Pivoting business to creator community.
In this HOT SEAT episode, the Jordyn discusses their business and the decision to pivot towards creating a creator community. The entrepreneur's company, Forefront, is a social commerce platform that connects black-owned businesses with content creators to help them grow on social media. Their mission is to bring black brands to the forefront by leveraging the affiliate marketing influencer marketing space, which is a $16 billion industry.
Initially, the company had a marketplace where black-owned brands could sell their products and connect with creators who would promote these products to their followers. However, the entrepreneur mentions that they have put a pause on the marketplace because it wasn't scalable and required a lot of manual work. Instead, they are focusing on launching a creator community and investing in making it a significant part of their business.
The decision to pivot towards a creator community stems from the understanding that creators want more than just gifted products and affiliate commissions. The entrepreneur acknowledges that creators desire solidified partnerships where they can be paid for their work. By creating a community, Forefront aims to provide a platform where creators can collaborate with black-owned brands and receive compensation for their efforts.
While the entrepreneur mentions that the business was working, they express dissatisfaction with the way it was functioning. This dissatisfaction likely arises from the challenges they faced with scalability and the manual work involved in the marketplace model. Therefore, the decision to pivot towards a creator community can be seen as a strategic move to address these issues and create a more sustainable and efficient business model.
The entrepreneur's focus on building a solid community of creators of all different stages indicates their belief that by establishing a strong creator network, they will attract brands to the platform as well. This approach aligns with the understanding that creators have significant influence and can effectively promote products to their followers. By providing a platform that facilitates these collaborations, Forefront aims to bridge the gap between black-owned brands and content creators, ultimately benefiting both parties.
However, the podcast host challenges the entrepreneur's decision to pivot, suggesting that it may be a way to avoid solving the problems faced by the business. The host asserts that entrepreneurs often claim to be pivoting or rebranding when things don't go as planned. This critique highlights the importance of critically evaluating the reasons behind a pivot and ensuring that it is a strategic move rather than a means of avoiding challenges.
In conclusion, the podcast transcript showcases the entrepreneur's decision to pivot their business towards creating a creator community. The pivot is driven by the desire to address scalability issues and provide creators with more substantial partnerships and compensation. By focusing on building a strong community of creators, Forefront aims to connect black-owned brands with influencers and promote the growth of black businesses in the social commerce space. While the decision to pivot is challenged by the podcast host, it is evident that the entrepreneur is committed to making their business successful and is actively working towards finding the right solution.