The Newell Normand Show w/ Brett Durrett

Newell Normand
Thursday, March 22nd

Newell talks with Brett Durrett live on location.

00:05:39

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

We're back there or broadcasting from the idea village offices during a New Orleans entrepreneur nor weak which is their premier annual business conference. And joining us here is on Brett to rent venture partner of the company calls social starts and he's a speaker at the conference. And he's also volunteer and he comes from the San Francisco Bay Area so tell us a little bit about your story. Well I how different in a New Orleans and my wife and I got to visit and we love the place in so much so that we decide to get placement earning. And so now I find myself out in New Orleans about 45 days every month. Awesome and you know we hear these stories all the time. Tell us about what the challenges are that we have a new loans both from the venture capital standpoint and as your volunteer work that you do here would idea village. He so. Europe and spinning Gloucester really trying to understand and I think one of the you know things that became very offices. Your money in the areas relatively. Pretty available for technology companies. And what I'm finding out here is if your building is some sort and now it's it's a lot more challenging to get money and it's yours today have motivation for oil wealth. That's a lot of money available for more traditional type of investing so. That makes it harder. And obviously you see that is a welcome challenges and going full steam ahead in helping the folks here idea village that has breakdowns some of those barriers ya mean I I am so it's not a lot of people here in New Orleans then there's creep people Smart people talented. And so I've been tracker mobile how do you hope these companies sort of breakout a county get additional opportunities. Or what is it that they don't have access to that may help them do to compete when you're actually competing you know really articles scale. I'm your building and proper technology product. In those interest and would know which deals website I saw a lot of the companies that he'll actually Appel you know finance and startup and give advice to and and it is incredibly diverse thing in so many different areas and you know she tells a little bit about that child. Well yes it is it is a pretty to. First we have. Prefer other ranges from like boxed which is sort of Costco type competitor that's doing quite well to Cashmere company. I'm into the interesting thing about that is looking at each company in the trying to figure out what is it about their market time what is about their business in the going to be successful. And duped into doing seat funding which is the very earliest of funding which oftentimes is just an idea and maybe a prototype fifth if that. You know so early it's very hard to. Sort of a deep understanding of exactly what's going to be there eventually I mean you're you're taking like very early risk bats. Which is always exciting. Will be in a wine drinker went right to buying hair. Looked just looked it up but he. In the food and beverage industry where elementary folks together pearl host. Tells. While so so and as much out fine arts was one of my deals on. So mechanics or utility vehicles pouches. No probability it would it would I was really struck by that that the diversity well as a set earlier so. When you're working with. Some of the folks here that are open. The doors and selling mere idea that we were your thoughts are often and wouldn't she. There's there's a couple of things on one lane played. Find a lot of people that have a good idea for business that is more of political small business then they start up says the a small businesses not about term it just means that. You're younger focused on really building a cash flow positive business something that's sustainable that's going to be ongoing. And in the startup world when it's the venture capital docked that people are looking for outsized returns to select you know you ten X thirty extra money as we ride DO company. In the way you run those companies is very different it wonders about how fast can we scale high risk you need lots of risk capital. And so our our front a lot of people here. I really encourage them to figure out what to they actually want to wanna hop on sort of that that treadmill that's going to be really high paced. Where is it what they want a system built a great company doing product that they love. That may never be a hundred million dollar company that might be a twenty million dollar company. So that's a that's a big thing really cute look at because. Particularly with the limited resources the may have for capital it's a small businesses away likelier chance of success than through the start. And so what are the slippery slope decisions early on as well you know the right sides of your organization. Yacht and united a small business typically grow as they can take you know they have the business that takes it on because they are there very couch pointed. You know it's not it's not uncommon in silicon value talked to companies and you know they have no idea other gonna make dollar one for two or three years. And you know that's that's a very different mindset about Iran something. Lots of will Brett direct venture partner Roche social starts a company or venture capital firm and a speaker here and and another lover of New Orleans that comes to us from the bell I'm loving this folks I tell because people don't believe that people move here. For all of these reasons until they hear from the horses my openly say. I'm New York is a Levitt now coming down whether it's five days thirty days you know whatever. We're here and we're engaging in the business community and city walls this is an amazing city with truly truly great people and all of them warm and welcoming me. It's the smiles and Hologic every time you walked on the street it's it's a great place to be absolutely OK we've got to get to another break the seasonal on debit or video.
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