Nikonomics - The Economics of Small Business 108 - Sky Lanterns and Music Festivals: Building a $10M Empire, with Spencer Humiston
Jan 15, 2025
Spencer Humiston is a lawyer turned entrepreneur and founder of Night Lights, which organizes sky lantern festivals and other events. He shares his fascinating transition from law to experiential business, revealing the legal and logistical challenges he faced. Spencer discusses the evolution of his offerings, including country music festivals and a marketing company, and dives into the financial intricacies of running large events. He offers insights into the future of experience-based businesses and valuable advice for aspiring entrepreneurs.
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Night Lights Origin
- Spencer Humiston, a lawyer, helped his friend launch Night Lights, a sky lantern festival company.
- This happened after a conversation where Spencer expressed dissatisfaction with his law career in Alaska.
Early Stage Events
- Early-stage events are primarily about problem-solving and adaptability, not specialized expertise.
- Spencer's legal background helped address initial challenges like fire safety and litter concerns.
Lantern Logistics
- Sky lanterns surprisingly don't pose a significant fire hazard due to their short burn time and controlled descent.
- However, cleanup and the availability of suitable large open spaces with parking are major logistical hurdles.