Eric Wei constructed his enterprise on creator networking — here is how

Eric Wei did not break into the creator area from in entrance of the digicam.

Actually, the 32-year-old adopted a way more conventional profession route: He went to Harvard, then obtained into funding banking and consulting. However as soon as he began to work nearer with creators due to a product administration job at Instagram, Wei knew he needed to observe his childhood goals and pursue a extra inventive path.

“ I said, ‘Wow, here’s a whole group of people who found a way to support themselves doing what they love.’ I want to be a part of that world,” Wei instructed Mashable. “I don’t know if I can make content, so let me support them with their finances because I used to work in finance.” That was the concept that led to Karat Monetary, a tech firm that helps creators with their banking and funds.

After constructing a shopper roster alongside the Karat workforce, Wei determined to launch a podcast via the corporate — the aptly named Karat Podcast, which options interviews with creators like Alex Hormozi, Swell Leisure, and OfflineTV’s inventive director Brodin Plett. Past Karat, Wei additionally co-hosts the podcast The Pleasure of Lacking Out alongside creator Chloe Shih.

I caught up with Wei at VidCon to find out about his experiences build up Karat, discovering purchasers, and venturing out on his personal content material creation journey.

Mashable: What made you need to begin a podcast via Karat?

Eric Wei:  Having spent a lot time round [creators], a few years in the past, I stated, “I have so many cool friends and clients, why don’t we shoot some podcasts? Why don’t we get to know each other a little bit?” I began with Nas Each day, a pal of mine I’ve identified for over 10 years from college. And now it has been over two years, I’ve recorded over 100 interviews with a few of the greatest creators and streamers on the market, like LaurDIY, Alex Hormozi, Alex Botez…and it is turn into so personally fulfilling now to share their tales. It is this very round movement: I need to be inventive, I began an organization to work with creatives, and I’ve gotten to do it myself as nicely.

Whenever you began the corporate, how did you construct up that relationship of belief with creators?  How was it not like, “I’m just some guy who wants to help you”?

 To start with, one hundred pc, I used to be just a few man, and it is due to that no person needed to work with us. I keep in mind distinctly in 2020, the federal government had this program known as PPP, which is free stimulus cash for creators and companies generally, and I went to creators and stated, “Hey, I can get you access to this.” And no person was as a result of they’re like, you are only a random man off the road.

 To start with, one hundred pc, I used to be just a few man, and it is due to that no person needed to work with us.

The subsequent step was to exit and meet each single attainable individual linked to the area and attempt to construct a real friendship.  I might introduce myself: “Hey, I’m Eric. I have a lot of context experience to add from the tech and finance side. Is there something I can help you with that can become the beginning of a relationship?”

One of many first creators we labored with was Graham Stephan, who’s a finance and actual property YouTuber. I noticed that I had a mutual [connection] with him via Y Combinator, the incubator we went via, so I requested him to attach us. Once I spoke with Graham, Graham had heard of us from one other creator that I spent months chilly networking to attempt to attain out to, so he was open to it. I truly flew out to hand-deliver the primary Karat enterprise bank card to him. It was actually just for 10 minutes, however exhibiting that I cared and assembly him on the road in Santa Monica helped construct an preliminary relationship — now he is one in all my biggest mates and mentors, a shopper of care, and an investor as nicely. So you’re taking that and also you repeat it 500 instances to construct that preliminary set of relationships with creators as a result of all the pieces on this ecosystem is about belief.

Inform me extra about that networking course of. At a sure level, is it possible to fly out to all 500 folks? How did you develop it to scale?

So it is truly a three-step course of. The 1st step is to exit and make the relationships your self, and it is actually hand-to-hand fight — it’s good to be in every single place, following each single lead.

Step two is then you consider how do I add worth and construct a relationship the place they see that I care about them, and we will help one another?

Step three is then you definitely host occasions the place they meet one another. For instance, each Saturday, I host creator pickleball  with most of the greatest YouTubers on the earth coming and taking part in. Then as soon as they begin to mingle and meet with one another and construct friendships, you’ve got now constructed a neighborhood that may function and scale even with out you essentially being there.  It is to the purpose the place folks find out about me and about Karat as a result of I am how they met, they usually go share with others, “Oh, here’s the story of how we first got introduced to each other,” and it grows. Then folks come to you to hitch your neighborhood.

Have you ever discovered that making content material your self has additionally helped bridge that hole?

A lot. Every thing I simply stated helps scale relationships in the actual world. However then you definitely amplify it with content material. If folks meet one another at an occasion and make content material about it, it turns into extremely extra highly effective.

In some ways, the podcast is so useful from a enterprise perspective as a result of it demonstrates to folks watching that Eric and Karat have a relationship with Dr. Okay and ConnorEatsPants as a result of they’ve made the time to sit down down and do an interview collectively.

And people clips go viral. Then, each time folks meet you, they already say, “I actually know who you are, and what you’ve done, and you know my friends.”

Mashable Development Report

Did you may have a second the place you have been making an attempt to construct a relationship with somebody, and also you thought you perhaps wanted to again off? How do you make that decision?

 A hundred percent. What folks get fallacious in constructing relationships, and quote-unquote networking, is making an attempt to push.  I very a lot attempt to share all the pieces I am doing throughout completely different spheres of my life to see if there’s one thing which will pique their curiosity,  the place we will genuinely bond over, or I will be useful.

As a terrific instance, LaurDIY is one in all my closest mates. I met her initially as a result of we have been launched to one another, and we spoke over the cellphone. She was serious about Karat however, on the time, truly declined. However I met her at an occasion years later, sharing all the pieces I used to be as much as. I discussed I used to be going to a pickleball creator match every week later, and he or she truly loves pickleball.

And we constructed a friendship.  We have performed a number of instances every week at this level for a yr.  So that you share what you are doing in case there’s one thing of curiosity, you ask what they do to see if there are ideas you may have, and finally, if there is not one thing that they are intrigued by, you possibly can’t push. One other nice instance:  Karat helps creators with their funds. I am going to point out what I do, but when it is not one thing they want on the time, I depart it there as a result of I do know in the event that they do need assistance, they’ll come to me.

You let it progress naturally.

Precisely. And I am going to say this:  not solely do folks generally push too arduous, generally, individuals are afraid to deliver any side of, “here’s something I’d like to do with you together” to a pal.  What I at all times body it as is that you are able to do enterprise with mates.  And it is OK to additionally make asks as nicely, as a result of generally whenever you do it in the precise approach, and you recognize there’s curiosity, it truly builds the connection and friendship in itself

 I need to speak extra about your podcast and the content material that you just make your self. Do you keep in mind your first viral second?

It is unimaginable to do good content material that is not aligned with your self as an individual. So many corporations attempt to begin podcasts that by no means go anyplace as a result of they’re at all times pushing the product. The primary viral second on that first episode I ever did on the Karat podcast with my pal Nas Each day was truly about relationships.

 I had simply gone via a breakup on the time, and I used to be sharing what I used to be going via. We talked lots about attachment types and the way that then adjustments the way you have interaction in relationships with different folks. And Nas Each day was going via a public change in a relationship as nicely, so we have been simply speaking human to human. That clip on TikTok actually obtained over 7 million views. Whereas it wasn’t aligned essentially to hold the enterprise, it helped me perceive that if you wish to develop good content material, you need to be true to your self. You do not have to attempt to stuff all the pieces into one phase.

Have you ever discovered that you’ve got viewers members coming to you solely as podcast followers with out realizing about Karat Monetary?

 Completely. The primary factor that issues when serving to somebody with their funds is whether or not they have heard of you earlier than and whether or not they belief the model identify.

I do not count on all people to know precisely what we do as a result of it is a journey over time. For us, the podcast is profitable not solely from the private POV of constructing these relationships but in addition from the enterprise POV of serving to folks say, “Oh, I’ve heard of you before.”

Do you think about your self a content material creator in addition to a cofounder?

 Completely,  I do each. I’ve a enterprise. I make content material that helps the enterprise, and generally, I even make content material that is indirectly tied to Karat as a result of it’s spiritually and personally gratifying. And I do not suppose you are capable of deal with what you need to do if you happen to do not be ok with the life you’ve got constructed for your self.

Is that why you began your podcast with Chloe [Shih]?

 Sure! I even have a second podcast known as The Pleasure of Lacking Out with my excellent pal, Chloe Shih.  Each week, we sit on a sofa and we simply yap. We discuss how every of us in our 20s spent a lot time working for others, and in our 30s determined to do one thing completely different on our personal.  And it is so helpful personally as a result of I discovered content material to be the very best event to only go spend time with mates and hang around.

Doing this has strengthened my friendship with Chloe. And sure, it additionally feeds again into the enterprise since you construct credibility with creators after they see you understand how to make content material your self.

Talking of creating content material your self, are there sure platforms you like?

 Every one in all them is absolutely completely different.  Instagram, as a result of it began as a social community, is probably the most precious for constructing relationships.

TikTok is absolutely good for simply making an attempt issues out, placing stuff into the ether, and seeing what the algorithm picks up. You get a sign of what folks like and need from me. YouTube is nice for creating primarily your personal little media firm. I most likely spend probably the most time on Instagram as a result of it is not nearly producing the content material, it is about following up and constructing friendships.

To speak a bit in regards to the enterprise facet of being a content material creator, do you may have any recommendation for navigating model offers?

 One of many hardest issues for a creator is the traditional sport of “What’s your budget?” You ask them, they usually flip again and say, “What’s your rate?” It is simply two sides watching one another to see who blinks first. And there are solely a few methods to resolve this.

First is who desires it extra, which, whenever you’re an early-stage creator, it is arduous to not need. Second is to get data. At the moment, that is carried out via whisper networks, the place creators will simply hit one another up and say, “Hey, actually, what did you get for this?”

That is one of many issues Karat’s constructing out. After we work with creators, they agree to share monetary data with us, and we anonymize it with their consent. We’re constructing methods to really construct a database of what you possibly can count on to monetize primarily based in your social stats. We need to offer you, whenever you’re in that bizarre little social standoff, to have just a bit bit extra data.

Because you’re somebody who’s always seeking to join with new creators, I am curious — which creators do you suppose are slept on? 

 My primary space of examine is creators who’re determining how one can construct a enterprise concurrently. Traditionally, a variety of early-stage creators actually targeted on the media facet. For instance, they might develop actually good content material first after which construct within the enterprise items later.

 I did a podcast with this entrepreneur, Alex Hormozi, the place he says creators are inclined to focus one hundred pc on the thumbnail and the title, however not sufficient on how do you truly monetize past simply model offers and property.

So, a slept-on creator, who’s truly a Karat shopper — one of many very first purchasers on our newest product, Karat Enterprise Banking — his identify is Mino Lee. He is about 21 years outdated and an entrepreneur. A variety of his content material is actually like, “I am dropping out of school to try and support myself as a creator.”

I keep in mind discovering him when he had like 3,000 followers and being like, who is that this dude? Simply producing these very candid photographs of him being like, do not understand how to do that, however my purpose is to make $5,000 a day. After which to see him a few years later, now his purpose is like, I need to make 1,000,000 {dollars}. I feel it is such a terrific instance of a real strategy to do content material whereas constructing your small business, and the 2 feed and help one another. Now he is additionally creating companies round serving to different folks do the identical factor.

So I feel that is a brand new mode: It is the creator as entrepreneur and the entrepreneur who figures out how one can lead into content material from the very begin.