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:  [00:01 - 05:23] Opening Segment  I introduce today’s guest, Ed Vincent Ed gives us some background on his storyAlways entrepreneurial Growing up poor in a rich town Finance and Investment major Early career venture experiencesGoing into the ecommerce space [05:24 - 29:18] Building Successful Models for Subscription ServicesThe first venture into bankingLaunching the first ecommerce companyTesting concepts and products Ed talks about his time in MoviePassGetting the job Monetizing the data There could have been success Ed’s lessons for people in subscription servicesUnderstand the underlying metricsKnow 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 consumerMore like a membershipUnique concepts Brand loyalty and community Dealing with competition A word from our sponsor [29:19 - 34:24] Ed Vincent on Building Your NetworkWho 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  [34:25 - 41:05] Closing SegmentThE RaNDoM RoUnDHow to engage with EdLinks below Final words  Tweetable Quotes:  “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 Resources Mentioned:  If - by Rudyard KiplingInvest with FestivalPass Connect and engage with Ed on LinkedIn. Check out https://www.festivalpass.com/ to learn more about the new way to experience events and how to get involved. Did you love the value that we are putting out in the show? LEAVE A REVIEW and tell us what you think about the episode so we can continue putting out great content just for you! Share this episode and help someone who wants to connect with world-class people.  Jump on over to travischappell.com/makemypodcast and let my team make you your very own show! If you want to learn how to build YOUR network, check out my website travischappell.com. You can connect with me on Facebook, Instagram, and Twitter. Be sure to join The Lounge to become part of the community that’s setting up REAL relationships that add value and create investments. Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy