Technology Enabled Entrepreneurship
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Jesse Chan-Norris is the co-founder of Indaba Music. In a presentation given in 2012 at Accenture Strategy Connect, he discussed the decline in recorded music industry revenues from 2004 to 2011 according to RIAA and music trade data. He highlighted how technology has enabled new forms of entrepreneurship in the music industry from 2006 to the present, using Indaba Music which he co-founded in 2006 as an example. The presentation concluded by thanking the audience and providing Jesse's contact information.
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Technology Enabled Entrepreneurship
- 1. Jesse Chan-Norris Co-Founder, Indaba Music @jcn jcn@indabamusic.com Accenture Strategy Connect, May 2012
- 4. What Were We Thinking?
- 5. 2005
- 6. $12.3b $7.0b $7.3b $6.6b 2004 2005 2006 2007 2008 2009 2010 2011 source: riaa, music trades
- 11. 2006
- 12. 2012
- 13. 2012
- 15. Thank You! @jcn jcn@indabamusic.com
Editor's Notes
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- I am a reformed Management Consultant. \nPre-Indaba, Katzenbach partners, but I realized I was much happier building products.\nConsulting was a great foundation for Entrepreneurship though - all of the meta-business skills working with clients all apply when running your own business.\nCS degree, had been a technology consultant; met Matt & Dan through KPL, was brought in to make the internet go.\n
- Indaba Music is the music creation marketplace. We give musicians reasons to make music in the form of remix contests, original song opportunities and our licensing program. \n
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- What was the landscape? What was the biggest name in music in 2005?\nNapster, Live365, mp3.com in the late 90s. Myspace in 2003. iTunes in 2003. Garageband in 2004. Garageband 2 in 2005. Preinstalled on Macs. Youtube had just launched in 2005. http://www.usatoday.com/tech/columnist/ericjsinrod/2005-07-06-pirated-cds_x.htm\n\n
- this is a point my partner Matt Siegel makes.\nmusic consumption is riaa recording industry value (US)\ncreation is sales of music products (as defined by Music Trades - intruments, gear, cables, speakers software, etc.) (US)\n
- We launched in 2007 as a community of musicians making music. Gaining traction, musicians were signing up, but we wanted to give the something to do.\n
- 2008, mariah remix contest, which opened the door to the marketplace. What originally was designed as a way to draw people into our core collaboration product became a product in itself.\n
- Now, we are the music creation marketplace. We’ve had releases on all of the major labels. \n
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- What did it take to build a web application in 2006? RoR 1.0 released in December 2005. Provisioning new servers actually meant giving Rackspace a call and having them put a new server in the rack for us. Payment processing. Storage. UNAS. SXSW 2008.\n
- Everyone’s heard about the cloud. What has the cloud meant for us? Infinite storage. Scalability. Services. Heroku. Amazon EC2. S3. Implications for our team size. Lots of things we had to build ourselves that we don’t have to any more. CC processing. Transcoding.\n
- So actually, building web applications in 2012, at least for the things we’re building, is more like legos. There are so many building blocks available that the time to market for any given product can be drastically reduced. \n
- Which brings me to my final point which is that the speed with which we can develop products means that it’s even more important to be vigilant about what is a good idea and what is not. Along our way, we’ve made some experiments (sheet music, video lessons). Even faster to market today. But we knew when to shut them down.\n
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