Robb McDaniels, CEO at Beatport, is a successful digital media professional with 20 years of experience in entertainment, media and finance. Beatport today is the worldwide home of electronic music for DJs, producers, and their fans. This year, he will be part of the Midemlab experience as a jury member! Enjoy this interviwe with Robb McDaniels, the first in a series of interviews with Midem’s startup competition’s panel of experts.
midemblog: What is the unique quality you will bring to the Midemlab jury?
Robb McDaniels: I have had the fortune of playing on both sides, as an entrepreneur and an investor, during my two-decade career and so can help evaluate opportunities from both perspectives. Being a successful entrepreneur, especially in the music business, requires a special set of skills and characteristics. I have an enormous amount of respect for anyone willing to pledge their entire life and reputation to build something that can positively impact business and society.
> What are the best ways for a music startup to stand out today?
It’s definitely vital to have traction before approaching institutional investors and industry partners. There are a lot of great ideas, but precious few that actually make it to the revenue stage with a viable product that differentiates itself in a crowded marketplace.
> What is your biggest concern about the music industry today? How can technology address that concern?
The biggest concern I have about the industry today is the same concern I had back in 2002 when I launched INgrooves: entrenched companies, systems and methods impeding progress in the name of historical precedence or job stability.
> What advice would you give to startups submitting for Midemlab 2017?
Well, the right advice is heavily dependent on a thoughtful analysis of the startup’s value proposition, competitive and regulatory landscape and leadership team. But the one piece of advice I have found should be a common thread is for founders to make sure they take a step back from focusing on their singular product or service and think about their business ecosystem at large and how it all impacts the timing and approach for driving adoption.
> If you had to create a startup in the music industry right now, what would it be?
I can’t give away what could be my last great idea!