Experts on writing and reviewing business plans

Hey everyone,

Today I am going to be talking about experts in the field of writing and reviewing business plans.  Why am I doing this on a blog about audio and sound design?  Well if you have not already figured it out, I am in the process of developing my own business plan for an audio post production studio here in the future and it always nice to do some research on experts who know how to get things done.  Onward to the first expert in this blog.

His name is Glenn Fratangelo he is a venture capital investor who focuses on many different aspects in the business industry, one of those aspects is on Entertainment.  Glenn has a venture capital firm in Princeton NJ, but does investments all over the continental United States.  Glenn’s background is in general management, operations, finance, venture capital, and start-ups.

Glenn and his firm Innovation Garden are looking for are disruptive "near" revenue or early revenue technologies/businesses that have a talented founder team and require capital to deploy strategically based upon their MVP proof of concept.  These are considered key because with any business plan that deals with technologies is vital, especially in the audio world where new technologies are coming out every year to make the industry a bit easier to do.  Such as new plug-ins to help tune or compress audio, to the Slate Raven touch screen that helps you run Pro-tools. These are a few new technologies happening now.  Innovation Gardens suggests many different things for new start-ups and technology based businesses.

A suggestions that I would consider for my plan is straight from Glenn’s news page on his website. In business, you don’t have to risk your life to be successful. And you don’t need to be the central hero either if you have the right team and support. But you do need to understand the harsh realities and the price of success in terms of time, dedication and deferred gratification. If you think you have the ingredients for an award-winning venture.

For my next expert in the field of writing business plans I want to introduce Tim Berry. He is the founder and chairman of Palo Alto Software, founder of bplans.com, and a co-founder of Borland International. He built Palo Alto Software from zero to 40 employees and 70% market share without outside investment.  Tim has a Stanford MBA degree. He has taught starting a business at the University of Oregon for 11 years. He is the conceptual author of Business Plan Pro and Liveplan, and author of The Plan-As-You-Go Business Plan. 

In one of Tim’s articles he talks about 3 things angle investors look at when investing into a business plan.  They are Likelihood of Exit:  Some deal terms lean toward companies that will be getting a larger investment from professional venture capital within a year or so. So it isn’t about choosing the best opportunity for the founders, as you might think. Companies that aren’t aiming for that next round of investment are less attractive.  Management experienced in start-ups: This starts out as what we see as written background: past experience, education, etc. It becomes the real person after we meet the real people. What shows up in writing doesn’t always show up in person. Sometimes experience is modified by personal traits, charisma, lack of it, confidence, balance, participation in discussions, etc.  Product/market fit and prospects: This is where a lot of great service businesses become less attractive to investors. Does it take doubling head count to double sales? That’s hard to grow with. Is the value of the company based on the knowledge and expertise of the professionals providing the service? That’s hard to scale.

Tim has a lot of articles on his blog that will help anyone create their own business plan from the ground up.  In his article starting a business it goes over literally everything you need to know and how to do it.  For key components that investors are looking for to how to hire your first employee. So what are some of his suggestions that I will consider for my business plan?  Well they are, testing my business idea.  Tim gives many examples such as finding creative ways to figure out if I have a good business plan.  Another one he suggests is how to map out business milestones, there are so many suggestions that I want to use from his blog but these are just a few.  I will for sure be using his suggestions and Glenn's suggestions when it comes to writing and reviewing my business plan.

References:

http://innovationgarden.com

http://www.invstor.com

https://www.linkedin.com/in/glennfratangelo

https://angel.co/glenn-fratangelo

http://innovationgarden.com/is-your-venture-like-an-award-winning-movie/

http://articles.bplans.com/starting-a-business/

http://timberry.bplans.com/introducing-myself

http://articles.bplans.com/3-things-i-look-for-in-angel-investing/

Apple Music on Android

If you are a big Apple fan such as myself hearing that Apple Music is on the Android phones really doesn't affect us.  For the hundreds of thousands of people that dislike the Apple smartphone such as the iPhone 6s or iPhone 6s plus but love Android phones this is a good day depending on who you are.  I remember not having the use of iTunes on my Android back when I had one so to hear that they are releasing Apple Music on the android I was pretty excited.

According to Jacob Kastrenakes “In order to compete in the crowded streaming field — and take on early giants like Spotify — Apple needs to be everywhere that people want to listen.”  Reading more into the article Apple Music on the Android looks exactly how it does on the iPhone.  Although apple has made a few changes to the Android app so that it doesn’t look like a misplaced iOS app.

                                                     Image Credit: Paul Sawers / VentureBeat

Apple realized early on, that if they want to succeed with music then they needed to be across all platforms.  Look at iTunes for example, Apple was quick to jump in and have iTunes work with Windows PC’s.  So it would only make since for them to work with Androids with the new Apple Music and when they released the new app they announced that they would have an Android version.

According to Stuart Dredge “The Android version of Apple Music also provides people with access to their purchases from Apple’s iTunes download store - a first for Android.”  We are all heading towards a brighter future when it comes to new technology coming out.  Especially in the “Music Industry” new technology makes things more efficient and reliable for us.  For Apple some would say this is dumb and why would Apple join up with its competitor?  If you read on through the links that I included in this blog those answers will be answered.  But if you still don’t understand then it is merely the Apple corporation trying to make themselves and their product much more recognizable within the music streaming world.

How does music help us?

Hey all, today I wanted to take a look at something a bit different then covering music or soundtracks from some popular films.  Today I want to talk about how music can help improve memory loss.  Also what movies scores also help with creativity and boosting production?  But first I am going to talk about how music could possibly help you in many different ways to include memory loss.

You know when you are listening to the radio and then one of your favorite songs comes on the radio and you can remember what you were doing and who you were with when you first heard the song?  Well that happens to all of us I would like to think.  If it doesn’t happen to you I would consult a doctor. But according to Cheri Lucas from Education.com. “Music has been found to stimulate parts of the brain, and studies have demonstrated that music enhances the memory of Alzheimer’s and dementia patients, including a study conducted at UC Irvine, which showed that scores on memory tests of Alzheimer’s patients improved when they listened to classical music.”  If you remember the Sundance film that came out in 2014 then you know what that these studies are pretty true.  Just goes to show that music is a very important part of our lives even if we don’t think it does.

So you are thinking that is pretty cool right, but how can music help us on other levels?  Well music has shown that it can help us ease pain, help us bike faster, run farther, speed up recovery times, and improve sleep quality.  Music is all things that make life great.  Music helps us mentally by relieving stress; it can elevate your mood and help relieve symptoms of depression.  So before you say that song you have heard a billion times on the radio has never helped you in any way just remember that one song has helped someone else down the line.  I can honestly say that I am listening to music right now and it is definitely calming and helping me type out this blog.

I did mention there are film scores that can help productivity and creativeness and I wanted to do these ones last.  I found these on a website so theses movies selected are not in my opinion but at least give you an idea of what to look for when looking for a movie score to help you with your creativity.  The first movie is the “Social Network” the song is called “In Motion” and is done by one of my all time favorite artists Trent Reznor who also collaborated with Atticus Ross for this song.  The second movie that I wanted to talk about but I am not a huge fan of is “Tron: Legacy” The song is by Daft Punk and they did “Tron: Legacy Theme”.  There are many others that I could talk about but I just wanted to touch base on just a couple.

Industry Liabilities

In this blog I have to discuss three different liabilities or one liability that has happened multiple times in my chosen industry.  Today I am choosing to do one liability that has happened multiple times Copyright infringement.

The first liability that I want to talk about is the copyright infringement case that I found with Waves Audio.  If you don’t know Waves Audio makes plug-ins and other software to help in the mixing and editing process of audio.  In this case two NYC studios are being sued over the use of cracked software.  One studio has already admitted to using cracked software and vowed to make sure that their studio would be 100% free of cracked software.  That studio is Quad Recording studio Inc.

            
The second studio in this liability case is going with the defense that they didn’t know that one or more of their employees, engineers, or contract workers were using cracked software.  But according to the Honorable James C. Francis IV, United Sates Magistrate Judge for the Southern Federal District Court of New York, instructed the Jury, “a person is liable for copyright infringement by another if the person has a financial interest and the right and ability to supervise the infringing activity, whether or not the person knew of the infringement.”  This statement by the judge goes to show that Skyline recording studios is still liable for their employees actions weather or not they knew they were using them or not.

Next up in the list of copyright infringement we have the case of “Bridgeport Music, Inc. v. UMG Recordings” in this case UMG Recordings used parts of the plaintiff’s song, but argued that the pieces were so small that it was to insignificant “and therefore unprotect able in the first place.”   The complaining party is George Clinton’s “Atomic Dog” and the defending party Public Announcement’s “D.O.G. In Me” The musical pieces in question are the spoken word “bow” that periodically punctuates, the sound that is called “rhythmic” panting, and use of the phrase “Bow wow wow, yippie yo, yippie yea."

Upholding a jury’s finding of infringement, the appeals court applied the four determinants of “fair use” to the facts of this case and concluded the defendants’ use of the snippets from the existing George Clinton song did not constitute an “homage” that fell within the purview of “fair use.” So the defendant won the case on the use of fair act.  But later the ruling was appealed and the court found that it was not fair use at all and the defendant lost over all.

 The third copyright liability I want to talk about is Warner Music Group v. Fullscreen Inc.  Warner Music Group claims that Fullscreen was promoting music videos without paying royalties.  Fullscreen is a multichannel company that operates thousands of YouTube channels, with content that is comprised mainly of cover songs according to Warner Music Group.  A settlement was reached between both companies.  Fullscreen agreed that they will pay for licenses to show the videos and if not then they would have to remove the music videos for the licenses that they did not own to certain music videos.

With all three of these copyright infringement liabilities covered.  These give me a good idea of what not to do.  I learned that even though you have cracked software its probably best that you do not use any of it in the aspect of making money from someone else when you do not own the rights to use the software from a different company.  The other two liabilities have been covered multiple times throughout my undergraduate degree.  There is no real use of “fair us” when it comes to making money or content.  If you have to use someone else’s work in your own work but you didn’t pay that person for that piece or pieces then you will get sued for copyright infringement no matter the size of the audio file in question.  Last posting music videos, this article and lawsuit helped me understand that no matter what the content is you must have a license to use other peoples work on your own website or YouTube Channel.  As an Audio Production Studio all these different types of Copyright infringement liabilities can definitely happen and I will be on my best behavior when conducting business and training my employees not to do illegal activities that could hurt the company overall.

1 Million Cups Pitch Presentation Review

Acre is a concept home of the future.  It is a home with the function and technology.  This start up home company is looking for people to invest in this home.  It has everything from solar power everything to an automatic lawn mowing system.  It is the future of the American home, which are less cost efficient and more affordable then homes of today about 70% less over 30 years.  Now onward to the strengths and weaknesses of the presentation and give tips on how he could better his presentation.

Strengths:

Did well in the Q & A of his presentation.  Did know the technical aspect of his company and what they want to do.  Just had a vary difficult time presenting it.

Weaknesses:

There were several weaknesses that it really makes it hard to find the presenters and presentation strengths.  So clearly I am starting with weaknesses first.  When the presenter walked in he was brief about himself I really don’t know if he was the CEO or just someone on the team to pitch the idea.  Second the presentation was changed the day of or before the presentation.  Which gives me the idea they are settle changes.  He brought pages of notes and was reading either from them or the slides and I felt like he didn’t know his topic at all.  Which gets me thinking that the changes to his presentation were big changes.  Next the Words on the slide were nice and big bold letters.  But then one other word was vertical smaller and white lying on the red letters.  Not hard to see but hard to read.  I almost didn’t think the white word were part of the message.  There were massive amounts of information on pictorial slides.  A lot of distractions but the presenter was standing in the middle of the screen so he was also the center at the presentation.

Tips on how to better this presentation.  Practice, practice, practice, if he had been on top of this pitch the change would have been fixed and altered long before the pitch.  He was supper nervous I don’t count that against him as I get the same way.  Another thing he could do is bringing note cards instead of sheets of paper.  The lettering and words on his presentation could have been a bit better and no vertical words hanging on other words.  His business concept is actually great.  It is the house of the future.  One thing I would improve on is the technology part.  He went over concepts they want to do but as a consumer we also like to see concepts in action or have pictures of the concepts so that we have an idea of what exactly is supposed to happen with an automatic lawn mowing system.  All pictures and drawing of what the house will look like but not meat and potatoes on the concepts that’s what I would want to see implemented into this pitch.

Negotiation and Deal making interview with Robert Haney

Robert is a Video/Producer II with Spectrum Reach. He is also an Independent film/documentary producer who has to negotiate contracts with all his new clients and past clients. In todays interview I talked with Robert about his negotiation and deal making tactics and even asked for tips for new comers into the business of negotiations and deal making.  I just asked a few simple questions and Robert responded well with great information. 

First question I asked Robert: How do you handle positional bargaining tactics?

First, I don't apply for anything I know I can't do, or feel I would struggle with.  So when I go in to an interview, I am confident and know what I'm worth.  If it is more than what they want to pay, I point out the local market wages/salaries.  I may go so far as to point out competitor rates (if they are higher).  I always ask about where I would be starting and where I could expect to be in 3 years.  In other words, I want growth potential and promotional opportunity.  If possible, I try to meet others I would be working with to "meet the group and make a good example," but the truth is, I'm sizing myself up against the competition (because everyone competes in this industry even if they are on the same team).  I want to know if I am better or worse.  If I am worse, I will figure out why and see if it is something I can work on.  Try and be funny, but not hilarious.  Show you are friendly.  Other than that, I will answer their questions.  Try and keep it short while maintaining a good confident tone.  Also, dress for the position you want.  Unless the position requires you to film horses in a marsh (which I've done).  Don't go to the interview in knee-high rubber boots and mosquito mask.  

Second question: Have you ever used dirty tricks in a negotiation to get your way? Or been in a situation where the other party has used dirty tricks against you? How did you over come the dirty trick? 

No.  Yes.  I don't let them know it is illegal what they just said, but I may divulge information about what they ask as long as I don't feel like it was threatening.  Like, I was asked by Charter how my family living conditions were.  This was an illegal question and I could have pointed that out.  But I answered it anyway because 2 of the 3 interviewers had lots of family, so I pointed out we do many things, planned trips to vacation, are trying to buy a home and feel this job would be a nice fit for me.  I observed them to influence my answer and twisted it into a positive spin on why they should hire me.  I want a house; therefore I would be committed to this job if they hired me.  

Third question: Can you give me an example of how you worked towards a mutual benefit in which you were negotiating a deal?

Mutual benefits often don't include money.  So what I would use as this example is when I was hired to film an event for a local guy, but the event was in Ensenada, Mexico.  He didn't want to pay for high-end production.  And truthfully, to film what he wanted would have cost nearly $15,000.  So I pointed out the errors in his expectation and came up with a deal.  He buys several GoPros.  Because the event was covering automotive, the industry frequently sacrifices quality for action.  So the value of this production could drop without compromising demand and expectation.  I then said I would bring my own equipment, however, I need all my expenses paid.  I don't have to make a check, but because I'd be working without insurances, I need all my housing, food, and travel paid for.  They agreed to both.  The last was a bit harder to convince.  My third rule was, everything I film is my footage and I will retain full rights to it.  Even if it is on their equipment.  I will give them all the footage and they can do what they want with it as long as it doesn't conflict with my endeavors.  Additionally, I am allowed to do whatever I want with it.  I ended up using the footage for a mini-documentary, and scheduled 2 sit down sessions with the client, himself.  This concluded negotiations and the project went off without a hitch. 

Fourth question: Do you usually have a BATNA (backup plan) going into negotiations? 

Not really.  If I don't get hired, don't like the people, people don't like me, or some other issue, I remember, "There will always be another opportunity."  If the interview starts heading down hill then I will end it on my own terms and leave.  

Fifth question: How do you separate the people from the problem when you are negotiating?  What tips do you have for new comers who are trying to do this?

Contracts.  Tips?  YOUR OWN Contracts.  If you need to hire an attorney to make a perfect contract that can apply to your entire client base, do so.  The money will be worth spending and you will have ease of mind knowing that as long as you have a signature, any legal actions will be that much harder for your client to argue.  And in Vegas, this was a huge problem.  I've actually had to threaten court with people because they used my footage without my permission or tried to take ownership over my content.  This happens way more often then it should.