{"id":30512,"date":"2018-07-18T09:31:01","date_gmt":"2018-07-18T13:31:01","guid":{"rendered":"https:\/\/www.wework.com\/creator\/creator\/?p=30512"},"modified":"2020-02-26T14:31:24","modified_gmt":"2020-02-26T19:31:24","slug":"moviepass-cofounder-doesnt-take-no-for-an-answer","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/community-stories\/member-spotlight\/moviepass-cofounder-doesnt-take-no-for-an-answer","title":{"rendered":"MoviePass cofounder doesn\u2019t take \u2018no\u2019 for an answer"},"content":{"rendered":"\n

Stacy Spikes believes that successful entrepreneurs don\u2019t understand the word \u201cno.\u201d<\/span><\/p>\n\n\n\n

\u201cI think the people in this room have a part of their brain where they don\u2019t quite hear the word \u2018no\u2019 properly,\u201d said Spikes, speaking to a room packed with people eager to hear how he had cofounded the movie subscription service <\/span>MoviePass<\/span><\/a>. \u201cYou have to have that. There are some people in the world that hear the word \u2018no\u2019 and they go, \u2018OK.\u2019 And that\u2019s it for them.\u201d<\/span><\/p>\n\n\n\n

Spikes believes that every time an investor says \u201cno\u201d to a pitch, they\u2019re only refining what it will take to get a \u201cyes.\u201d<\/span><\/p>\n\n\n\n

\u201cEventually, what they\u2019ve done is that they\u2019ve sharpened your pitch so incredibly that there\u2019s nothing being thrown at you that will stump you,\u201d says Spikes, a longtime member at New York City’s <\/span>WeWork 175 Varick St<\/span><\/a>. He recently spoke at a <\/span>WeWork Labs<\/span><\/a> event that drew more than 70 guests to <\/span>WeWork Dumbo Heights<\/span><\/a>.<\/span><\/p>\n\n\n\n

Spikes has heard \u201cno\u201d plenty of times. When he was fired from a film production company in 1997, he rented a small cubicle at the Tribeca Film Center. There he came up with the idea for <\/span>Urbanworld<\/span><\/a>, which in the past two decades has become the world\u2019s largest film festival for minority filmmakers, actors, writers, and directors. The five-day event takes place in late September in New York City. <\/span><\/p>\n\n\n\n

In 2011, Spikes and business partner Hamet Watt founded <\/span>MoviePass<\/span><\/a>, which allows subscribers to see a movie a day for a monthly fee of $9.95. Spikes says they first hit upon the idea for MoviePass in 2005, and despite being told \u201cno\u201d for six years, he and Watt refused to throw in the towel. <\/span><\/p>\n\n\n\n

\"\"
MoviePass founder Stacey Spikes talks with entrepreneurs about launching a company.<\/figcaption><\/figure>\n\n\n\n

Spikes says their inspiration came from art-house theaters in New York City that let customers see an unlimited number of movies for a flat fee. They racked up roughly 23,000 subscribers under their original business model, which charged an average of $35 a month. This helped them raise almost $14 million from early investors like AOL Ventures and William Morris Entertainment. <\/span><\/p>\n\n\n\n

Then MoviePass caught the eye of Helios & Matheson Analytics, a data analytics company that bought the business in 2017. Spikes stayed on to chair the board of directors until early this year, leaving before the stock took a hit in the media and saw its stock price plummet.<\/span><\/p>\n\n\n\n

Spikes is currently working on a new venture, though the 50-year-old entrepreneur has remained tight-lipped about what it will be.<\/span><\/p>\n\n\n\n

Have the perfect data<\/strong><\/b><\/h2>\n\n\n\n

Spikes describes MoviePass as a data-driven company that collects information on individual subscribers, like what movies they are watching and where they are located. He believes that the most important thing for a company\u2019s success is having accurate data and has made a point to remember this every step of the way. <\/span><\/p>\n\n\n\n

\u201cThe truth is, if your data is off, you\u2019re just believing your own hype and you\u2019re lying to yourself,\u201d Spikes says. He adds that he\u2019ll often share his data with people outside the industry, just to make sure that the numbers are persuasive<\/span><\/p>\n\n\n\n

His advice to entrepreneurs starting their own company echoes this, urging people to make sure their numbers are accurate and run their presentations by several people before going too far. <\/span><\/p>\n\n\n\n

\"\"
“\u201cThe truth is, if your data is off, you\u2019re just believing your own hype,” says Stacey Spikes.<\/figcaption><\/figure>\n\n\n\n

\u201cThose things are critical because if you\u2019re not all buttoned up, you\u2019ll pay a price for that,\u201d he says. \u201cAnd sometimes you can\u2019t walk back in those doors several times.\u201d <\/span><\/p>\n\n\n\n

Spikes says that when people think of successful entrepreneurs, they imagine someone who is white and male. In the startup world, only <\/span>1 percent of venture capital funding<\/span><\/a> goes to black entrepreneurs, and <\/span>2 percent<\/span><\/a> goes to females. His advice on how to deal with this? Ignore it.<\/span><\/p>\n\n\n\n

\u201cI can\u2019t go in the mirror before I walk into that conference room going, \u2018OK, you\u2019re black, but you can do it!\u2019\u201d he says. \u201cI have to walk in going, \u2018I got a great idea that you should fund.\u2019\u201d<\/span><\/p>\n\n\n\n

He urges entrepreneurs to continually \u201cram the gates.\u201d <\/span><\/p>\n\n\n\n

\u201cYou might be that person who gets through the gates,\u201d he says, \u201cand then people are going to look at you and say \u2018Well, if Stacy got through, maybe I can get through.\u2019\u201d<\/span><\/p>\n\n\n\n

Use the right resources<\/strong><\/b><\/h2>\n\n\n\n

Spikes looks to resources like <\/span>DocSend<\/span><\/a>, a content tracking solution, to help him get a read on people he\u2019s trying to pitch. By allowing him to see how long investors spend on each slide in his initial pitch deck, DocSend gives Spikes some foreshadowing into what potential clients are thinking. <\/span><\/p>\n\n\n\n

\u201cIt\u2019s a great tool to help me in the [fundraising] process because you don\u2019t want people who are going to waste your time,\u201d he says. <\/span><\/p>\n\n\n\n

He also advises entrepreneurs to figure out a schedule that promotes productivity. Spikes keeps himself moving forward by breaking up his week. He does certain things on certain days\u2014Mondays are dedicated to tasks and projects, while Thursdays are for finance. <\/span><\/p>\n\n\n\n

\u201cThis makes it easier because there are certain things that you don\u2019t want to do,\u201d Spikes says, \u201cso you\u2019re not stuck doing those things for your whole week.\u201d<\/span><\/p>\n\n\n\n

Spikes considers himself a voracious reader of biographies, a genre he sees as a handbook of sorts. He likens reading a biography to \u201can executive coming and sitting with you, telling you exactly how to do things.\u201d <\/span><\/p>\n\n\n\n

At the end of the day, Spikes stresses that an entrepreneur\u2019s best resource is themself.<\/span><\/p>\n\n\n\n

\u201cBe smart,\u201d he says. \u201cFind your way into the door and into the conversation. Play the part like you\u2019re there to win. I have a blazer in the drawer because you gotta be ready to roll. You have to think on your feet and use whatever you got to get through the wall.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The resilient approach led Stacy Spikes to find investors six years after conceiving the subscription service<\/p>\n","protected":false},"author":1687,"featured_media":30516,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43903,43911],"tags":[515,39218,39221],"class_list":["post-30512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-community-stories","category-member-spotlight","tag-productivity","tag-small-businesses","tag-entrepreneurs"],"acf":[],"yoast_head":"\nMoviePass cofounder doesn\u2019t take \u2018no\u2019 for an answer<\/title>\n<meta name=\"description\" content=\"Stacey Spikes: Every time an investor says "no\u201d to an entrepreneurs's pitch, they\u2019re only refining what it will take to get a \u201cyes.\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, 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