In this ongoing series, we're sharing tips, advice, and insights from real entrepreneurs who are out there doing business battle on a daily basis. (Responses have been edited and condensed for clarity.)
Please give us your business elevator pitch.
I'm Corry Banks, founder and operator of Modbap Modulara boutique black-owned manufacturer of electronic music equipment based in Southern California. We are dedicated to creating innovative and performance-focused instruments tailored to the unique approaches of DJs and beatmakers. Combining modular synthesis with beatmaking styles like boom bap, Modbap Modular aims to push the boundaries of beatmaking composition and empower musicians to experiment with their craft. We pride ourselves on making our instruments accessible, as they are available in over 40 electronic music stores worldwide, including locations in North America, Europe and Asia.
When was it launched and what is your role/title?
Modbap was launched in the fall of 2020, specifically on 10/10/2020. By the time it launched, I had been working on my initial product for about a year. The onset of the pandemic delayed the launch by several months, but we made it. My official and paper role is President of Modbap Modular. I've realized that I'm a product designer and it's one of the most enjoyable things I've ever done.
What inspired you to create this business?
Well, I'm a beat maker. I make bombap beats. I spent several years blogging about it and all related topics like music gear. I also have a background in IT and a degree in electronics. Somehow, all of these things converged to push me in the direction of creating something that I wanted but that didn't seem to exist on the market. I realized that I was uniquely positioned to fill a void for the kinds of products I design and aspire to design.
My “aha moment” was really a “Wait, THAT'S IT!!” kind of experience. I was preparing for a live beat set with my original compositions. As I took stock of all the gear I needed for my performance, I realized it was overwhelming – a lot of stuff! I found myself wishing that a separate device could fit into my Eurorack performance box. So, I decided to share my thoughts on Instagram, posting a photo of that rig with the caption, “Someone should make something like this in a Eurorack format.” Just like that, I deleted the post, grabbed my sketchbook and got to work.
Please show us a “holy @#$!” moment in your business trip.
That moment and the most memorable day for me was the day of the launch of my first product. I was expecting a weekly beatmakers podcast called BeatPPL Podcast. I announced on my social media that I had exciting news about the launch of the first Modbap product. I had made the product available for pre-order and the plan was to go live, distribute the announcement and show the final prototype of the product ready for production. The launch exceeded my expectations and by the end of the weekend, I found myself having to revisit my original purchase order with the manufacturer three or four times to keep up with demand. It was an exciting moment, but I had to stop and ask myself, “Am I really ready for this?” I was confident that the product was strong and ready to succeed, but suddenly I was faced with the responsibility of running a company and making a real effort to make it work. Ultimately, I felt up to the challenge and it has been a continuous and rewarding learning experience.
What advice would you give to entrepreneurs looking for funding?
My funding experience was unique. In my day job, I managed a team of IT professionals for a well-known company. The company began to restructure and asked me if I would move across the country to more closely manage most of my team. My simple answer was “No”. They replied, “Ok, well, we want to offer you 90 days and a vacation package.” Oddly enough, I felt good about it and immediately thought of investing in myself using the severance package. So I did, and that's how I funded Modbap Modular. I then dedicated the next 90 days to planning my first product, my brand identity and creating a pitch deck. Once I had a working document of my plans, it became easy for me to talk about it with anyone who would listen.
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What is something that many aspiring business owners think they need that they really don't?
I find that aspiring business owners go down a rabbit hole of buying and preparing to the point of stagnation. So much has been gathered from the beginning alone. You don't need everything at once and everything doesn't have to be absolutely perfect from the start. All you need is your vision, your passion and get started. It can be scary, but you'll figure it all out.
Is there a particular quote or saying that you use as personal motivation? Explain how it inspires you.
An African proverb comes to mind: “How do you eat an elephant on your way? One bite at a time.” This resonates with me as it encapsulates the essence of entrepreneurship: tackling challenges incrementally, one step at a time. It serves as a reminder that, by breaking through obstacles, I can make progress and eventually overcome them.