14:56
  Speaker 6: morale wise in the front office because we were just
• 14:59
  Speaker 6: pushing all the response on the people on the team
• 15:01
  Speaker 6: to win. And I remember Chris Wright, who was the
• 15:04
  Speaker 6: general manager at the time, kind of called us all
• 15:06
  Speaker 6: into this office like into like this big arena, all
• 15:09
  Speaker 6: the staff. I thought we were all getting fired because
• 15:11
  Speaker 6: the teams were doing that bad. And I just remember
• 15:13
  Speaker 6: him constantly saying, like asking this question, or were you
• 15:15
  Speaker 6: fifty game ready to us? Like over and over and
• 15:18
  Speaker 6: over again. I was like, what the hell does that
• 15:20
  Speaker 6: actually mean? And what fifty game ready means is like
• 15:23
  Speaker 6: zero point five hundred, right, Like you've won just the
• 15:26
  Speaker 6: same amount of games that you've lost, but you're still
• 15:29
  Speaker 6: on track to making it to the playoffs. And if
• 15:31
  Speaker 6: you make it to the playoffs, you get a clean slate, right,
• 15:34
  Speaker 6: you have a really good chance of actually winning the championship.
• 15:38
  Speaker 6: And what he was saying by that is like the
• 15:40
  Speaker 6: dark days when things aren't going really well, right, that
• 15:42
  Speaker 6: none of the teams were winning, We in the front
• 15:45
  Speaker 6: office were passing all the responsibility off to the like
• 15:47
  Speaker 6: if the team just starts winning, we're good. And that's
• 15:50
  Speaker 6: not the case. Like the front office has to be
• 15:52
  Speaker 6: good to handle when the team starts winning. So when
• 15:55
  Speaker 6: the phone is ringing off the hook, when all your
• 15:57
  Speaker 6: sponsors come back, when all your seats are filled, if
• 16:00
  Speaker 6: we're not doing things right foundationally within the front off
• 16:03
  Speaker 6: is we won't be able to handle that either one
• 16:06
  Speaker 6: of the teams having a winning season, and so there's
• 16:08
  Speaker 6: personal responsibility that I learned in that moment of like
• 16:12
  Speaker 6: not passing it on to anything happening externally. It's like
• 16:15
  Speaker 6: what are we doing to prepare for that moment? And
• 16:18
  Speaker 6: I think if you look at studies that showed, like
• 16:20
  Speaker 6: Oprah's Book Club and things like that, when or products
• 16:23
  Speaker 6: that were featured on her show, a lot of them
• 16:24
  Speaker 6: did not succeed after that that influx of traffic and
• 16:29
  Speaker 6: phone calls because when they were building, hoping and wishing
• 16:32
  Speaker 6: for that moment, they weren't building a foundation strong enough
• 16:34
  Speaker 6: to actually maintain it. And I think so many entrepreneurs
• 16:37
  Speaker 6: are in that case. Like you want things to pop off,
• 16:40
  Speaker 6: you want that big contract, you want that influx of
• 16:43
  Speaker 6: funding to come in, and if you're not prepared foundationally,
• 16:47
  Speaker 6: then it's not going to help you. It actually hurts
• 16:49
  Speaker 6: you and can crumble you and like consume you whole.
• 16:52
  Speaker 5: So you talked about the scarcity model in the book
• 16:55
  Speaker 5: what was the book that you.
• 16:56
  Speaker 6: The Psychology of influenced by Robert Caldini.
• 16:59
  Speaker 5: Okay, so I have a two part question. But the
• 17:02
  Speaker 5: first part is can you really describe that because everybody
• 17:06
  Speaker 5: knows the scarcity model. You just you put less product
• 17:08
  Speaker 5: out right, and you drive up to demand. But I
• 17:10
  Speaker 5: think there's some more, there's other elements that actually make that.
• 17:13
  Speaker 5: It's not like you can just make ten water bottles
• 17:16
  Speaker 5: and say I only have ten water bottles, I'm a
• 17:18
  Speaker 5: charge one hundred dollars for them, right, Like, from your
• 17:20
  Speaker 5: understanding and working inside of it, what made the scarcity
• 17:23
  Speaker 5: model work when you guys were doing it?
• 17:25
  Speaker 6: Yeah, it was specifically when Nintendo or just in general.
• 17:29
  Speaker 5: Just in general, but Intendo, let's talk about that since
• 17:31
  Speaker 5: you were in it.
• 17:32
  Speaker 6: Yeah, so we we were in experiential marketing. We travel
• 17:35
  Speaker 6: from city to city putting up like these literally bringing
• 17:38
  Speaker 6: the video game to life, like that was my job, right,
• 17:41
  Speaker 6: and we were doing that, but the supply in the store,
• 17:45
  Speaker 6: the product wasn't available. So like the hype gets built
• 17:48
  Speaker 6: up of like where can I find this thing? The
• 17:50
  Speaker 6: value gets built up of, like where I will I
• 17:53
  Speaker 6: will pay above what it's asking for to get this
• 17:56
  Speaker 6: thing because I've experienced it.
• 17:57
  Speaker 5: And so so you were promoting a product with no
• 18:00
  Speaker 5: product available. Correct, the promotion was done with no even
• 18:06
  Speaker 5: release date.
• 18:07
  Speaker 6: No, the product was out. You just couldn't find it.
• 18:10
  Speaker 6: But we like our teams, and this was one of
• 18:13
  Speaker 6: many teams all across the United States. We were out
• 18:16
  Speaker 6: every single day literally creating the portions of the video
• 18:19
  Speaker 6: game that you could walk into that is very commonly
• 18:22
  Speaker 6: known now. Ten fifteen years ago, it was unheard of.
• 18:25
  Speaker 6: This is also like social media was just becoming like
• 18:28
  Speaker 6: a business utility, but it was like, how do I
• 18:31
  Speaker 6: create my product and turn it into an experience. If
• 18:34
  Speaker 6: people have an immersive experience as opposed to just being
• 18:36
  Speaker 6: in the isle of Best Buy and trying the product,
• 18:39
  Speaker 6: it's a completely different compelling moment. That also makes you
• 18:42
  Speaker 6: have a buying decision more expensive than you would usually have. Right,
• 18:47
  Speaker 6: games were like maybe forty to fifty dollars. At the
• 18:49
  Speaker 6: time that we fit board, I believe it was about
• 18:51
  Speaker 6: three hundred dollars, So it was a different gap in
• 18:53
  Speaker 6: the buying decision. What I'm telling you now is I
• 18:57
  Speaker 6: didn't realize what was happening until I read the book
• 19:00
  Speaker 6: The Psychology of Influence, And so we were traveling all
• 19:04
  Speaker 6: across the country setting up these activations and no one
• 19:08
  Speaker 6: could buy it in the store, and so by the
• 19:10
  Speaker 6: time Christmas comes around, it's like, hey, hey, fever, Like
• 19:14
  Speaker 6: everyone's trying to find this product no matter where, they'll
• 19:17
  Speaker 6: find it, and they'll ever they'll pay triple and double
• 19:19
  Speaker 6: for the product. We see the same thing happening in
• 19:21
  Speaker 6: the sneaker industry right like people will pay way above
• 19:24
  Speaker 6: the fifty or one hundred dollars because they cannot find
• 19:28
  Speaker 6: it anywhere else. And so what I learned in the
• 19:31
  Speaker 6: psychology of influence is the first time that they saw
• 19:34
  Speaker 6: that happen was with the Elmo doll. Took me Elmo,
• 19:38
  Speaker 6: and they the marketing industry and product industries were kind
• 19:42
  Speaker 6: of conspiring to do this because they realized they could
• 19:45
  Speaker 6: get parents to buy two products as opposed to one.
• 19:48
  Speaker 6: So if I'm a kid and I want this we
• 19:50
  Speaker 6: Fit or I want this Elmo doll the entire year
• 19:53
  Speaker 6: Christmas comes, as a parent, you have promised them that
• 19:56
  Speaker 6: you get to the store, you can't find it anywhere,
• 19:59
  Speaker 6: so you know what you buy than the next best thing.
• 20:01
  Speaker 6: And then what those companies were doing is right after Christmas,
• 20:04
  Speaker 6: it's flood almost were flooded on the shelf. You can
• 20:07
  Speaker 6: find it any and everywhere, and so as a parent,
• 20:09
  Speaker 6: you also buy them the Elmo doll and so they
• 20:11
  Speaker 6: literally increase the lifetime value of that customer by not
• 20:15
  Speaker 6: having the product that everybody wanted the most available when
• 20:18
  Speaker 6: they needed it the most. You're gonna buy something to
• 20:20
  Speaker 6: just wrap and put on the shelves, and that you're
• 20:23
  Speaker 6: gonna buy that thing when it becomes available, and you've
• 20:25
  Speaker 6: literally doubled the lifetime value of that customer. What I
• 20:29
  Speaker 6: learned when I read that book is that's exactly what
• 20:31
  Speaker 6: was happening with that product at that time that we
• 20:34
  Speaker 6: were promoting it. Is parents went and bought anything that
• 20:36
  Speaker 6: they could possibly buy from an electronic standpoint for Christmas.
• 20:40
  Speaker 6: Right after Christmas and right after holidays, that board was
• 20:43
  Speaker 6: flooded in any and everywhere. And I just didn't realize that.
• 20:47
  Speaker 6: I only understood the experiential component of bringing people in
• 20:50
  Speaker 6: so that they can experience it and so that they
• 20:53
  Speaker 6: would buy the product when it was available. So it
• 20:56
  Speaker 6: was a weird time that we were in that I
• 20:58
  Speaker 6: had that realization once I read that pood ideas.
• 21:00
  Speaker 5: Like to have it not in demand when you need
• 21:04
  Speaker 5: it the most, and then overflow of demand after peak
• 21:09
  Speaker 5: season is over.
• 21:10
  Speaker 6: Yeah, So to not have it available when you need
• 21:13
  Speaker 6: it the most, when you need it the most, because
• 21:14
  Speaker 6: you'll buy something else.
• 21:15
  Speaker 3: I'm gonna buy Mario tennis.
• 21:17
  Speaker 6: Yeah. It's like if you you have a significant other
• 21:20
  Speaker 6: and she wants this very specific diamonds, you can't. You've
• 21:22
  Speaker 6: promised the diamonds because you know how important it is.
• 21:24
  Speaker 6: It's the only thing that she's asked for. So you
• 21:26
  Speaker 6: get to the jewelry store. The diamonds are nowhere to
• 21:29
  Speaker 6: be found. You've gone to numerous stores, you cannot find it.
• 21:32
  Speaker 6: You're not going back home without something that's done by
• 21:36
  Speaker 6: design and intention. So you're going to buy that thing.
• 21:38
  Speaker 6: And now when that thing becomes available that she really wanted,
• 21:41
  Speaker 6: well that want doesn't go away just because you got
• 21:44
  Speaker 6: you buy the thing again.
• 21:45
  Speaker 3: The stinker thing is perfect. Just like every Christmas, Join
• 21:48
  Speaker 3: is going to release eleven, right, if the kid doesn't
• 21:51
  Speaker 3: get the eleven, they'll probably buy the kid pair of KDS.
• 21:55
  Speaker 3: Nike sees that, Oh, restock, and now everybody gets to
• 21:59
  Speaker 3: have the shoe. And now you have the customer more
• 22:01
  Speaker 3: more than one purchase.
• 22:02
  Speaker 6: Yeah, it's it. And I think one of the things
• 22:05
  Speaker 6: about reading that book and understanding is that at first
• 22:08
  Speaker 6: it pisses you off. You're like man I felt for
• 22:10
  Speaker 6: all these.
• 22:10
  Speaker 3: Tracks you was saying, and I'm like, I think I
• 22:11
  Speaker 3: felt it is a fet But.
• 22:13
  Speaker 6: Then I think as an entrepreneur, you can use that
• 22:16
  Speaker 6: and turn that around, right. And so the difference between
• 22:18
  Speaker 6: the two is, I think on the advertising industry, it's
• 22:21
  Speaker 6: there's a little bit of manipulation, and from an entrepreneurship standpoint,
• 22:24
  Speaker 6: you can use that in your favor of thinking like, well,
• 22:27
  Speaker 6: how do I market a product to this person where
• 22:30
  Speaker 6: they if I don't have it available, then there's something
• 22:33
  Speaker 6: else that's equally or close to what they want where
• 22:36
  Speaker 6: they still keep them around long enough that they also
• 22:39
  Speaker 6: buy the thing that they want. There's one way to
• 22:40
  Speaker 6: look at it, right. The other way to look at
• 22:42
  Speaker 6: it is intention. Is your intention to manipulate people into
• 22:46
  Speaker 6: buying two things? Or is your intention to increase the
• 22:48
  Speaker 6: lifetime value of the customer in a meaningful way that
• 22:52
  Speaker 6: increases like their affinity to who you are and what
• 22:55
  Speaker 6: you're building. I think there's another way to look at that, right.
• 22:58
  Speaker 6: And then when I think of like black businesses, and
• 23:01
  Speaker 6: I see this happen in the food business more than anything.
• 23:04
  Speaker 6: You'll go to a restaurant they don't have like nine
• 23:08
  Speaker 6: things on the menu where you're like, man, I'm never
• 23:10
  Speaker 6: gonna come to this restaurant again. And then I've seen
• 23:12
  Speaker 6: other me, other menus and other companies who will say, well,
• 23:16
  Speaker 6: first come, first air, right like if we run out,
• 23:18
  Speaker 6: we run out, and you start getting to that early
• 23:21
  Speaker 6: because they've set a different kind of expectation around the
• 23:24
  Speaker 6: scarcity and limited availability. It's how you communicate it. In
• 23:28
  Speaker 6: one instance, I see black businesses being demonized for that
• 23:31
  Speaker 6: they never got what they say they don't have, They
• 23:33
  Speaker 6: never open when they say they're supposed to open, they
• 23:35
  Speaker 6: close in early. And then I've seen it manage the expectation,
• 23:38
  Speaker 6: manage around that. In other south By Southwest, the barbecue
• 23:41
  Speaker 6: place there is a prime example. You know that if
• 23:43
  Speaker 6: you don't get there at six o'clock in the morning,
• 23:46
  Speaker 6: you may not get that barbecue because they once they
• 23:48
  Speaker 6: run out, they run out. You're not saying like, man,
• 23:51
  Speaker 6: they ain't this, they don't have anything together. You know what,
• 23:54
  Speaker 6: You wake up the next morning at six o'clock because
• 23:56
  Speaker 6: you really want that barbecue. Everyone's spoken so highly about it,
• 24:00
  Speaker 6: and you know that it's now a very kind of
• 24:02
  Speaker 6: sacred experience that you have that you wouldn't have anywhere
• 24:05
  Speaker 6: else because you get to try something that other people
• 24:08
  Speaker 6: may not try because they've missed a lot. It's about
• 24:10
  Speaker 6: how we manage expectations in business and then how we
• 24:13
  Speaker 6: communicate the value of what we're doing. In one end,
• 24:15
  Speaker 6: you never going to go back there because they don't
• 24:17
  Speaker 6: never have anything together. There's literally no difference. The supply
• 24:21
  Speaker 6: is gone. You get there first, You get there first.
• 24:23
  Speaker 6: One instance is coveted and then the other instance is demonized,
• 24:26
  Speaker 6: and that's not fair. But it's a business lesson that
• 24:29
  Speaker 6: people have to learn.
• 24:30
  Speaker 3: You have the second part because I want it's interesting
• 24:33
  Speaker 3: because I'm thinking about the strategy. I feel like it's brilliant.
• 24:37
  Speaker 3: But it does also determine on what stage or business
• 24:39
  Speaker 3: you're at right Like if you're a new entrepreneur, you
• 24:42
  Speaker 3: have to first build a client base, you have to
• 24:44
  Speaker 3: build a trust, and you have to set those expectations.
• 24:47
  Speaker 3: So it goes back to those foundational pieces. I know
• 24:49
  Speaker 3: you were talking about foundations, so as an entrepreneur, you said,
• 24:53
  Speaker 3: sometimes we're not writy, and this is true. We see
• 24:55
  Speaker 3: a lot of people, We've seen it happen here. People
• 24:56
  Speaker 3: come on the show, they got that push and then
• 24:59
  Speaker 3: it's like they weren't ready for the push.
• 25:02
  Speaker 6: Do you know what does feel like I was there?
• 25:04
  Speaker 3: What are those foundational pieces that you would say that
• 25:07
  Speaker 3: entrepreneurs should have in the event that what you're wishing
• 25:11
  Speaker 3: for I actually come to pluition.
• 25:12
  Speaker 6: Yeah, I think something that you said in the beginning
• 25:14
  Speaker 6: of that that can be your business model in the
• 25:17
  Speaker 6: beginning too, right, You see like a lot of businesses
• 25:19
  Speaker 6: that have customized products or you have to be tailored.
• 25:23
  Speaker 6: And we were talking about Ghana. My husband got like
• 25:26
  Speaker 6: ten outfits in Ghana and he had to be tailored
• 25:28
  Speaker 6: and measured for it. It wasn't anything that he could
• 25:31
  Speaker 6: buy off the shelf. But I've also seen entrepreneurs where
• 25:33
  Speaker 6: they have very limited capital, very limited product supply, and
• 25:38
  Speaker 6: then they're constantly sold out on their website without communicating that, hey,
• 25:42
  Speaker 6: this is a one of a kind piece and it's
• 25:45
  Speaker 6: going to take six to eight weeks to be able
• 25:46
  Speaker 6: to get it and as because of that, there's a
• 25:48
  Speaker 6: premium price that's associated with that in order to come
• 25:53
  Speaker 6: and like that is that is the business model. I've
• 25:56
  Speaker 6: also seen, like I've gotten people to come to my
• 25:59
  Speaker 6: house to cut my hair or like do my nails
• 26:01
  Speaker 6: and they charge bottom basement pricing and they're not charging
• 26:04
  Speaker 6: like a travel fee. Well that's not and they feel
• 26:08
  Speaker 6: like they're less than because they don't have a shop.
• 26:10
  Speaker 6: I was like, you were providing a concanerge service. What
• 26:12
  Speaker 6: are you talking about, like if you don't add significant
• 26:15
  Speaker 6: tax on that. But that's a misalignment with who they're serving.
• 26:19
  Speaker 6: If you understand that you're serving people that value their
• 26:22
  Speaker 6: time and constantly trying to buy back their time, they
• 26:24
  Speaker 6: will pay a premium to not go sit in a
• 26:27
  Speaker 6: barbershop or make an appointment, but still sit there for
• 26:30
  Speaker 6: two hours. And so if you understand who your true
• 26:34
  Speaker 6: customer is around that there is no scarcity issue and
• 26:37
  Speaker 6: there's a different way that you can look at the
• 26:39
  Speaker 6: business in a different way that you can promote the
• 26:41
  Speaker 6: business that increases the value of it significantly. If you
• 26:44
  Speaker 6: can come to my house and cut my hair, I
• 26:46
  Speaker 6: will pay you double or triple because I don't have
• 26:48
  Speaker 6: time to sit in the barbershop. It is not less
• 26:51
  Speaker 6: than of your business. And I think that's the thing
• 26:53
  Speaker 6: that even in the application process with Black Ambition, we
• 26:57
  Speaker 6: see over and over again it's like, really amazing idea
• 27:00
  Speaker 6: is really amazing traction. They have no idea how to
• 27:03
  Speaker 6: communicate the value high enough that that I can see
• 27:06
  Speaker 6: a return on the investment, or any other investor or
• 27:10
  Speaker 6: partner can see a return on that. And then oftentimes
• 27:13
  Speaker 6: we don't understand why we're not seeing the money, and
• 27:16
  Speaker 6: there's other nuances part of that. And then you see
• 27:18
  Speaker 6: white businesses being able to accelerate in the exact same industry.
• 27:22
  Speaker 6: Sometimes what I see in the difference is there's an
• 27:24
  Speaker 6: overinflation of the value on when and there's an underinflation
• 27:27
  Speaker 6: of the value on the other end. There's other parts
• 27:30
  Speaker 6: of that. There's racism. That's also something that we see
• 27:34
  Speaker 6: time and time again in our applications.
• 27:36
  Speaker 5: So what is some other thing, like another thing that
• 27:39
  Speaker 5: you that you picked up from that book?
• 27:41
  Speaker 6: Ooh, fomo, it was another one. So fear of missing
• 27:45
  Speaker 6: out and how to like kind of enact that one
• 27:50
  Speaker 6: of the other things that I thought, And I cannot
• 27:52
  Speaker 6: remember the name of the principle, but oh gosh, what
• 27:57
  Speaker 6: is it called. It'll come to me. But essentially it
• 28:00
  Speaker 6: gave this example of this bakery that like this person
• 28:03
  Speaker 6: would drive by all the time and they saw the bakery,
• 28:05
  Speaker 6: but they didn't really pay any attention to it, and
• 28:07
  Speaker 6: then the one day that they saw a line outside
• 28:09
  Speaker 6: the door is the day that they stopped. And it
• 28:13
  Speaker 6: was literally because someone else validated that decision for them, right,
• 28:18
  Speaker 6: And oftentimes we can call that like following I'm forgetting
• 28:21
  Speaker 6: what the principle is, and it's killing me that I'm forgetting.
• 28:23
  Speaker 6: But like there's that within itself is something that you
• 28:27
  Speaker 6: can duplicate as a business principle.
• 28:29
  Speaker 5: That's why, like clubs intentionally have lines.
• 28:31
  Speaker 2: Right.
• 28:31
  Speaker 5: You go in the clubs sometimes and there's enough room
• 28:34
  Speaker 5: to get people in, but it's like if nobody's waiting online,
• 28:37
  Speaker 5: it doesn't look like it's lit. But then if you
• 28:40
  Speaker 5: if somebody's waiting online, now you'll pay three thousand dollars
• 28:44
  Speaker 5: a bottle service because the anticipation on what's inside, based
• 28:48
  Speaker 5: off of people trying to get in that's not able
• 28:52
  Speaker 5: to get in, makes it more appealing than if they
• 28:54
  Speaker 5: just let everybody in.
• 28:55
  Speaker 6: Yeah, and you need you you want. As human nature,
• 28:59
  Speaker 6: we make decisions oftentimes not based off of ourselves, but
• 29:04
  Speaker 6: the validation of someone else. You see that in the
• 29:07
  Speaker 6: investment space and corporate partnership space, especially right, I don't
• 29:11
  Speaker 6: want to be first money in. If anybody else comes
• 29:13
  Speaker 6: in with money, then I will definitely come in, but
• 29:16
  Speaker 6: I need to kind of de risk my decision. Right
• 29:18
  Speaker 6: the club is no different. I don't want to go
• 29:21
  Speaker 6: into something that's not popping and it's empty inside. But
• 29:25
  Speaker 6: the line is so long that it makes me feel
• 29:27
  Speaker 6: like the vibe is already created. I don't have to
• 29:29
  Speaker 6: be the one to come in and create the vibe.
• 29:31
  Speaker 6: And that's how we make decisions as humans. That's how
• 29:34
  Speaker 6: we're influenced by other people. Like that's how I bought
• 29:37
  Speaker 6: the first iPhone, right like that lie, I was just like,
• 29:39
  Speaker 6: it must be because what we say is like, there
• 29:42
  Speaker 6: is not never gonna be like, oh, it must be
• 29:44
  Speaker 6: empty in there. There must be something unique and special
• 29:47
  Speaker 6: that I need to be a part of. If this
• 29:49
  Speaker 6: line is that long, whether the thing tastes good or
• 29:52
  Speaker 6: is good or not, the line makes the decision for you.
• 29:55
  Speaker 6: And so many of us do buying decisions specifically because
• 29:58
  Speaker 6: we see those things.
• 30:00
  Speaker 3: They did a masterful job with that. Yeah, it was like,
• 30:02
  Speaker 3: no matter what time you went, it was going to
• 30:04
  Speaker 3: be a.
• 30:04
  Speaker 6: Line Chipotle Apple with the iPhone sneakers. You can see,
• 30:11
  Speaker 6: and these things are sometimes very warranted because the product
• 30:14
  Speaker 6: is good. But a lot of times, like nightclubs, it's
• 30:16
  Speaker 6: manufactured for the very specific reason that they know it's
• 30:20
  Speaker 6: going to enact one of the principles of the psychology
• 30:22
  Speaker 6: of influence of how we made decisions.
• 30:24
  Speaker 3: You brought up the criteria when you're looking at the
• 30:26
  Speaker 3: applications we talk about, especially our community, having businesses that
• 30:30
  Speaker 3: are scalable. Talk about the importance of that, right, because
• 30:33
  Speaker 3: I mean you said you can thousands of applications. I'm
• 30:36
  Speaker 3: sure this criteria that they have to meet. How much
• 30:38
  Speaker 3: of it is this business scalable at on your criteria?
• 30:41
  Speaker 6: Yeah, that's high that we look at, right. I think,
• 30:45
  Speaker 6: especially in like our tech vertical as well as our
• 30:48
  Speaker 6: CpG vertical, you cannot be a product of one like
• 30:51
  Speaker 6: who are you selling it to? And then your vision
• 30:55
  Speaker 6: has to be big enough that we as investors can
• 30:57
  Speaker 6: see where we can go along with you in the
• 30:59
  Speaker 6: journey and how big you're thinking about it. I think
• 31:02
  Speaker 6: now kind of given the landscape, if you're not thinking
• 31:05
  Speaker 6: especially as a company or a product a service services
• 31:09
  Speaker 6: people of color, like not looking at like the global
• 31:11
  Speaker 6: landscape as your marketplace, then you're really shortsighted. About what
• 31:15
  Speaker 6: you're building and where it can go. The other part
• 31:17
  Speaker 6: is people need their money back, right, Like you want
• 31:19
  Speaker 6: to make sure that you can ensure some sort of return.
• 31:22
  Speaker 6: And if those things aren't communicated, then miss you miss
• 31:26
  Speaker 6: the opportunity of people being able to see how they
• 31:29
  Speaker 6: can go along with you in the journey. And so
• 31:30
  Speaker 6: scalability is important. I think what scalability means to you
• 31:35
  Speaker 6: is the bigger question because I think as entrepreneurs, what
• 31:38
  Speaker 6: you also see is people just start asking you that
• 31:41
  Speaker 6: question all the time, Well, how are you going to
• 31:42
  Speaker 6: scale this? How are you going to scale this? Your
• 31:44
  Speaker 6: intention made just to be to dig deeper into the
• 31:47
  Speaker 6: market that you're in, right, or the neighborhood or the
• 31:50
  Speaker 6: region that you're in. It doesn't always have to be
• 31:52
  Speaker 6: scaling nationally or internationally, but you have to be able
• 31:55
  Speaker 6: to communicate how you can go deeper within the niche
• 31:58
  Speaker 6: that you're in. And I think one thing, and I
• 32:01
  Speaker 6: can't remember who I heard this from it, but like, hey,
• 32:03
  Speaker 6: if you solve one problem for someone, you end up
• 32:05
  Speaker 6: creating ten more problems for them, which is amazing and
• 32:09
  Speaker 6: masterful to think about, right, And I think sometimes people
• 32:12
  Speaker 6: don't communicate how they can go deeper and increase the
• 32:15
  Speaker 6: lifetime value of the existing customer base, the region, the city,
• 32:18
  Speaker 6: the state, the country that they're in with their product.
• 32:21
  Speaker 6: And so what do I mean by that? If you
• 32:24
  Speaker 6: are if you help people write books? Okay, now that
• 32:27
  Speaker 6: the book is done, they need publishing, they need printing,
• 32:31
  Speaker 6: they need pr they need graphics done, they need their
• 32:35
  Speaker 6: author photo done. They need at least ten other things,
• 32:39
  Speaker 6: ten other problems that you created.
• 32:42
  Speaker 3: Earners, What's up?
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  Speaker 4: You ever walk into a small business and everything just
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  Speaker 4: pushing your vision forward. This episode is brought to you
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  Speaker 1: An illegal alien from Guatemala charged with raping a child
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  Speaker 1: in Massachusetts. An MS thirteen gang member from el Salvador
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  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 34:44
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 34:48
  Speaker 1: some of the heinous migrant criminals caught because of President
• 34:52
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 34:55
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted legal border
• 35:00
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 35:04
  Speaker 1: one hundred thousand illegal aliens.
• 35:06
  Speaker 2: Have been arrested.
• 35:07
  Speaker 1: If you were here illegally, your next you will be
• 35:10
  Speaker 1: fine nearly one thousand dollars a day, imprisoned and deported,
• 35:15
  Speaker 1: you will never return. But if you register using our
• 35:18
  Speaker 1: CBP home app and leave now, you could be allowed
• 35:21
  Speaker 1: to return legally. Do what's right. Leave now. Under President Trump,
• 35:26
  Speaker 1: America's laws, border and families will.
• 35:29
  Speaker 2: Be protected sponsored by the United States Department of Homeland Security.
• 35:32
  Speaker 6: That within itself can make you extremely wealthy if you
• 35:35
  Speaker 6: think about it. So when we talk about getting niche
• 35:37
  Speaker 6: down or getting scaled or scaling, sometimes it's not this.
• 35:41
  Speaker 6: It's literally going from here here or here here with
• 35:44
  Speaker 6: that customer base and being able to communicate that.
• 35:47
  Speaker 5: So, as far as another marketing question, what's the good leads?
• 35:52
  Speaker 5: Because I study like boxing, right, and I noticed that
• 35:55
  Speaker 5: like boxers, they announced the fight and then they go
• 35:59
  Speaker 5: to training camp for about five weeks and then it's quiet.
• 36:03
  Speaker 5: That training camp period is quiet, yeah, and then like
• 36:05
  Speaker 5: two weeks before the fight, that's when it's an onslaught
• 36:09
  Speaker 5: of just marketing. They don't market the whole entire six weeks, right,
• 36:15
  Speaker 5: So from your perspective, what is a good time to
• 36:20
  Speaker 5: actually market leading up to like a drop date or
• 36:22
  Speaker 5: a release date or an event, as opposed to starting
• 36:25
  Speaker 5: too early and then you just kind of wasting time
• 36:28
  Speaker 5: because people usually don't buy until there's a sense of urgency,
• 36:31
  Speaker 5: like leading up to the actual date.
• 36:34
  Speaker 6: So you hit on something really interesting. Because it's also
• 36:37
  Speaker 6: the thing that I hear the most of, like I
• 36:39
  Speaker 6: got to build in silence, And I think that's some
• 36:42
  Speaker 6: of the worst business advice that people tet. There's a
• 36:45
  Speaker 6: lot of bad, crazy things that people say. It's also
• 36:47
  Speaker 6: like I gotta get the coins in the bag, Like
• 36:49
  Speaker 6: do you really want coins? What kind of bag do
• 36:52
  Speaker 6: you want?
• 36:53
  Speaker 3: Like what you like?
• 36:53
  Speaker 6: You got to be very specific, And so why I
• 36:57
  Speaker 6: hate when people say you got to build in silence
• 36:59
  Speaker 6: is because most times people have no idea what you're doing.
• 37:02
  Speaker 6: And you think that people around you understand what you're
• 37:05
  Speaker 6: doing and what they're building and how they can help you,
• 37:07
  Speaker 6: and they do not, not unless you communicate it. And
• 37:10
  Speaker 6: so I think the boxing part is a really good example.
• 37:12
  Speaker 6: But I think the way movies are put out, or
• 37:15
  Speaker 6: how they used to be put out, is a better
• 37:16
  Speaker 6: It's like a better example if I can explain that, right.
• 37:19
  Speaker 6: And so when a movie first comes out, you know,
• 37:22
  Speaker 6: most entrepreneurs, they just pop open and they expect the
• 37:25
  Speaker 6: arena to be full a filled. It does not happen.
• 37:28
  Speaker 6: You do not build it, and they will come. You
• 37:29
  Speaker 6: have to create the village and the community. And so
• 37:33
  Speaker 6: when movies are created, maybe three, four or five years before,
• 37:38
  Speaker 6: you have a few of the key artists or the
• 37:41
  Speaker 6: few of the key actors talking about I'm working on
• 37:44
  Speaker 6: this movie. They may do some light interviews, they may
• 37:47
  Speaker 6: do some drops. You may see a little bit of
• 37:49
  Speaker 6: content that they're on the studio. But they've told you
• 37:51
  Speaker 6: that they are in the process of building somebody.
• 37:54
  Speaker 5: I mean, what's the tipher you said three five.
• 37:55
  Speaker 6: I've usually seen it like two to three years out,
• 37:57
  Speaker 6: two to three years yeah, because it takes a year
• 38:00
  Speaker 6: plus them or sometimes years to be able to do
• 38:02
  Speaker 6: a movie. But usually those marquee top artists are not
• 38:06
  Speaker 6: keep saying artists, but like actors, they drop that they're
• 38:09
  Speaker 6: working on a movie. They may even drop the title,
• 38:11
  Speaker 6: but they drop something right. And then as it progresses,
• 38:15
  Speaker 6: you start to see more and more things literally about
• 38:18
  Speaker 6: the process. There's nothing wrong with documenting your process to
• 38:21
  Speaker 6: getting to that point. And then, as I would say,
• 38:24
  Speaker 6: like maybe a year out is when you start to
• 38:26
  Speaker 6: see the commercials, you start to see the press junkets,
• 38:29
  Speaker 6: you start to see the trailers, come out, behind the
• 38:33
  Speaker 6: scenes footage right, and then mons the three months leading
• 38:36
  Speaker 6: up to it, that's when you see the onslaught of things,
• 38:39
  Speaker 6: so that on Friday Night when the movie hits, there
• 38:42
  Speaker 6: is actually people to buy the tickets. And I think
• 38:44
  Speaker 6: entrepreneurs look at and not all entrepreneurs, but I think
• 38:47
  Speaker 6: entrepreneurs that are scared rightfully, so I get it. But
• 38:51
  Speaker 6: if you want to sell a product and you want
• 38:53
  Speaker 6: people to support you, you got to let them know
• 38:56
  Speaker 6: and be a part of the journey of getting there.
• 38:58
  Speaker 6: That's part of the storytelling. That is the magic that
• 39:01
  Speaker 6: builds the affinity for people wanting to actually purchase or
• 39:04
  Speaker 6: be a part of the process. People want to be
• 39:07
  Speaker 6: a part of your winning season and your process. And
• 39:09
  Speaker 6: if you never tell them what you're working on, because
• 39:12
  Speaker 6: you're building in the dark, which is very bad information,
• 39:16
  Speaker 6: there's nobody there, and then what happens is you get
• 39:19
  Speaker 6: very discouraged because it's there's no one there to support you.
• 39:23
  Speaker 6: You then very ill blame your friends and family, like
• 39:27
  Speaker 6: why they not buying a product, They're not your customer.
• 39:31
  Speaker 6: My husband and I ran a gourmet popsicle a manufacturing
• 39:34
  Speaker 6: company like with clients like PayPal, Google, Target for seven years.
• 39:40
  Speaker 6: I never went to my parents and like, why y'all
• 39:42
  Speaker 6: not buying popsicles? Why because my parents are black and
• 39:45
  Speaker 6: they like butter pecan and ice cream, they're not buying popsicles.
• 39:49
  Speaker 6: They never bought a popsicle, but they supported me in
• 39:52
  Speaker 6: other ways. But I also knew they were not my
• 39:54
  Speaker 6: customer base. Wealthy white women were our customer base because
• 39:58
  Speaker 6: they could buy a thirty dollars box of pa obstacles,
• 40:00
  Speaker 6: where they can buy a forty dollars box of alcohol popsicles,
• 40:05
  Speaker 6: Like that was our customer base, right Like, and we
• 40:07
  Speaker 6: had to understand that, and we it was hard for
• 40:09
  Speaker 6: us to get to that point. But I just stress
• 40:12
  Speaker 6: people in that process of do not build in the dark.
• 40:14
  Speaker 6: You don't have to give all your IP away, but
• 40:16
  Speaker 6: you've got to make sure people understand the journey that
• 40:19
  Speaker 6: you're on and then the value that you're bringing in
• 40:22
  Speaker 6: what problems that you're solving, and if you wait until
• 40:24
  Speaker 6: you spent all this inventory to even test any of that,
• 40:28
  Speaker 6: then then you've already started with a bad foundation.
• 40:31
  Speaker 3: And you talked about don't build in the dark, right,
• 40:33
  Speaker 3: So a part of that to kind of alleviate that
• 40:37
  Speaker 3: would be good mentorship. I want you to talk about
• 40:41
  Speaker 3: what Black ambition is doing and its intentionality around having mentorship.
• 40:45
  Speaker 6: So these entrepreneurs mentorship, but like the right type of mentorship, right,
• 40:49
  Speaker 6: And so you know, I know people say this quote
• 40:51
  Speaker 6: all the time Black people are underfunded but over mentored,
• 40:56
  Speaker 6: and I truly believe that where we're different when black
• 40:59
  Speaker 6: and and this mostly comes from like my past entrepreneurial
• 41:03
  Speaker 6: well current, but like entrepreneurial experiences, I had some really
• 41:07
  Speaker 6: great mentors and I had a lot of BS mentors
• 41:10
  Speaker 6: that would just look at my deck and say, Okay, change,
• 41:13
  Speaker 6: just change that. But like if I needed the buyer
• 41:15
  Speaker 6: for Whole Foods and you had that person in like
• 41:18
  Speaker 6: as a contact, as a college buddy, and you would
• 41:21
  Speaker 6: look at what I'm building, understand the value of it,
• 41:24
  Speaker 6: but you would never make that phone call for me. Well,
• 41:26
  Speaker 6: you're doing me more of a disservice. And That's what
• 41:29
  Speaker 6: I've seen happen for the years that we were building
• 41:31
  Speaker 6: Black Tech Week. That's what I've seen happen in the
• 41:34
  Speaker 6: beginning years of Black Ambition is like you had a
• 41:37
  Speaker 6: lot of people that wanted to mentor black people to
• 41:39
  Speaker 6: get a pat on the back, but they weren't actually
• 41:42
  Speaker 6: valuable in opening up their rolodex and opening up like
• 41:46
  Speaker 6: their contacts and putting you on. And so we need
• 41:49
  Speaker 6: more mentors that put you on. And so that thought
• 41:52
  Speaker 6: process is what we've ingrained into Black Ambition, Like we
• 41:55
  Speaker 6: have really amazing mentors that have invested in their entrepreneurs
• 42:00
  Speaker 6: have opened up the doors to HSN, to Target, to Walmart,
• 42:05
  Speaker 6: to major retailers because of that very specific intention if
• 42:10
  Speaker 6: you are not going to call on behalf of our
• 42:13
  Speaker 6: entrepreneurs do not come to our program. And our entrepreneurs
• 42:18
  Speaker 6: people have gotten very comfortable wasting the time of black
• 42:21
  Speaker 6: entrepreneurs like wasting the time, and time is the only
• 42:24
  Speaker 6: commodity that you do not get back. And so when
• 42:26
  Speaker 6: we're talking about closing the wealth gap, well, wealth has
• 42:29
  Speaker 6: a need for speed, and if we don't fully understand
• 42:31
  Speaker 6: that as a big utility for black entrepreneurs, then get
• 42:35
  Speaker 6: out of the way, do not bother them, give them
• 42:37
  Speaker 6: what they need, and then get out the way so
• 42:39
  Speaker 6: that they can build their companies because they're equipped to it,
• 42:42
  Speaker 6: they just are oftentimes blocked from the resources that are necessary.
• 42:45
  Speaker 6: So in the three months of the Cohort for Black Ambition,
• 42:50
  Speaker 6: we have about fifty mentors throughout the pods that we
• 42:52
  Speaker 6: create for the two hundred and fifty companies that do
• 42:55
  Speaker 6: exactly just that. They're supporting them with the knowledge the
• 42:58
  Speaker 6: resources that they need. But then they're also opening up
• 43:01
  Speaker 6: doors for those entrepreneurs because they have really good companies.
• 43:04
  Speaker 6: And to me, that's the biggest kind of show of
• 43:08
  Speaker 6: belief in those companies is if you're leveraging your reputation
• 43:11
  Speaker 6: and your relationships and support of them.
• 43:14
  Speaker 3: You said entrepreneurs, And it made me think, because I
• 43:17
  Speaker 3: know Shy's thinking from the marketing standpoint when with Jay
• 43:21
  Speaker 3: and Pharrell putting the song out that was part of
• 43:23
  Speaker 3: the rollout for Black Ambitions.
• 43:24
  Speaker 6: This part of my it was the empetism for that, Yeah,
• 43:27
  Speaker 6: that the song. Virgil designed the logo for Black and
• 43:31
  Speaker 6: Black Ambition, and it was you know, Pharrell has has
• 43:36
  Speaker 6: a long standing career in this right as an entrepreneur,
• 43:40
  Speaker 6: as a creative, as a definitely as a musician, right
• 43:44
  Speaker 6: among so many things, and owns a ton of companies
• 43:47
  Speaker 6: in a lot of different verticals, and so Black Ambition
• 43:51
  Speaker 6: is literally him, Like I say that to him all
• 43:53
  Speaker 6: the time, and I say that to people, like looking
• 43:56
  Speaker 6: at where he came from from Virginia and figuring that
• 43:59
  Speaker 6: out and like getting to this point where he's now
• 44:01
  Speaker 6: building legacy for himself and his family, and then that
• 44:05
  Speaker 6: legacy is through the one hundred and one entrepreneurs that
• 44:08
  Speaker 6: we've invested in.
• 44:09
  Speaker 3: It was perfect time. And when that song came out,
• 44:11
  Speaker 3: we I mean think we in our second year. It
• 44:13
  Speaker 3: was like it sounds like we're doing yeah, perfect.
• 44:18
  Speaker 5: So how did you connect with him?
• 44:21
  Speaker 6: His chief of staff asked me to come lead Black Ambition,
• 44:25
  Speaker 6: and that was my first time meeting meeting him and
• 44:28
  Speaker 6: chatting through like what black Ambition could be and where
• 44:31
  Speaker 6: what we can grow it into, the need and the
• 44:33
  Speaker 6: importance of it, and then more than anything, how to
• 44:36
  Speaker 6: really kind of extract the resources and the access and
• 44:40
  Speaker 6: the people that are around him to support the entrepreneurs.
• 44:44
  Speaker 6: And so that was literally one of our first conversations.
• 44:47
  Speaker 5: So how hands on? Obviously everybody knows he lives in
• 44:50
  Speaker 5: Paris and he's running Leavaton, so I'm sure he got
• 44:54
  Speaker 5: his hands full. How hands on is he in Like
• 44:58
  Speaker 5: how often do you communicate with him?
• 45:00
  Speaker 6: I talked to him quite a bit because he's my boss,
• 45:03
  Speaker 6: but he's really hands on as much as he can
• 45:05
  Speaker 6: be with Black Ambition, right, and so and a lot
• 45:08
  Speaker 6: of that comes from like his ideas and his vision
• 45:11
  Speaker 6: around it, and then his resources and his people more
• 45:14
  Speaker 6: than anything, you know, when you talk about me, when
• 45:16
  Speaker 6: I was talking about mentors being able to kind of
• 45:19
  Speaker 6: conflate the time that's needed for entrepreneurs. One of my
• 45:23
  Speaker 6: first ask of him and I take all the entrepreneurs
• 45:25
  Speaker 6: asks that they have and present it to him and
• 45:28
  Speaker 6: his team for them to really kind of find the
• 45:30
  Speaker 6: contacts for the entrepreneurs. But I remember one of the
• 45:33
  Speaker 6: company's family, which is a feminine hygiene company. One of
• 45:37
  Speaker 6: the twenty twenty one prize winners who had been knocking
• 45:40
  Speaker 6: on the door for Marriott for about two years could
• 45:43
  Speaker 6: not get through. And having that conversation, I'm like, hey,
• 45:46
  Speaker 6: she's trying to get into marriout. He's like, well, I
• 45:48
  Speaker 6: know one of the owners of Marriott, and like, within
• 45:51
  Speaker 6: two phone calls, it helped her get into I think
• 45:54
  Speaker 6: her first one or two locations in Marriott. That's what
• 45:57
  Speaker 6: black entrepreneurs need, that's what we need, right, And so
• 46:02
  Speaker 6: now she gets two years of her time back. Unfortunately
• 46:04
  Speaker 6: she had to spend two years to get to that point.
• 46:07
  Speaker 6: But I think that's the magic of having really good
• 46:09
  Speaker 6: mentors that can just pick like these are. When you're
• 46:12
  Speaker 6: working with high net worth individuals, right, and you're trying
• 46:15
  Speaker 6: to get entrepreneurs to get more comfortable to their proximity
• 46:18
  Speaker 6: to power and to wealth, it's introductions and it's phone calls,
• 46:23
  Speaker 6: and that is always the thing that in that moment
• 46:26
  Speaker 6: excited me how quickly it can happen, but it also
• 46:29
  Speaker 6: further discouraged me because how long it takes and how
• 46:32
  Speaker 6: difficult sometimes people make. It seem like you got the
• 46:35
  Speaker 6: contact if you really believe in black entrepreneurs, why won't
• 46:38
  Speaker 6: you pick up the phone because if you would need
• 46:40
  Speaker 6: if you need it, And I asked people that, like,
• 46:42
  Speaker 6: if you needed to raise a you know, five million
• 46:45
  Speaker 6: dollars really quick for your business, who are the top
• 46:48
  Speaker 6: five people that you're calling, that's my question. Who are
• 46:51
  Speaker 6: the five people that you're going to call? And they
• 46:52
  Speaker 6: tell me. I was saying, great, I need you to
• 46:54
  Speaker 6: call those five people for our entrepreneurs because if you
• 46:58
  Speaker 6: can do it for yourself or one of your buddies,
• 47:00
  Speaker 6: but you keep telling me you believe in our entrepreneurs,
• 47:03
  Speaker 6: call those five people for them. And if they can't
• 47:06
  Speaker 6: do it, they don't need to be involved in anything
• 47:08
  Speaker 6: that you have going on. And that's always my test
• 47:11
  Speaker 6: in my conversation. And sometimes they look at me crazy,
• 47:14
  Speaker 6: sometimes they stutter, and then for the most part, they
• 47:17
  Speaker 6: make those introductions. I've had some instances where they won't,
• 47:20
  Speaker 6: but then you know what you've told me exactly who
• 47:23
  Speaker 6: you are, because if you believe and you know you
• 47:26
  Speaker 6: can do it for yourself, then do it for these entrepreneurs.
• 47:29
  Speaker 5: Right.
• 47:29
  Speaker 6: And so when we talk about like Pharrell's involvement, a
• 47:32
  Speaker 6: lot of it has been putting our entrepreneurs on and
• 47:35
  Speaker 6: then he spends we do two office hours with the
• 47:38
  Speaker 6: entrepreneurs once we invest in them with him, and then
• 47:43
  Speaker 6: a lot of it is just like his amazing partners, right.
• 47:45
  Speaker 6: And so we were in New York maybe about a
• 47:48
  Speaker 6: month ago now where Luis LVMH is a funder of
• 47:53
  Speaker 6: Black Ambitions Work, and we created a learning lab. We
• 47:56
  Speaker 6: did it with Chanel when they were partners, and now
• 47:58
  Speaker 6: we've done it with LV and we bring all of
• 48:01
  Speaker 6: our entrepreneurs that we invest in into two days into
• 48:04
  Speaker 6: their headquarters, and then another day into their headquarters, and
• 48:08
  Speaker 6: then a day into their distribution center. No one gets
• 48:12
  Speaker 6: to go to the distribution center. You get to go
• 48:14
  Speaker 6: to it because you're a Black Ambition entrepreneur. And so
• 48:17
  Speaker 6: they get to ask all the questions about the supply chain,
• 48:20
  Speaker 6: the logistics from literally the top people that are doing it,
• 48:23
  Speaker 6: from one of the top luxury brands in the world.
• 48:26
  Speaker 6: They build out strategic plans for them, they answer any questions.
• 48:29
  Speaker 6: The president of the US comes and speaks with the
• 48:32
  Speaker 6: entrepreneurs and like mentors them. So there's that high level
• 48:36
  Speaker 6: of corporate mentorship that happens. Literally because Pharrell is a
• 48:41
  Speaker 6: part of LVMH.
• 48:42
  Speaker 5: And they believe the president president of the United States.
• 48:45
  Speaker 6: No, no, no, no, the president the president of Louis Vata.
• 48:49
  Speaker 6: That would be cool too. We got we got the president.
• 48:51
  Speaker 3: Of anything about the luxury sales. He knows something about
• 48:56
  Speaker 3: an others what you said family is want to do
• 49:00
  Speaker 3: succe what other I mean, I'm sure there are. What
• 49:02
  Speaker 3: are some of the other success stories from you know,
• 49:05
  Speaker 3: companies and entrepreneurs that you've invested in.
• 49:07
  Speaker 6: Yeah, it's like talking about what's your favorite baby, Right,
• 49:10
  Speaker 6: there's one hundred and one. So we do a one
• 49:13
  Speaker 6: million dollar investment each year and then the rest of
• 49:17
  Speaker 6: the investments range between twenty five k to two hundred
• 49:19
  Speaker 6: and fifty K, and we do about thirty five of
• 49:22
  Speaker 6: those thirty to thirty five of those each each year.
• 49:25
  Speaker 6: Our first year prize winner, Logistics is a construction like
• 49:29
  Speaker 6: SaaS company out of Detroit that has done phenomenally well
• 49:33
  Speaker 6: in the first year from the investment of Black Ambition.
• 49:36
  Speaker 6: They went on to raise an additional six million dollars.
• 49:39
  Speaker 6: They went from four employees to thirty four employees in
• 49:41
  Speaker 6: the span of a year. They're not leaving Detroit and
• 49:44
  Speaker 6: I love that, right so what they've been able to
• 49:47
  Speaker 6: do with waste management in the contracts that they've gotten
• 49:50
  Speaker 6: across the United States has been absolutely, absolutely amazing. And
• 49:54
  Speaker 6: I remember when the first year of the prize, it
• 49:57
  Speaker 6: was on Zoom because it was in the height of
• 49:59
  Speaker 6: the pandemic, and myself and Farrell popped up on Zoom
• 50:03
  Speaker 6: to tell them that they won a million dollars and
• 50:06
  Speaker 6: everyone everyone is in tears. And then after I get
• 50:08
  Speaker 6: off the phone, Farrell calls me and I'm like, oh Lord,
• 50:10
  Speaker 6: what he called me about? And he calls and he
• 50:13
  Speaker 6: was just like, that's the blueprint. And he was just like,
• 50:16
  Speaker 6: when I was dreaming about what Black Ambition was going
• 50:20
  Speaker 6: to become, I couldn't see who the entrepreneurs were going
• 50:22
  Speaker 6: to be. I just knew that I was building something
• 50:24
  Speaker 6: for them, and he was just like, they are the
• 50:27
  Speaker 6: blueprint them. Khadiza, which was our Dose Beauty which creates
• 50:32
  Speaker 6: hyper allergetic braiding hair I was our HBCU Top Prize
• 50:37
  Speaker 6: winner for that year, so Live just six and then
• 50:39
  Speaker 6: Kadija Dosa, those two companies when we that's we got
• 50:43
  Speaker 6: off the phone and he was just like, that's the blueprint.
• 50:46
  Speaker 6: That's who I was dreaming about. And so they have
• 50:49
  Speaker 6: been the model ever since of how we look for companies.
• 50:54
  Speaker 6: The second year of the prize, pound Cake, which is
• 50:58
  Speaker 6: a lipstick company that has this proprietary technology. I know
• 51:03
  Speaker 6: y'all wouldn't necessarily know, but like, you can buy lipstick
• 51:06
  Speaker 6: in the store and no matter what your whatever your
• 51:09
  Speaker 6: skin shade is, it's going to be a different color
• 51:11
  Speaker 6: for whoever wears it. So they created a technology that
• 51:13
  Speaker 6: it's the exact same color on no matter who puts
• 51:16
  Speaker 6: it on. From a cultural skin tone standpoint, they were
• 51:20
  Speaker 6: listed as one of Time one hundred's top and the
• 51:22
  Speaker 6: Inventions of the year. The year that they won the
• 51:24
  Speaker 6: Black Ambition Prize, they just rolled out into eight hundred
• 51:28
  Speaker 6: Ulta locations. Last year's million dollar well yeah, twenty twenty
• 51:32
  Speaker 6: three million dollar prize winner is Antoinette Banks with a
• 51:36
  Speaker 6: company called expert iep. She founded the company because her
• 51:39
  Speaker 6: daughter had autism and was given this prognosis that she'll
• 51:44
  Speaker 6: never be able to matriculate through K through twelve with
• 51:48
  Speaker 6: any level of success. And like black mothers, she said,
• 51:53
  Speaker 6: watch me and her daughter I think just graduated either
• 51:56
  Speaker 6: high school or just graduated college. And so she created
• 51:59
  Speaker 6: a soft where that helps families and parents better navigate
• 52:03
  Speaker 6: the X, like the individual learning plans that are created
• 52:07
  Speaker 6: with school districts so that parents have much more power
• 52:10
  Speaker 6: on how their children are being educated and much more
• 52:13
  Speaker 6: accountability from the schools. And so those are our top
• 52:16
  Speaker 6: three prize winners. I can go on and on, Like
• 52:20
  Speaker 6: there's one of our companies that just rolled out into
• 52:22
  Speaker 6: four airport locations. You have a prosthetic like a company
• 52:27
  Speaker 6: out of Atlanta, like some really really phenomenal companies. You
• 52:32
  Speaker 6: have Cosmology that's just rolled out into Target and HSN.
• 52:36
  Speaker 6: The companies are doing phenomenally well.
• 52:38
  Speaker 5: So and then so you guys invest in the companies
• 52:41
  Speaker 5: you have. You take equity obviously, Yeah, how much is
• 52:45
  Speaker 5: it the same equity or is it depends on how
• 52:47
  Speaker 5: much it's the.
• 52:47
  Speaker 6: Same across the board?
• 52:48
  Speaker 5: What is it?
• 52:49
  Speaker 6: We do it through a safe agreement. We give it's
• 52:52
  Speaker 6: an eighty percent discount that we do so it's a
• 52:55
  Speaker 6: very small amount that comes back into black ambitions so
• 52:58
  Speaker 6: that we can fund more entrepreneurs.
• 53:00
  Speaker 5: Okay, and then you help them raise more money from
• 53:04
  Speaker 5: a network of rich people that you are connected with.
• 53:08
  Speaker 6: Yeah, right, rich people, rich people and corporations.
• 53:11
  Speaker 5: Yeah, and you also help them with mentorship. Yes, you
• 53:14
  Speaker 5: would have them, like if somebody's in beauty care, you
• 53:17
  Speaker 5: would you wouldn't have a mentor in the beauty care
• 53:19
  Speaker 5: and it's correct, correct, and then that person would get
• 53:22
  Speaker 5: equity in the company too.
• 53:23
  Speaker 6: No, well, any follow on funding is something that's done separately.
• 53:28
  Speaker 6: It's just what we do with Black Ambition and then
• 53:30
  Speaker 6: connecting them to the mentors and the support that they need.
• 53:32
  Speaker 5: So the business model, how do you guys make money
• 53:35
  Speaker 5: from because eventually, I guess the plan is for these
• 53:38
  Speaker 5: companies to make money exits and then you'll get paid
• 53:40
  Speaker 5: later on. But in the meantime, how is it funded?
• 53:44
  Speaker 3: Yeah?
• 53:44
  Speaker 6: Yeah, So Black Ambition is a five oh one C
• 53:46
  Speaker 6: three So we're a nonprofit. Most of our funding comes
• 53:50
  Speaker 6: from foundations and major corporations that are partners that support
• 53:54
  Speaker 6: the organization and allow us to do our programming and
• 53:57
  Speaker 6: then also allow us to be able to invest in
• 53:59
  Speaker 6: a get capital into those companies.
• 54:01
  Speaker 5: LVMH. I'm assuming it is a major contributor.
• 54:04
  Speaker 6: They're they're a major partner. Adidas is a major partner
• 54:06
  Speaker 6: of ours as as well. Lenar Foundation is a fantastic
• 54:11
  Speaker 6: partner of ours. Comcast NBC Universal is a new partner
• 54:17
  Speaker 6: of Black Ambition too.
• 54:19
  Speaker 5: And okay, this is before he started working at Levatana,
• 54:22
  Speaker 5: after he started this company, lv nod your company. Did
• 54:27
  Speaker 5: he start this before?
• 54:29
  Speaker 6: Yeah? So Black Ambition is four years old and he's
• 54:32
  Speaker 6: been on with LVMH as a men's creative director for
• 54:36
  Speaker 6: maybe about a year and a half now.
• 54:38
  Speaker 5: So I don't assuming he probably put it in a
• 54:39
  Speaker 5: contract that Levton has to kind of help support this,
• 54:43
  Speaker 5: right help.
• 54:44
  Speaker 6: It is never really in like his contract as like
• 54:48
  Speaker 6: an artist or the work that he does. But these
• 54:50
  Speaker 6: are natural partnerships that make sense, right, And so I
• 54:53
  Speaker 6: think when you think about artists, they can do a
• 54:56
  Speaker 6: lot of different things other than contribute back into their community.
• 54:59
  Speaker 6: And I thin think when you think about musicians or rappers,
• 55:02
  Speaker 6: essentially they usually get that bad rap them and athletes
• 55:05
  Speaker 6: that they don't contribute back to their communities. So I
• 55:07
  Speaker 6: think the unique way in which he has done it
• 55:10
  Speaker 6: in forming Black Ambition that allows us to fund these
• 55:12
  Speaker 6: entrepreneurs is unique within himself. But it's something that we
• 55:16
  Speaker 6: really want other people to copy, like copy our framework,
• 55:19
  Speaker 6: copy our process, because we need as many entrepreneurs supported
• 55:23
  Speaker 6: us possible.
• 55:24
  Speaker 5: I think one of the things that I don't think
• 55:27
  Speaker 5: people even know that's happening. So part of it, I
• 55:32
  Speaker 5: think is actually getting the words well, I'm glad you're here,
• 55:35
  Speaker 5: but I'm not. I don't. I haven't heard him speak
• 55:38
  Speaker 5: about it.
• 55:39
  Speaker 6: So he does quite a bit. I'm forced him too.
• 55:42
  Speaker 5: Well. I think in outlets that.
• 55:43
  Speaker 7: We listen to Okay, okay, that's important for our community, absolutely, So, yeah,
• 55:49
  Speaker 7: that's because it's good, like representation is good and like
• 55:54
  Speaker 7: you said, it's good to actually copy, right, but you
• 55:56
  Speaker 7: can't copy if you're not actually aware of what actually
• 56:00
  Speaker 7: currently happening.
• 56:01
  Speaker 6: Yeah, yeah, but I mean thank you' all for this
• 56:04
  Speaker 6: outlet to being able to do so, because I think
• 56:08
  Speaker 6: one of the work is what we've been able to
• 56:12
  Speaker 6: do for the past four years is important. The road
• 56:15
  Speaker 6: ahead is equally important, and I think a lot of
• 56:18
  Speaker 6: times when people build programs or institutions like this, they
• 56:21
  Speaker 6: try and hold on to all the resources the failures
• 56:25
  Speaker 6: as well as the success and we're very open about
• 56:28
  Speaker 6: like what hasn't worked for us, so other people cannot
• 56:31
  Speaker 6: go down that journey when they're building programs to support entrepreneurs.
• 56:35
  Speaker 6: And then we've been equally talking about like the road
• 56:38
  Speaker 6: ahead and then the successes that we've had, right, but
• 56:41
  Speaker 6: like what we have learned in the process of that
• 56:43
  Speaker 6: is super important. I think the one thing that I
• 56:46
  Speaker 6: didn't mention that to me is one of the most
• 56:48
  Speaker 6: important parts of the program is we approach it from
• 56:51
  Speaker 6: a holistic standpoint, and so we have therapists on staff
• 56:55
  Speaker 6: that support our entrepreneurs through a program called Evoke. So
• 56:59
  Speaker 6: the entrepreneurs get group wellness and mental health support. They
• 57:03
  Speaker 6: also get a bucket of in like one oh one support.
• 57:06
  Speaker 6: Because my heart goes out to any entrepreneur that bet
• 57:11
  Speaker 6: the house cash in on their four one K right
• 57:14
  Speaker 6: before the pandemic for literally every worst case scenario that
• 57:17
  Speaker 6: they that stopped them before to happen when they started business,
• 57:20
  Speaker 6: and that was a pandemic. And so people are not okay.
• 57:24
  Speaker 6: And when you talk about entrepreneurship and the ib and
• 57:27
  Speaker 6: flow of it, some days is really good, some days
• 57:29
  Speaker 6: it's really bad. People are burnt out. And in my
• 57:32
  Speaker 6: entrepreneurial journey, I've burnt out twice. I do not wish
• 57:35
  Speaker 6: burnout on anyone. And so when you're talking about that
• 57:39
  Speaker 6: aspect of entrepreneurship, and then the fact that again when
• 57:42
  Speaker 6: I go back to the proximity of wealth and power
• 57:45
  Speaker 6: that many of our entrepreneurs are having for the very
• 57:47
  Speaker 6: first time. That power dynamic of constantly going in front
• 57:50
  Speaker 6: of people that don't look like you, asking them for
• 57:53
  Speaker 6: corporate opportunities, asking them for contracts, asking them for money.
• 57:57
  Speaker 6: It wanes on you. People always talk about you got
• 57:59
  Speaker 6: to get to one hundred no's for your yes. The
• 58:01
  Speaker 6: second note is hard as hell. The fifth note you
• 58:04
  Speaker 6: don't want to get out of bed. But we need
• 58:06
  Speaker 6: them to behold as entrepreneurs and that we need them
• 58:09
  Speaker 6: to be good stewards of the resources that we provide
• 58:11
  Speaker 6: at Black Ambition, and then when they raise capital, they're
• 58:14
  Speaker 6: stepping into new levels of leadership for the very first time.
• 58:18
  Speaker 6: They're the first in their family to do these things
• 58:20
  Speaker 6: for the first time, and a lot of them do
• 58:23
  Speaker 6: not have the tools mentally to be able to sustain
• 58:25
  Speaker 6: their business, to even get to a point of scalability.
• 58:29
  Speaker 6: And so having therapists on staff is something that is
• 58:33
  Speaker 6: a kind of a really big component and vertical of
• 58:35
  Speaker 6: Black Ambition, And it aligns back to Pharrell, who is
• 58:39
  Speaker 6: a very spiritual and hoalistic person that we've incorporated into
• 58:43
  Speaker 6: our programming for entrepreneurs.
• 58:45
  Speaker 3: He said, there are some of the things that have
• 58:47
  Speaker 3: not worked, And obviously business and entrepreneurship is a learning
• 58:50
  Speaker 3: process and the social at this level. At this point,
• 58:53
  Speaker 3: are there things that you're learning from entrepreneurs and what
• 58:56
  Speaker 3: are some of the things that didn't work for you?
• 58:59
  Speaker 6: How long are going to be? Yeah, there's there's a
• 59:03
  Speaker 6: lot that we learned from them. You know, I think
• 59:06
  Speaker 6: the the programming around our HBCU entrepreneurs we had to
• 59:11
  Speaker 6: revamp because it wasn't it wasn't aligned with where those
• 59:16
  Speaker 6: where those entrepreneurs are at the very early stage. When
• 59:19
  Speaker 6: we first started Black Ambition, we had like an ideation track,
• 59:23
  Speaker 6: so you could just apply for the prize with just
• 59:24
  Speaker 6: an idea. Well, you were applying for the prize with
• 59:27
  Speaker 6: just an idea with entrepreneurs that were doing revenue upward
• 59:31
  Speaker 6: of a million plus. That's a misalignment for investors on
• 59:36
  Speaker 6: the on the back end of once we invest in them,
• 59:38
  Speaker 6: if we're pulling them all together to have a meeting,
• 59:41
  Speaker 6: and we also want to make sure that we're not
• 59:43
  Speaker 6: setting those entrepreneurs that are super super early up for failure.
• 59:46
  Speaker 6: And so that's the learning that we had. So we
• 59:48
  Speaker 6: took out the ideation track from the prize. It was
• 59:52
  Speaker 6: painful to take it out, but we had to in
• 59:54
  Speaker 6: order to one hold onto the integrity of what we
• 59:57
  Speaker 6: built and then make sure that those entrepreneurs, the corporate,
• 1:00:01
  Speaker 6: the investor introductions that we were making for them, that
• 1:00:04
  Speaker 6: they were ready and right for those opportunities. And so
• 1:00:06
  Speaker 6: that required us to just change how we supported HBCU
• 1:00:10
  Speaker 6: entrepreneurs and those in the ideation stage, and so we
• 1:00:13
  Speaker 6: launched an HBCU Tour, We launched an HBCU pre Accelerator
• 1:00:16
  Speaker 6: to help those entrepreneurs still get them some capital. Those
• 1:00:19
  Speaker 6: are grants, those aren't investments, but it allowed them to
• 1:00:23
  Speaker 6: just kind of get a little bit more hands on
• 1:00:26
  Speaker 6: support that they needed in order to get them ready
• 1:00:29
  Speaker 6: for it for the next stage. That was one of
• 1:00:31
  Speaker 6: the biggest learnings that we had the time to complete
• 1:00:36
  Speaker 6: the application in and with itself is something that we
• 1:00:39
  Speaker 6: had to change too. And I think there's a lot
• 1:00:42
  Speaker 6: of after the murder of George Floyd, there were an
• 1:00:45
  Speaker 6: onslaught of programs that were built right onslaught of programs,
• 1:00:49
  Speaker 6: and every single one of them was requiring an application
• 1:00:51
  Speaker 6: that took you two days. Well, that's not actually fair
• 1:00:54
  Speaker 6: to the entrepreneurs because they need to build their companies.
• 1:00:56
  Speaker 6: And so if there's ten programs that I'm going to
• 1:00:57
  Speaker 6: try and apply for, and each one of those had
• 1:00:59
  Speaker 6: taking me twenty two or three days to but they're
• 1:01:01
  Speaker 6: all asking for the same question, how can we lessen
• 1:01:04
  Speaker 6: that load for them and just get the exact information
• 1:01:08
  Speaker 6: that we need to create the opportunity for them, but
• 1:01:10
  Speaker 6: then also stop wasting their time. And so like, those
• 1:01:13
  Speaker 6: are some programmatic things that we had to change. And
• 1:01:16
  Speaker 6: then what I mentioned to you about the mentors is
• 1:01:18
  Speaker 6: reevaluating all the mentors that were coming into our program
• 1:01:22
  Speaker 6: and then being able to share that with other organizations,
• 1:01:25
  Speaker 6: and like, these are better metrics that are better supported
• 1:01:27
  Speaker 6: for black entrepreneurs with the mentors that they need that
• 1:01:31
  Speaker 6: are not going to waste their time. And I would say,
• 1:01:33
  Speaker 6: like the last thing, which is still like a very
• 1:01:35
  Speaker 6: present thing, is like there was a Mackenzie study that
• 1:01:38
  Speaker 6: came out I think last year about like the sheer
• 1:01:42
  Speaker 6: amount of money that was allocated, well verbally committed to
• 1:01:46
  Speaker 6: black businesses after the murder of George Floyd. Well that
• 1:01:50
  Speaker 6: numbers three hundred and forty billion dollars, not million, three
• 1:01:55
  Speaker 6: hundred and forty billion dollars was verbally allocated from corporations
• 1:02:00
  Speaker 6: to support black businesses, infrastructure, transportation, housing, and then there
• 1:02:05
  Speaker 6: was another study that came out that said only one
• 1:02:08
  Speaker 6: percent of that has actually been allocated. That's a lot
• 1:02:11
  Speaker 6: of money that's floating out that is owed to us.
• 1:02:15
  Speaker 6: And so advocating because of who our founder is and
• 1:02:18
  Speaker 6: the voice that we have is also better advocating for
• 1:02:21
  Speaker 6: the distribution and the allocation of that money. Because imagine
• 1:02:25
  Speaker 6: if we got the three hundred and forty billion dollars
• 1:02:27
  Speaker 6: distributed across our businesses and our communities, we would be
• 1:02:31
  Speaker 6: pretty good. So it's literally just like how do we
• 1:02:34
  Speaker 6: ask and how do not only haves, but like demand
• 1:02:37
  Speaker 6: and hold accountable for the money that was already verbally
• 1:02:40
  Speaker 6: committed to us. And so you've seen a lot of
• 1:02:42
  Speaker 6: programs similar to our shutter because they've been secretly rolling
• 1:02:46
  Speaker 6: back the money by saying, well, we put this program
• 1:02:50
  Speaker 6: out there, but nobody apply, So we try so we
• 1:02:52
  Speaker 6: can reallocate the money, right, or we fired all our
• 1:02:56
  Speaker 6: d and I people so there's no internal accountability. We
• 1:03:00
  Speaker 6: can roll this money back, or we can just redistribute
• 1:03:02
  Speaker 6: it and or the last thing what you've seen with
• 1:03:05
  Speaker 6: the law, with all the recent lawsuits is hey, if
• 1:03:07
  Speaker 6: we change policy now, we never have to allocate this money.
• 1:03:13
  Speaker 6: And so everything that you've seen in the past four years,
• 1:03:16
  Speaker 6: as it relates to programs similar to ours, are unfortunately
• 1:03:19
  Speaker 6: being rolled back aggressively. And so how do we become
• 1:03:22
  Speaker 6: better mouthpieces and advocates for the money that was literally
• 1:03:25
  Speaker 6: committed to us is also the change that we had
• 1:03:29
  Speaker 6: to make. So how can people apply Black Ambition Prize?
• 1:03:32
  Speaker 6: Dot com is where they go to to fill out
• 1:03:35
  Speaker 6: and complete their application.
• 1:03:37
  Speaker 3: And this is I know, is it internationally yet or
• 1:03:41
  Speaker 3: are we scaling to that point?
• 1:03:43
  Speaker 6: So we started international expansion last year. We did Ghana
• 1:03:48
  Speaker 6: during Afrofuture. Yeah, we've partnered with the Aspen Institute for
• 1:03:54
  Speaker 6: going to Cartagena where we invested in some Afro female
• 1:03:58
  Speaker 6: Colombian entrepreneurs. Did Brazil a few weeks ago in partnership
• 1:04:02
  Speaker 6: with Aspen Festival Diasport as well, and we invested in
• 1:04:06
  Speaker 6: seven female Brazilian entrepreneurs. And all roads now lead to
• 1:04:12
  Speaker 6: the Olympics. And so we'll launch a prize competition similar
• 1:04:17
  Speaker 6: in scope and check size in the US. We'll do
• 1:04:20
  Speaker 6: that in Paris as a part of the Olympics. So
• 1:04:23
  Speaker 6: we're going to bring some US based entrepreneurs to the Olympics,
• 1:04:26
  Speaker 6: be able to partner them with some of our partners
• 1:04:28
  Speaker 6: and so create some opportunities for them there. And then
• 1:04:30
  Speaker 6: we're launching a prize competition for diverse entrepreneurs during the Olympics.
• 1:04:35
  Speaker 6: I think entrepreneurs compete on the global stage just like
• 1:04:39
  Speaker 6: athletes do. Right, They train just like athletes do. They
• 1:04:42
  Speaker 6: have to have the mindset just like athletes, and more
• 1:04:45
  Speaker 6: than anything, they carry their culture on their back, just
• 1:04:47
  Speaker 6: like athletes. And so why can't entrepreneurs be on the
• 1:04:50
  Speaker 6: podium during the Olympics too. It's kind of like our present,
• 1:04:54
  Speaker 6: like our thought process around that.
• 1:04:56
  Speaker 5: Well, appreciate you for coming, Thank you. How can people follow?
• 1:05:01
  Speaker 5: What's the social media handles and everything?
• 1:05:02
  Speaker 6: Yeah, we're a Black Ambition prize and I'm at Felicia
• 1:05:05
  Speaker 6: Hatcher because it's easy for me to remember.
• 1:05:07
  Speaker 3: And if you ever need somebody, you know, any help
• 1:05:10
  Speaker 3: in Paris, I know a couple of guys.
• 1:05:11
  Speaker 7: Yeah, okay, carry yes.
• 1:05:15
  Speaker 3: And we can't leave. We cannot leave without staying a
• 1:05:18
  Speaker 3: huge shout out to our boy Neil David. Yes, He's
• 1:05:24
  Speaker 3: been an a normal part of this whole process of
• 1:05:26
  Speaker 3: making sure that this episode happens. So shout out to
• 1:05:28
  Speaker 3: my boy Neil.
• 1:05:29
  Speaker 6: Yeah, shout out Neil. Thank you for sure, and thank
• 1:05:31
  Speaker 6: you guys as well for one everything that y'all do.
• 1:05:34
  Speaker 6: I'm a big Zona genius person, so kind of being
• 1:05:36
  Speaker 6: able to walk into y'all genius and see so many
• 1:05:39
  Speaker 6: entrepreneurs benefit from it has been something amazing to watch.
• 1:05:42
  Speaker 3: Yeah, you didn't tell me about your podcast?
• 1:05:45
  Speaker 6: Some ambitious podcasts? How can I forget about that?
• 1:05:47
  Speaker 3: Check you out?
• 1:05:49
  Speaker 5: Sorry?
• 1:05:49
  Speaker 6: Storytelling. We're into season two with just some amazing entrepreneurs
• 1:05:54
  Speaker 6: sharing some of their most ambitious moments of how they
• 1:05:56
  Speaker 6: bet the house, how they've stepped out on faith, how
• 1:06:00
  Speaker 6: they told the mustard seed to do the faith walk.
• 1:06:02
  Speaker 6: All of that has the beautiful podcast that we've created,
• 1:06:06
  Speaker 6: and Sambia from our team has led that insomnia.
• 1:06:10
  Speaker 5: Sambia, Okay, I what to say? That's an interest in them?
• 1:06:15
  Speaker 5: All right, Gos, thank you forrakoing us to see you
• 1:06:17
  Speaker 5: next week.
• 1:06:18
  Speaker 1: Peace Peace an illegal alien from Guatemala charged with raping
• 1:06:22
  Speaker 1: a child in Massachusetts. An MS thirteen gang member from
• 1:06:25
  Speaker 1: Al Salvador accused of murdering a Texas man of Venezuelan
• 1:06:30
  Speaker 1: charged with filming and selling child pornography in Michigan. These
• 1:06:34
  Speaker 1: are just some of the heinous migrant criminals caught because
• 1:06:38
  Speaker 1: of President Donald J. Trump's leadership. I'm Christin Noman, the
• 1:06:41
  Speaker 1: United States Secretary of Homeland Security. Under President Trump, attempted
• 1:06:46
  Speaker 1: illegal border crossings are at the lowest levels ever recorded,
• 1:06:50
  Speaker 1: and over one hundred thousand illegal aliens have been arrested.
• 1:06:53
  Speaker 1: If you were here illegally, your next you will be
• 1:06:57
  Speaker 1: fine nearly one thousand dollars a day in and deported.
• 1:07:01
  Speaker 1: You will never return. But if you register using our
• 1:07:05
  Speaker 1: CBP home app and leave now, you could be allowed
• 1:07:08
  Speaker 1: to return legally. Do what's right.
• 1:07:11
  Speaker 6: Leave now.
• 1:07:12
  Speaker 1: Under President Trump, America's laws, border and families.
• 1:07:16
  Speaker 6: Will be protected.
• 1:07:17
  Speaker 2: Sponsored by the United States Department of Homeland Security.