[Editor’s Note: This post is part of a new blog series in which our graduates and partners share their perspectives on startups. Thanks to Eron Bucciarelli-Tieger, CEO and co-founder of MusicPlay Analytics, for this post. Prior to founding MusicPlay Analytics, Eron was the drummer of the platinum-selling rock band, Hawthorne Heights. Follow Eron on Twitter.]
There are dozens of startup analogies out there. It’s human nature to relate new stuff to old stuff. While I, like everyone else, know sports, I won’t fall into that cliche. It just so happens that the “stuff” I know most is music. Prior to founding the company I now run, I was a professional musician for ten years, so it’s only natural for me to view startup “stuff” through the lens of a musician. Since everyone likes their stuff presented in list form, I now present to you, “8 Similarities Between Bands and Startups”:
1 – Team Matters
People come together to form bands because they share a collective musical vision. With startups, it’s not much different. Instead of musical passion, it’s product vision. Regardless of the reason and situation, not having the right group of people can have dire consequences early on. Before record deals and funding can happen, everyone needs to pull their weight with little immediate reward. Not having the right people prevents you from creating a good product (or song). More importantly, not having committed people will lead to everything falling apart the second disaster strikes; your van breaks down in the middle of a poorly attended tour or your app doesn’t get accepted to the app store. Everyone has to wear multiple hats early on. You might be the singer, but you’re also the booking agent. You might be the CEO, but you’re also the head of marketing and HR. It’s all about talent and work ethic. If ever those two aren’t balanced properly, the band or company will fail.
2 – Starving Artist/Starving Entrepreneur
Seriously, what’s the difference? When you’re starting off, it doesn’t make a difference whether you’re writing a song or writing code – you’re not making any money (or very little). What matters is you’re chasing some sort of dream, and not eating regularly is simply a casualty of that pursuit. The best art comes out of a place of hardship. It’s only when you’re down and out that you really push yourself. Ever wonder how a band’s first album can be so good and their latest be such crap? Struggle = genius. Comfort = garbage. It’s only the truly gifted songwriters and businesses that are able to replicate this inspiration or find other inspiration with equal passion that end up having repeatable success.
3 – It’s All Legos
Writing a song or coming up with a business idea follow the same creative thought process as playing with those amazing plastic blocks as a kid. Both begin with an idea, it gets fleshed out and eventually released upon the world. Business planning can easily be substituted for jamming, hacking/iterating for recording and launching for distribution. Those are all different terms for the same process. A rose by any other name…
4 – Content Is King
A product is a product, (whether it’s a song or an app). That’s not a Dr Seuss limerick. As the creator of a song or a business, you get to dictate the terms under which your product goes to market. It’s only the ratio between desperation and buzz that leads to companies and bands getting good/bad deals (assuming the product is great). Labels and VC wouldn’t exist if it weren’t for you. It’s hard to invest in nothing and make money on it. Remember that.
5 – Pour Some… Money On Me
Startups need money to grow. Musicians need money to promote themselves. There are always a few exceptions in both worlds, but “Bootstrapping" and “Doing-It-Yourself” are synonyms and can only get you so far. At some point, you need money from an investor to take things to the next level (whatever that may be).
6 – All That Glitters Is (Not) Gold
Most startups fail, most bands fail. When I started my musical journey, only 1% of all CDs released sold more than 1,000 copies (in a year). Of that 1%, only a small handful were fortunate to sell 500,000+ copies (a measure of success at that time). These are somewhat antiquated metrics for success in today’s music environment, but the percentages closely mirror the percentage of companies receiving VC. In reality, securing funding doesn’t equal success, but not having funding most often leads to failure.
7 – Investment Does NOT Equal Success
Getting a record deal doesn’t guarantee sold out arena tours in your future. Likewise, VC doesn’t guarantee you’ll be the next Über or Facebook. Funding simply opens up new opportunities. It’s up to you to walk through those doors as they open. No one is giving out piggyback rides.
8 – Personnel
- CEO is the lead singer (generally). They are the visionary, the creative director, and responsible for the company’s culture or the band’s gimmick. Sometimes, they’re just the public face.
- CTO/CPO is the lead guitarist or songwriter. Without a good product, a company is going to fail. Without good songs, a band will fail.
- COO is the drummer. Drummers and COOs are usually the ones holding things together (okay, I’m biased). 9 times out of 10, the drummer is the “business guy” in the band. They do all the work and get none of the credit.
- The head of logistics/supply chain is the bassist. You never notice when everything is going alright, but when the bass player drops, out everyone panics. You don’t think about the ability to ship your product to market, but if that channel is severed you’ll freak out.
- CMO is the rhythm guitarist. They’re great to have but they’re not always necessary when you’re starting up.