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 story

Always entrepreneurial 

Growing up poor in a rich town 

Finance and Investment major 

Early career venture experiences

Going into the ecommerce space

[05:24 - 29:18] Building Successful Models for Subscription Services

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

[29:19 - 34:24] Ed Vincent on Building Your Network

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 

[34:25 - 41:05] Closing Segment

ThE RaNDoM RoUnD

How to engage with Ed

Links 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 Kipling

Invest 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.
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