In the previous article I took a big picture approach to look at why a record label, manager or lawyer might want to invest in a band and helping them become successful. The most important aspect of a project was determined to be the people involved, and the relationships between them. Below I will further delve into this and use venture capitalist David S. Rose‘s presentation at the TED conference as a guideline to comment on what specifics one would look for in a team or band when deciding on a possible investment. Again, just replace “start-up” with “band” or “team”.
Ten Things To Look For In A Band And/Or Team:
1. Integrity - Is the artist in it for the right reasons? Are they chasing fame, or are the making music because “they have to”? Does the team have a track record of long-term business relationships, or one of burned bridges? Have they made the right choices and left dumb money on the table?
2. Passion - How badly do they want the success and how much do they love every aspect of the work needed to get there (live performance, recording, online, interacting with fans, writing, social media, etc.)?
3. Experience - Have they been through the process before and achieved success? Have they seen something through from beginning to end, such as an earlier album self/indie-release, even if unsuccessful. Have they booked their own tours before and earned an appreciation for the work required? Have they learned lessons in the past that they can apply to their current band? Have they developed relationships with bloggers, venues, etc.
4. Knowledge - In the tech world they call this “domain expertise”, and it comes down to knowing your market (Am I a college circuit singer/songwriter, or a Lower East Side indie rock band, or an online oriented rapper, etc.), and knowing the players (who are other successful artists in this lane, who manages them, which labels do they work with, what online outlets do they promote through, etc.).
5. Skills - Can the band put on a killer live performance? Is there enough discipline to make the studio work? Do they practice vocals and solo parts til they get it right? Can they write great songs and blog posts? Do they have additional skills that can help move the band forward (HTML, CSS, engineering, graphic design, etc.)
6. Leadership - Is there a true leader in the group that can take charge creatively? Is there a person that takes charge on the business end? Can they develop, nurture and stimulate a team around them to perform well. Can they lead a big crowd or audience into supporting them and spreading the word?
7. Commitment - Will they stick with it and make it work no matter what?
8. Vision - Do they know what they want creatively? Is there a vision of what story they want to tell, and how they would like to tell it? Are they original, or just another “me too” artist? Can they change the world?
9. Realism - Is the team dreaming ahead of its time, or are they fully aware of the dues needed to be paid, the hard work, the money they can spend, the sacrifices to make, and the disappointments to precede the eventual success?
10. Being Coachable - Can she listen and take advice. Does she accept guidance from others. Are the folks in the band team players that can compromise?
There is no way to create a perfect ten point check list that will guarantee a band or team’s success, but it’s good to be aware of what someone might be looking for when they consider whether or not they would want to work with them. There are of course times where a manager or label will see someone perform, and be so taken with that moment that they’ll decide right there and then, but for the grand majority of cases they’ll be taking a closer look at the people involved and determine how likely it is that they can help them succeed. Be prepared! Watch David S. Rose’s TED lecture below.
Related Reading In The “Artist As An Entrepreneur” Series:
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