Ventures & Visionaries
Issue #5
February 5, 2024
"Don't be afraid to give up the good to go for the great."
- John D. Rockefeller
Exclusive Interview
with Jude Fucetola, Founder & CEO of Lapdog Management
By Vincent Fucetola
Jude is a 20 year old music industry student at the University of California, Los Angeles and the founder of LA-based artist management and development company Lapdog Management. We sat down with him and uncovered his journey into the artist management space, secrets to balancing creativity and business, and the future of his company within an chaotic indudstry.
Tell me about your journey into the music space, and specifically why a venture into artist management.
I have been an instrumentalist and songwriter for many years; I learned how to create music at a very young age through piano lessons and playing shows with bands and artists, and continue to create music in various settings. However, in collaboration with other musicians and creative peers, I found that I really enjoy finding new and exciting ways to develop artists and their brand with a more business-minded approach. So, I decided that I wanted to build a relationship and community of artists and help them achieve their creative and business goals through management.
How do you find yourself balancing the creative and business aspects of the industry? Which do you find yourself leaning more towards in your role?
We really try to balance the creative and business aspects of each artist that we manage, so it tends to me more of a case-by-case situation. Some artists need help achieving creative goals, such as a project release, while some need help with business affairs such as registering for music publishing, That being said, we do operate under the philosophy that both the creative and business aspects of the industry should share equal importance. As the CEO, I find myself overseeing both the creative and business affairs of each artist, but I do lean more towards the business side of things in order to make sure the company itself and the employees are operating smoothly.
Give us your keys to fostering strong artist-manager relationships - what approach do you take to your clients?
We greatly value our relationships with our artists — I personally see fostering long-lasting relationships as the most important aspect of management. Before we even begin to work with a client, we spend time developing a friendly, comfortable, and open relationship with each artist. Our managers meet weekly with clients to discuss any projects or matters concerning the artists, but we tend to keep these meetings somewhat informal to provide a comfortable environment for the clients to share their ideas and aspirations.
How do you navigate challenges and setbacks that you face in a highly unpredictable industry while still maintaining your sense of direction for both the artists and yourself?
For each major project we work on, whether it be for the company itself or an artist, we meet as a team and perform a thorough risk assessment to prevent any problems or challenges we might face. Our close relations with our clients also help navigate setbacks, as our open communication allows us to quickly and effectively resolve issues. Although the industry is extremely unpredictable and competitive, a few of our executives are tasked with looking at things such as optimal marketing strategies and current music trends to put our clients in the best position to succeed.
Talk a little about your vision for Lapdog Management. In 3-5 years, where do you see yourself and the company?
While Lap Dog is currently a small team that manages a rather small number of clients, my vision for Lap Dog in 3-5 years is to have roughly five times the number of clients, as well as the same amount of new employees. I see Lap Dog serving a strong management role in the underground Los Angeles music scene, as well as managing a few clients in New York. We want to partner with major record labels and have our artists be featured in numerous major media outlets. As we build the team, we still want to foster a community of passionate employees and artists and maintain our close relationships with clients.
Case Studies
Rockefeller's Defining Moment
By Jack Ghannam
Lots of us have a defining moment in life, a moment that makes us feel inspired and excited to work within a certain field, fall in love with a certain person, or set our lives on a particular path. This moment may come at any time, but it came fairly early in life for John D. Rockefeller. Rockefeller, son of a “pitch man” known to sell “cures to cancer,” was never around a positive business role model during his early years. Though he did not have a great businessman as a role model, Rockefeller, at the age of 12 began to lend money to local farmers. In 1851 Rockefeller had saved around $50 from working for his surrounding community and raising a group of turkeys with his mother. He lent this $50 to a local farmer at a 7% interest rate, payable in a year’s time.
Rockefeller was impressed when the farmer actually paid him the 7% premium, and stated, “the impression was gaining ground with me that it was a good thing to let the money be my servant and not make myself a salve of money.” This taught Rockefeller an important lesson, that money is a tool and must be used as such. By using Rockefeller’s same concept, institutions, commercial banks, and firms across the country lend money at interest, making predictable, and efficient profits.
Shortly after this, Rockefeller went to college, attending Folsom’s Commercial College, where he learned banking, exchange, and business customs. With general business knowledge, and a job as a bookkeeper at the age of 16, Rockefeller started his first business in the commission merchant industry, selling grain, hay, and meats. This propelled Rockefeller to build his business empire, grossing $450,000 (nearly $17.6 million adjusted for inflation in 2024) with his commission-based merchant business.
Rockefeller, however, always looked back on his defining moment, lending his only $50 to a trusted farmer, commenting on it on in 1904, still impressed at the age of 65.
Business Takeaways:
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Your Money is a Tool: Use your money to make more money. It may sound easier than it actually is, but this has been a key principle of the American economy for decades. Firms like, Discover, American Express, and Universal Credit all take part in lending services as part of the financial services industry. In total, around 24 million Americans owe a collection $250 billion in personal loans to lending services.
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Turn Your Passion into Action: At the age of 12, Rockefeller had his defining moment. He was granted success in loaning money he had saved up to a local farmer. Rockefeller was granted more than a 7% premium; he learned an important lesson about making his money work for him. He fell in love with this concept and began to implement this in all of his future businesses, in some capacity, using the lesson he had learned to make his money work for him.
College Student Takeaways:
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Passion Comes First: Rockefeller’s defining moment led him into a life that he truly found interesting. Besides falling in love with business in general, he felt a sense of fulfillment in his life. He became inspired by this concept, and this led to his purpose in life. Leadership in business was something he learned from a young age by creating his business with a colleague as only a teenager and led him throughout life until his final years.
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Discipline Beats Talent: Due to his relentless study and work habits, Rockefeller was always in the search for a new opportunity, challenge, and venture to tackle. His relentless work ethic led him to success, his failures built his wins, and most importantly, his growth was not always a straight path upward. Though he did face bumps in the road, he kept pushing, and used his passion to guide his growth and success. He made his own destiny, grew his won success, and truly was a self-made man. If there is one thing all successful businessmen have in common, their work ethic and discipline is much more important than any particular skill or certification.
Ample Hills Creamery: The Roller-Coaster Journey of Brooklyn’s Beloved Ice Cream Brand
By Vincent Fucetola
Ample Hills Creamery, once a beloved ice cream parlor in Brooklyn, experienced a roller-coaster journey that was marked by brand-building, bankruptcies, and ultimate closure. Founded in 2011 by Brian Smith and Jackie Cuscuna, the company’s decade-long saga involved rapid growth, high-profile endorsements, and collaborations with industry giants such as Oprah Winfrey and Disney. However, like many modern startups, the pitfalls of quick expansion led to financial challenges, culminating in bankruptcy and the sale of the business in 2020. This case study will explore Ample Hill Creamery’s rise, fall, and determined attempt at a comeback.
Ample Hills began humbly as a cartful of hand-cranked ice cream in Prospect Park, embodying a mom-and-pop spirit. The founders, Mr. Smith and Ms. Cusuna, transitioned from their previous professions (screenwriter and teacher, respectively) to venture into the ice cream business. The brand gained rapid popularity in Brookly, distinguishing itself with uncool yet vibrant branding, fun flavor names, and a commitment to quality ice cream with unconventional mix-ins. Ample Hills’ unique flavors and commitment to community engagement attracted attention. The brand’s breakthrough came with an endorsement from Oprah Winfrey, leading to collaborations with Disney and exposure on a national scale. Despite the success, the company faced financial challenges due to aggressive expansion, losing control of its destiny in early 2020.
As costs associated with expansion overwhelmed revenues, Ample Hills succumbed to financial troubles exacerbated by the onset of the COVID-19 pandemic. In March 2020, the founders sold the business to Schmitt Industries, and Oregon-based machine parts company. The founders, emotionally invested in their brand, declared personal bankruptcy, downsized their living arrangements, and faced uncertainty about their future endeavors. Despite setbacks, they attended networking events to seek guidance, demonstrating resilience and a commitment to finding a way forward.
In a surprising turn of events, Mr. Smith and Ms. Cuscuna repurchased Ample Hills Creamery, including the original store, from Schmitt Industries for $150,000. Learning from their past mistakes, they aim for a cautious and controller reopening, starting with the flagship store and gradually expanding to three others in New York City over the summer. The founders intend to focus on their vision, eschew venture capital, and one again focus on community engagement.
Ample Hill Creamer’s journey serves as a cautionary tale for startups, highlighting the importance of measure growth, financial prudence, and adaptability. The founders’ determination to reestablish their brand demonstrates the resilience required in the face of business challenges. As the ice cream parlor reopens its doors, the industry watches closely, eager to witness if Ample Hills can turn its roller-coaster trajectory into a tale of sustained success.
Charlie Munger | Founder Podcast with David Serna
By Vincent Fucetola
Not only was Charlie Munger Warren Buffett’s right-hand man; he was a wealth of wisdom for the entrepreneurs of today. His practical and raw advice cuts through the noise of modern business, with an emphasis on trust, simplicity, and lifelong learning. Munger’s insights on decision-making, partnerships, and the value of scale offer clear guidance for building successful ventures. In an industry often clouded by complexity, his straightforward approach serves those seeking clarity and direction.
In this episode of the Founders Podcast, host David Senra dives into the wisdom of the legendary Charlie Munger, drawing insights from “The New Poor Charlie’s Almanack: The Wit and Wisdom of Charlie Munger.”
Mantras and Keys
“Trust is one of the greatest economic forces on earth.” - Charlie Munger
“Good ideas are rare. Bet heavily when you find them.” - Charlie Munger
Simplicity and Genius
Genius has the fewest moving parts. Avoiding stupidity over a long period is genius.
Power of Inversion
Understand the power of inversion; get what you want by avoiding what you do not want
Learning from Others’ Mistakes
Learn vicariously from other people who are both living and dead. Do not repeat mistakes that others have made before you; learn from them!
The Power of Scale
If you always tell people why, they will understand the subject matter much better. Achieving scale extends the moat of the business but must avoid bureaucratic creep
Secrets to Success
Bet heavily when the odds are in your favor. Stay in the game long enough to be ready. Help others know more; the best thing a human being can do is help another human being learn more.
Continuous Learning and Growth
Lifelong learning, intellectual curiosity, and reliability were values that Munger held dear. The safest way to get what you want is to be deserving of what you want. Intense interest in any subject is indispensable for excelling at it.
Takeaways for College Students
Embrace Lifelong Learning Across Disciplines
Munger’s emphasis on studying different disciplines and making connections between them offers a valuable lesson for college students. Exploring diverse subjects develops a more holistic understanding of the world.
Prioritize Building Trust in Relationships
Practice integrity, reliability, and generosity, as they are traits that lay the foundation for fruitful partnerships both in personal and professional spheres.
Focus on Decision-Making and Risk-Taking
College is a low-risk environment for students to practice making decisions, taking risks, and learning from both successes and failures.
From Zero to 1 Billion Views in 12 months with Hilary Billings - Entrepreneurs on Fire
By Roslay Gutierrez
How to Increase Brand Awareness through Short-Form Video
With over a billion views, Hilary Billings is a leading expert on the Psychology of Attention and the Co-Founder and CEO of Attentioneers – an agency that helps entrepreneurs grow revenue through short-form video strategy.
Whether through social media or advertisements, short-form video is a great way to market your company/product in an effective yet efficient way, according to Hilary. With 80% of time spent on watching videos on smartphones, it is essential to meet consumers where they currently are. There are three elements of successful videos:
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Attention Grabbing: the first six seconds of a video are critical. It is important to create an opening hook that stops the viewer from scrolling and entices them to watch further.
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Spark Emotion: Relatability is Key. Make viewers feel a connection by showcasing content that resonates emotionally. People are more likely to share content they relate to.
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Create a Curiosity Gap: Build curiosity by leaving a question or a gap in the video that encourages viewers to watch until the end to find the answer. This also helps the algorithm understand the audience's interest.
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Actively Post and Test: Don’t hold content. Experiment with different elements to understand what works. Consistency is key with building brand awareness and connections with potential and current consumers. Even if you think a video will fail, test it out.
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Adapt: When facing challenges, professionals need to analyze data, adjust strategies, and keep experimenting to achieve success. Trends are ever changing. It is important to be ahead of the game in everything you do, especially with short form videos. Utilize up and coming social media platforms to engage directly with the desired demographics.
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It’s a Science: Treat content creation as a form of engineering. Study successful videos, identify patterns, and use these insights to create a formula that maximizes the chances of a video's success.
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Consider every aspect of the video, including the opening shot, captions, colors, and editing techniques. Attention to detail plays a significant role in creating engaging content. These details, while minor, are more important than you think. It is all part of the plan to engage with the audience.
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Don’t be a Copycat: Hilary advises against blindly copying what competitors are doing on social media. Originality and authenticity are crucial to standing out in a crowded digital landscape. Copying will not only have negative effects on your reputation but it reflects poorly on your company's values.
Entrepreneurs can enhance their short form video strategy, increase engagement, and potentially achieve significant growth in reach and revenue. Stay ahead of the curve and be strategic about marketing. Without marketing, a company will see little success in an ever changing marketplace.
Crumbl Cookies: A Peak into Culinary Innovation
By Andres Bustos
A considerable amount of people would believe that goal-setting and risk-taking is reserved for businesses with a more conservative philosophy to them, but Jason McGowan and Sawyer Hemsley had only one goal: to create the world’s most delicious chocolate chip cookie, and to succeed in franchising their idea. Aware of their limitations in such a vast industry, they spent thousands of dollars in dough, attempting to perfect their recipe, and finally, they managed to create the first iteration of the Crumbl Cookie, which helped them open their first store in Logan, Utah. Emphasizing the importance of baking and preparing their first batch of cookies as soon as the customers requested them, the cousins always knew that presenting the cookie in its freshest state would drive popularity to the Crumbl image. Thankfully, their vision was accurate, and their triumphs keep accumulating to this day.
Shortly after introducing takeout and delivery and curbside pick-up options for their cookies, Mcgowan and Sawyer designed an incredibly innovative idea: rotating menu items. Starting in 2018, the menu would change every week in order to introduce new cookie flavors inspired from candies, cakes, sweets, desserts, and even diverse foods. This refreshing look into culinary innovation allowed the cousins to experiment with an unlimited variety of tastes, and also helped them understand how their customers would potentially respond to weekly menu changes. Thankfully, their clientele understood that making such changes to the menu could actually boost creativity in the culinary space, and this idea propelled Crumbl Cookies to launch even better and more innovative solutions.
Furthermore, their exposure to creating new cookie ideas led the cousins to design a very imaginative pink box, which became synonymous with their own brand image. The 4, 6, and 12-pack containers gave the cousins a competitive edge by making the size and physical appeal into a very marketable product. In terms of franchising the brand, Crumbl Cookies has now increased its international presence in Canada, and has opened more than 800 new locations across the United States.
Most importantly, the correct usage of social media and web analytics has to be mentioned in order to understand the mechanics behind Crumbl’s unprecedented growth. On Instagram, the brand has accumulated over 4.2 million followers for its national account, and has recently opened a new profile specifically made for their Canada locations, which now has 54,000 followers. The most interesting element regarding their Instagram publications is apparent by looking at their advertising strategy. Rather than marketing their company philosophy, exponential growth and popularity, or even their numerous locations, the Crumbl brand strategically produces content revolving around their innovative cookie flavors and appearance, making it much more appealing to potential customers. Most of their short form content averages more than 1 million views, which is a highly engaging metric for an Instagram account that has 4.2 million followers.
In conclusion, Crumbl Cookies serves as a prime example of simple yet highly effective innovation. Jason McGowan and Sawyer Hemsley understood that by attempting to create the world’s most delicious cookie, the process of doing so would inevitably force them to constantly outperform their work. This philosophy eventually helped them come up with a business that not only generated the world’s most delicious cookies, but had the necessary tools to franchise at an exponential rate while staying competitive as well.
Venture Capital Firms Go Vertical in Backing Specialized Artificial Intelligence
By Anna Park
In 2023, generative AI emerged as the dominant sector in venture capital, and this trend is expected to persist in the current year. Data reveals that a shocking $29.1 billion was invested in 691 generative AI deals in 2023, with a 268.4% increase from 2022. This surge in investment goes to show the growing interest in generative AI technologies, reflecting the anticipation of continued advancements in this field.
An evolving trend in artificial intelligence is the move towards specialization within investments. While investors traditionally focused on industry giants like OpenAI and Anthropic, this developing market is now witnessing a shift towards applications with specific industry focal points, also known as vertical AI. Unlike traditional horizontal AI, which offers general solutions across diverse domains, vertical AI specializes in niche applications tailored to particular sectors. Vertical AI proves to be more accessible to investors, as it typically deals with smaller datasets in machine learning, reducing computational requirements, and being more cost and time-efficient. Moreover, the focus on specialized sectors often yields more accuracy and ensures a quicker return on investment. It is seen that competing at the foundational model level has grown more challenging for companies, given the substantial demands for capital and time investment. Therefore, investors are progressively favoring vertical AI as they recognize the practicalities associated with facilitating an integration process into a specific industry.
Healthcare stands out as a targeted sector drawing venture capital interest in vertical AI. The healthcare sector can reap the benefits of vertical AI applications through its simplification of personalized treatments and efficiency in identifying drug candidates. However, despite the overall enthusiasm in this era of the AI boom, the future of vertical AI space remains uncertain. As investors navigate this evolving landscape, they are taking into consideration vertical AI’s potential limitations in long term growth and its demands for expertise in a specific field.
Industry Dashboard
2023 Venture Capital Trends Into 2024
Women Led Firms in 2023 Raised $6.5B in Venture Captial Funding Despite Lack of Support from Mega-Funds
Venture Captial Funding Reached $182B in the United States in 2023, Stabilizing After Nearly 18 Months in Decline
Current State of the VC Market: Cautious Optimism
