Company
JKBX
JKBX, as described on the show by Scott Cohen.
Episodes (1)
Scott Cohen shares how The Orchard survived $3 million in debt to become one third of iTunes and sell to Sony, and why JKBX lets fans invest in hit songs.
Questions these episodes answer
Why did The Orchard nearly fail before iTunes?
The Orchard was the first digital distributor, so there were no stores to supply and no revenue. Scott Cohen fell to about $3 million in personal debt, lost his house, and owed AOL, the landlord, utility companies, and the IRS.
How does JKBX let retail investors buy shares in songs?
Rights holders sell a portion of a song's income to an issuer company that gets SEC qualification and converts the income into regulated securities. Those securities are listed on the JKBX platform, so fans can buy shares like stocks.
Why does Scott Cohen call a business plan the worst first step?
He says a business plan boxes founders in because their initial hypothesis will change once they start doing the work. A proper financial model would also reveal the company cannot work, so founders need naive optimism to begin.
Why did The Orchard take outside capital before iTunes launched?
Danny Stein and Joe Sandberg knew iTunes was coming and that The Orchard would face its first real competitor. They invested so Scott Cohen could clear his $3 million debt and fund growth to stay ahead.