665: Ed Vincent | Building Successful Models for Subscription Services
There’s a huge opportunity out there to build a sustainable long term model that is good for consumers and good for your business and no one understands models better than Ed Vincent. Ed is an entrepreneur with over 25 years of business, technology and management experience including 6 years in banking and evaluation.
He founded an e-commerce business in 1999 which was sold to a competitor in 2001. Ed’s other founded businesses include SimplyEngage, myProducer, & Predict Ventures; and he is currently Founder & CEO of FestivalPass, which gives subscribers a unique experience in the event space.
Dive right in and learn how Ed builds successful models for subscriptions services.
Things you will learn in this episode:
- I introduce today’s guest, Ed Vincent
- Ed gives us some background on his story
- Always entrepreneurial
- Growing up poor in a rich town
- Finance and Investment major
- Early career venture experiences
- Going into the ecommerce space
- The first venture into banking
- Launching the first ecommerce company
- Testing concepts and products
- Ed talks about his time in MoviePass
- Getting the job
- Monetizing the data
- There could have been success
- Ed’s lessons for people in subscription services
- Understand the underlying metrics
- Know your margins
- The model for Ed’s subscription service
- How Ed built up the company
- Using data to predict outcomes
- What FestivalPass does for the consumer
- More like a membership
- Unique concepts
- Brand loyalty and community
- Dealing with competition
- A word from our sponsor
- Who you know or what you know?
- Who you know gets you through the door
- The what lets the ‘who’ support you
- Ed’s advice on reaching out to investors
- Do your homework
- Know the ‘why’ behind the person
- Thoughts on paid masterminds and mentorships
- Getting value from an entrepreneur peer group
- ThE RaNDoM RoUnD
- How to engage with Ed
- Links below
- Final words
“It doesn’t matter what kind of entrepreneur you are, you should understand how a financial model works.” - Ed Vincent
“The good news is that there’s a huge opportunity out there to build a sustainable long term model that is good for the consumer and good for the business.” - Ed Vincent
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