The Creator COO Alex Dwek: Taking Nas Daily from $0 to $23 Million…Here’s How
The key to making a multi-million dollar business out of a creator? Strategic hiring.
In this conversation, Alex Dwek, COO of Nas Company, dives into diversifying a creator's business to ensure growth without relying entirely on the personal brand of the creator.
He discusses the transition from relying solely on a creator's personality towards building a self-sustaining brand that resonates with the audience's values. He shares how he navigated this challenge at Nas Daily by moving from a focus on ad revenue to creating educational courses that embody the essence of the brand.
Alex also shares insights into the financial side of creator businesses. He discusses his experience raising $23 million, shares funding options for creator businesses, and explores compensation plans that attract top talent in a competitive market.
Show Notes:
Here are the key takeaways from our conversation with Alex:
Realities of VC Funding in the Creator Economy:While venture capital can fuel explosive growth, creators and COOs need to understand the implications of taking VC money. Alex demystifies the process of raising $23 million, emphasizing the importance of good business fundamentals and profitability. He explains various funding avenues, such as bootstrapping, crowdfunding, and VC investment. He also advises careful consideration of the consequences each path may present on creative control and decision-making.
The Secret to Finding the Right Creator COO:Alex shares strategic hiring practices and the importance of matching business needs with a candidate’s skills. He explains how avoiding immediate COO titles can benefit your company and the significance of finding individuals who are not just skilled but are a cultural fit. Creators and COOs will learn the subtle art of interviewing, the weight of social proof in attracting top talent, and how transparency in financials can influence hiring.
Cultivate Transparency and Long-Term Strategic Vision:Transparency and strategic long-term planning are recurrent themes in Alex's experience. He shares how to build a sustainable creator business that's focused on long-term growth rather than immediate returns. He encourages creators and Creator COOs to transparently share financials, embrace equity plans or profit-sharing, and understand the operational work needed to build a brand that stands the test of time.
Jump into the Conversation:
[01:08] How content creation is shifting control from institutions to individuals
[08:30] Building a business that reaches beyond the creator’s personality
[12:25] How Creator COOs can effectively enter a creator’s business
[25:17] The biggest mistake creators make in hiring Creator COOs
[33:51] Attracting Creator COOs in a competitive market
[41:00] Compensation plans for creator businesses
[51:06] Building a durable business with software products and services
[01:01:33] Why VCs evaluate founder-market fit
[01:11:58] Alternatives to VC funding for creator businesses
Continue the conversation with these resources:
Read The Go Giver, a book about unexpected returns on generosity
Check out Nathan Barry’s blog post about ConvertKit’s profit-sharing plan
Read about Basecamp’s approach to compensation in this post