On a recent episode of How Success Happens, I spoke with Leonard Brody, who is the co-founder and executive chairman of Caravan, a CAA-founded joint venture at the forefront of co-founding companies powered by celebrities. Brody has a storied career as an entrepreneur and venture capitalist and shared insights on the need for patience when building brands, how companies can work with celebrity talent and how blockchain will become essential to brands when it comes to customer engagement. You can listen to our full conversation below, and I’ve pulled out three key takeaways. I hope you’re as inspired as I am by Brody.
Be patient when taking an idea from concept to launch
The most successful business ventures have all started with a strong concept, but many take years before they come to market. Brody partnered with CAA to take the concept of building celebrity-backed brands and used both his passion for the project and research based on market and consumer insights. This research-first approach can be very comprehensive and time-consuming, but it ultimately leads to more successful brands. For example, when Brody and his team created Hanx101 (a trivia app from BlueLine Studios, which Tom Hanks co-founded), it took years of development before the product launched.
Timestamp: 16:54 – 19:19
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With celebrity brands and partnerships, the strength of the product must come first
When considering working with a celebrity, it’s important to ask key questions such as: Does the world need this product? Can the product stand on its own? Is this filling a white space in the market? What is the science behind it? Is this a fit for a celebrity? Caravan co-founds companies with celebrities who are a truly authentic fit with a research-backed product. From Yummers with Antoni Porowski and Jonathan Van Ness to Fit52 with Carrie Underwood and more, Caravan looks to fill gaps in the market while bringing in celebrities who are passionate about the projects.
Timestamp — 19:27 – 21:16
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Blockchain will continue to drive customer engagement
As Brody notes in this episode, blockchain is set to rewrite the consumer engagement and consumer loyalty business. This technology will do this by allowing companies to become co-ops, digital fan clubs, loyalty programs and affiliate networks all at once. Blockchain will continue to develop and become essential to businesses over the next five years and will change the way consumers shop and interact with brands. Creating an omnichannel experience with multiple channels and touchpoints will drive success, and entrepreneurs should embed this technology into the fabric of their businesses early on.
Timestamp — 24:36 – 28:28
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