Day two of the 2020 REVOLT Summit x AT&T featured a dope conversation with hip hop bossmen Master P and Steve Stoute. For anyone with aspirations to either start a successful company — or three — or those looking to level up their current business ventures, this one-on-one from two of the most well-respected businessmen in the industry was, and still is, well worth the watch.
One of the many insightful topics that was discussed was Black ownership and how often times, unfortunately, it’s Black people who insult or try to undermine their own peers who try to start businesses and become their own bosses.
Stoute used the failure of Quibi as an example. As many of us already know, the company was a mobile-first streaming service that featured short-form videos and shows that starred some of today’s biggest entertainers. Many thought it would be the next big thing in social media and new media. However, last week, news broke that it was shutting down.
“Quibi is a flop,” Stoute said boldy, “and the fact that $1.8 billion (the money invested into it) may be flushed down the drain. But yet, when our own JAY-Z buys Tidal with his own money, everyone’s quick to throw shade at him and Tidal. And that part is what resonated with me…”
The marketing genius added: “We gotta support our own people and not be hating on them because it’s just fun to do it or a joke – whatever the reasons are that drives that outcome. We need to be way more supportive because when these guys (white-owned companies like Quibi) fail, they fail really, really big and nobody says shit. They just go raise more money again.”
Master P chimed in: “The wisdom and the knowledge is more important than the money, Steve. Think about it. That’s more important because when you lose it, you gon’ always be able to get it back if you have the knowledge and the wisdom. And so I tell people, with me, I have $1 billion worth of knowledge.”
Watch Steve Stoute and Master P’s full conversation above!