Isaac Hayes III, an Atlanta-based veteran music producer and the son of soul music icon Isaac Hayes, was the second Black entrepreneur to raise $1 million in investment dollars through the crowdfunding platform StartEngine.
To date, Hayes has raised $1,049,044 from 4,177 investors with investments of at least $216 for his app Fanbase, a social network, that allows anyone to monetize all of their content posted on social media apps such as Instagram.
After seeing a young man in Spider-Man costume dancing with the support of the viral community, Hayes said he became interested as to how the youth could simply make money off of going viral.
More importantly, Hayes wanted to create a platform for Black creatives to leverage as a vehicle to build wealth in the tech industry.
Whether they are subscribers or followers, content creators are able to generate an income from their postings and even the likes received.
On Fanbase, users can grow their following organically with the ability to follow each other for free on the platform, with the option to pay for a subscription to exclusive content at an increased rate, helping users monetize their followings unlike on other platforms.
In the app’s first year, from November 2019 to October 2020, Fanbase saw 227 percent in user growth, surpassing 12,700 organic users.
According to Hayes, Fanbase bridges the gap between traditional social platforms with the monetization aspects of other subscription-based applications by giving users the opportunity to do both natively in our application.
Currently, Fanbase is available for Apple’s popular iPhone while the Android community content base is still being built.
Back in 2014, Google published a study detailing the color division pertaining to people of color in tech. The conclusion was no surprise that the tech industry was dominated by Asian and Caucasian men.
During that time, only 1.9 percent of Black men were immersed in the industry.
The emergence of tech leaders of color has grown over the years, but has the confidence for those in the Black community to invest gotten better?
To that end, Hayes opened up as to why he feels it’s important for Black people to remove the fear out of investing and build confidence in having a return in profit.
“Our culture gives dances to TikTok, we put the energy into Instagram, we give our clapbacks and humor to Twitter, but we don’t own any of those platforms. We drive the social network scenes,” he said.
Hayes acknowledged that Fanbase is not a Black platform; however, he believes it’s a platform where wealth can be accumulated with the investment of a small seed.
“We should own shares in companies more and be invited to the conversation to invest,” Hayes revealed.
When asked about how the investment part of Fanbase works, Hayes said, “We are still accepting money. Anyone can still invest at StartEngine.com/Fanbase. You’ll be put on the waitlist and all waitlisted investments up to $3 million will be accepted in January 2021.”
Hayes’s mission is simple: build your own wealth, take opportunities, and do not wait for an invitation to the table.