It's been a few weeks since the announcement of Marcy Venture Partners, Jay-Z's new venture capital fund believed to be named after the project building he grew up in, and a bit more than a year since Jay-Z decided to step into the venture capital space.
Ever since the news broke I've been getting non-stop texts from friends and family sending me links about Marcy Venture Partners in hopes of our company PeduL getting the Hov co-sign. It reminded me of just how much the lines of 'what's popular' have been blurred.
Entrepreneurship Has Never Been This Cool
We're entering an age where the coolest and biggest stars of our past are transitioning into the coolest and biggest stars of our future. I said it in my last article and I'll say it again, Entrepreneurship has never been this cool. Whether that's good or bad is up for debate but it is clear that this is a realm that people are paying attention to.
Every time a Jay-Z or a Kobe Bryant journeys into the world of venture capital there is a massive expansion of public attention. Fans of basketball and hip hop have no choice but to check out what their favorite personality did and while many only stay for the day, a lot of them stick around for life, having just been exposed to a brand new world. But it doesn't just stop there.
People still want to see what their favorite celebrity does, and that consists of who they invest in. Meaning that there is a possibility of a new celebrity being made every time a new deal goes through. Much in the same way that people connected to Silicon Valley care about a new investment from Sequoia Capital or who is in Y-Combinator's latest cohort.
Growing up in Baton Rouge, Louisiana, I didn't have much exposure to the tech world. I never thought about lines of code and my perspective on entrepreneurship was no where near as positive as it is today. But for my 13 year old cousin things are different. He spends his time on YouTube and Snapchat seeing what is going on in the lives of his favorite celebrities. His list of celebrities used to be reserved for comedians and athletes like Jake Paul, TimothyDeLaGhetto and Serena Williams, but it has most recently expanded to GaryVee, Gerard Adams and John Henry, entrepreneurs with extremely active social media identities.
Authenticity Is the Best Form of Currency
Social Media gives anybody a chance to gain a following but when it comes to entrepreneurship it operates a multi-faceted way for people to not just follow an individual but also the construction of a company. Authenticity is the best form of currency out right now and people care about the process. In a weird way, the same attention that attached fans to Cardi B, one of the hottest rappers out, is the same attention that brought GaryVee, otherwise known as Gary Vaynerchuk, a highly active entrepreneur and investor, a shoe deal with K-Swiss.
Give People What They Want
As entrepreneurs we need to give the people what they want. We are living in an era where authenticity wins. This means utilizing all resources available to connect with your audience. While it may seem frivolous or unnecessary, especially when you have a million other things to do, exposing your audience to your journey has the potential to produce a greater ROI than any marketing campaign ever could. Whether this is utilizing Twitter to express how you feel, Instagram stories to document your day, or literally creating a daily vlog to show the world how you're living, the transparent lens will give you the attention you need to turn into profit.
The lines between sport, music, celebrity, and entrepreneurship are blurring and the winners will be the ones that embrace it. People care about the horse, but they also want to see the journey of how the jockey joined the race.