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 VincentResources 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.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.Check out FranBridge Consulting for premier non-food franchise opportunities: travischappell.com/franbridgeOur Sponsors:* Check out Kinsta: https://kinsta.com Learn more about your ad choices. Visit megaphone.fm/adchoices