Ed Vincent, CEO of Festival Pass, shares his entrepreneurial journey and the importance of having a growth mindset in both personal and business life. He founded Citystaff.com, an online platform for selling tickets to parties that evolved into an e-commerce engine for selling famous city products. He sold the business in two and a half years. Festival Pass is the world's first live event subscription marketplace, where members get credits depending on their tier to redeem for over 80,000 live events on the platform. The platform provides access to concerts, festivals, comedy shows, and sporting events. The platform's mission is to build a community and a membership around passion-connected experiences.
Ed discusses the evolution of money moving over the internet and how Web Three will make it even more seamless. However, he acknowledges the pitfalls and downfalls of technology, such as the recent banking crisis in the US. He believes emotions still have a significant impact on business and finance, and there will not be a ton of inflow of investments into startups or early-stage companies for the next six to twelve months. However, he predicts that this will change in about twelve months as the economy stabilizes.
Ed emphasizes the importance of building a community and surrounding oneself with like-minded people in both personal and business life. He is part of the EO community and a separate startup community in Austin. He believes that entrepreneurship can be lonely, but having the right emotional and business support is crucial.
Despite COVID-19 impacting their launch, Festival Pass built the technology and infrastructure for a year and a half before officially launching. Ed believes that live events offer a unique, one-time experience that cannot be replicated through screens. He enjoys attending various live events, from small festivals to major sporting events and comedy shows.
Ed also discusses the potential of the Metaverse and how it offers business opportunities, especially for younger generations who are more immersed in virtual worlds. However, he acknowledges that live events will still be a crucial part of the entertainment industry.
In the quick-fire questions, Ed shares that having children was the best decision he made in his life. He believes in being rigid on vision but flexible on details, and his EO entrepreneur group has been a great source of confidence. He also shares a potential mistake of selling his first company, Citystaff.com, and not holding on to the stock. Mike is proud of always leaning towards kindness and leaving the world with people saying that everyone he touched felt that kindness and respect.
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