Kevin Lee interviews Dan Reich, a serial entrepreneur, investor, writer, and President and co-founder of DIBS Beauty, a makeup brand "that reimagines everyday beauty staples, making them easier, mood-boosting, and worthy of desert island status." They discuss DIBs' origin story, Dan's investment philosophy, the increasingly important role of influencers in marketing, and the big, AI-driven changes rippling through e-commerce.
Along the way they cover how social media has changed the influencer landscape. As Dan observes, "years ago, there weren't really influencers, the influencers were these big media companies and publications. They had eyeballs, they had attention through those eyeballs and attention, they would monetize that with advertising dollars. So brands would give them things for those media companies to tell the world about which in turn drove sales, awareness and so on. And I think and know as a result of social media, that paradigm shifted, and now we see people that we call sometimes influencers I think about the more like entrepreneurs, they have many of these people have more eyeballs and engagement and, quote, influence than those media companies did."
Dan is excited about the possibilities that AI will unleash from both an investment thesis perspective and from a brand-owner perspective. He notes that "we're in this bit of a hype cycle where there's a ton of people ton of money rushing at the first incarnations of what these solutions can look like. It's everyone's got to hammer now in search of a nail. But I do think that give it 12 to 18 months, we're gonna see some really incredible and we already are, but really, really incredibly different, unique and differentiated solutions for all sorts of things, whether it be accounting, tasks, health care, marketing, you name it."
Dan also has some great advice for founders seeking to acquire companies. "Don't break it," he advises. "Keep it autonomous; help where you can help. Don't be overbearing."
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