In this ongoing series, we share advice, suggestions and insights real entrepreneurs who fight business battles every day. (Responses have been edited and condensed for clarity.)
Give us your organization’s elevator pitch.
I’m Corry Banks, founder and operator Modbap modularBlack-owned boutique electronic music equipment manufacturer based in Southern California. Our goal is to create modern and performance-oriented instruments tailored to the unique approach of DJs and beatmakers. Combining modular synthesis with beat-making styles akin to boom bap, Modbap Modular goals to expand the boundaries of beat-making compositions and allow musicians to experiment with their craft. We are proud that our instruments are available in over 40 electronic music stores around the world, including North America, Europe and Asia.
When did this start and what is your role/title?
Modbap was launched in the fall of 2020, specifically on October 10, 2020. I worked on my first product for about a yr before it hit the market. The onset of the pandemic delayed the start by several months, but we managed. My official and paper role is President of Modbap Modular. I spotted that I’m a product designer and it is one of the most rewarding things I have ever done.
What inspired you to create this business?
Well, I’m a beatmaker. I make boombap beats. I have spent several years blogging on this topic and all related topics akin to music equipment. I also have a background in IT and electronics. Somehow all of these items got here together to push me towards creating something that I wanted but didn’t seem to exist in the market. I spotted that I used to be uniquely positioned to fill a void for the products I design and desire to design.
My “aha” moment was actually “Wait, THIS IS IT!” sort of experience. I used to be preparing for a live beat set with my original compositions. When I tallied up all the equipment I needed for the show, I spotted it was overwhelming – way too (*90*) stuff! I discovered myself wishing the particular device would fit in my efficient Eurorack case. So I made a decision to share my thoughts on Instagram, posting a photo of this device with the caption: “Someone needs to make something like this in the Eurorack format.” So I just deleted the post, grabbed my sketchbook and got to work.
Please tell us one “holy @#$!” moment in your business trip.
This moment and the most memorable day for me was the day of the launch of my first product. I hosted a weekly podcast about beatmakers called BeatPPL Podcast. I announced on social media that I had exciting news regarding the launch of Modbap’s first product. I made the product available for pre-order and the plan was to publish, share the announcement and present a production-ready final prototype of the product. The launch exceeded my expectations and by the end of the weekend I had to revise my original order with the manufacturer three or 4 times to meet demand. It was an exciting moment, but I also had to stop and ask myself, “Am I really ready for this?” I used to be confident that the product was solid and ready for success, but suddenly I used to be faced with the responsibility of running a business and doing every little thing I could to make it work. Ultimately, I felt prepared for the challenge and it was a continuous and rewarding learning experience.
What advice would you give to entrepreneurs looking for financing?
My financing experience was unique. On a each day basis, I managed a team of IT specialists for a well-known company. The company was starting to restructure and asked if I’d move across the country to higher manage more of my team. My easy answer was, “No.” They said, “OK, well, we want to offer you 90 days and severance.” Oddly enough, I felt good about it and immediately thought about investing in myself by benefiting from the severance pay. That’s what I did and that is how I financed Modbap Modular. I then spent the next 90 days planning my first product, my brand identity, and creating my presentation. Once I had a working document of my plans, it was easy for me to talk about it with anyone who would listen.
What is something that many aspiring business owners think they need but don’t really want?
I find that recent business owners fall down a rabbit hole of acquisitions and preparations to the point of stagnation. There is so (*90*) to gain from the very starting. You don’t need every little thing at once and not every little thing has to be perfectly perfect from the start. All you actually need is your vision, passion and get began. It could also be difficult, but you’ll understand every little thing.
Is there a specific quote or saying that you just use as personal motivation? Explain how this inspires you.
An African proverb comes to mind: “How do you eat an elephant standing in the way? One bite at a time.” This appeals to me because it captures the essence of entrepreneurship: steadily overcoming challenges, one step at a time. It jogs my memory that by overcoming obstacles, I can make progress and ultimately overcome them.