He Used His Severance to Launch His Own Business in 90 Days. Now His Products Are Sold in 40 Stores Worldwide. Corry Banks, founder and operator of Modbap Modular, breaks down how he launched and grew his electronic musical equipment company.
By Dan Bova
In this ongoing series, we are sharing advice, tips and insights from real entrepreneurs who are out there doing business battle on a daily basis. (Answers have been edited and condensed for clarity.)
Please give us the elevator pitch of your business.
I am Corry Banks, founder and operator of Modbap Modular, a Black-owned boutique manufacturer of electronic musical equipment based in Southern California. We're dedicated to crafting innovative and performance-focused instruments tailored to the unique approaches of DJs and beatmakers. By combining modular synthesis with beat-making styles like boom bap, Modbap Modular aims to expand the boundaries of beat-making composition and empower musicians to experiment with their craft. We take pride in making our instruments accessible, as they are available in over 40 electronic music stores worldwide, including locations in North America, Europe, and Asia.
When did it launch and what is your role/title?
Modbap was launched in the fall of 2020, specifically on 10/10/2020. By the time it hit the market, I had been working on my initial product for about a year. The beginning of the pandemic delayed the launch by a few months, but we pushed through. My official and on-paper role is President of Modbap Modular. I've come to realize that I am a product designer, and it is one of the most gratifying things that I've ever done.
What inspired you to create this business?
Well, I am a beatmaker. I make boombap beats. I spent some years blogging about it and all the related topics like music equipment. I also have a background in IT and a degree in electronics. Somehow, all these things converged to sort of push me in the direction of creating something that I wanted but didn't seem to exist in the marketplace. I realized that I was uniquely positioned to fill a void for the types of products that I design and that I aspire to design.
My "aha moment" was truly a "Wait, THAT'S it!!" kind of experience. I was preparing for a live beat set featuring my original compositions. As I took stock of all the gear I needed for my performance, I realized it was overwhelming—far too much stuff! I found myself wishing that a particular device could fit into my Eurorack performance case instead. So, I decided to share my thoughts on Instagram, posting a photo of that device with the caption, "Someone needs to make something like this in Eurorack format." Just like that, I deleted the post, grabbed my sketchbook, and got to work.
Please tell us one "holy @#$!" moment on your business journey.
That moment and the most memorable day for me was the launch day of my first product. I was hosting a weekly beatmakers podcast called BeatPPL Podcast. I announced on my social media that I had exciting news about the launch of the first Modbap product. I'd made the product available for preorder, and the plan was to go live, share the announcement, and showcase the production-ready final prototype of the product. The launch exceeded my expectations, and by the end of the weekend, I found myself needing to revise my initial purchase order with the manufacturer three or four times to meet the demand. It was an exhilarating moment, but I also had to pause and ask myself, "Am I really ready for this?" I was confident that the product was solid and ready to succeed, but I suddenly found myself confronted with the responsibility of running a company and making a genuine effort to make it work. Ultimately, I felt prepared for the challenge, and it has been a continuous and rewarding learning experience.
What advice would you give entrepreneurs looking for funding?
My funding experience was unique. At my day job, I managed a team of IT professionals for a well-known company. The company began to restructure and asked if I would move across the nation to manage the larger portion of my team more closely. My simple answer was "No." They responded, "Ok, well, we want to offer you 90 days and a severance package." Oddly enough, I felt fine about it and immediately thought to invest in myself using the severance package. So that's what I did, and that's how I funded Modbap Modular. I then dedicated the next 90 days to planning my first product, my brand identity and creating a pitch deck. Once I had a working document of my plans, it became easy for me to talk about it to anyone who would listen.
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What is something many aspiring business owners think they need that they really don't?
I find that aspiring business owners go down a rabbit hole of acquisition and preparation to the point of stagnation. So much is gleaned from just getting started. You don't need everything all at once and everything doesn't have to be absolutely perfect right from the start. All you really need is your vision, your passion and to get started. It may be daunting, but you will figure it all out.
Is there a particular quote or saying that you use as personal motivation? Explain how it inspires you.
The African proverb comes to mind, "How do you eat an elephant in your path? One bite at a time." This resonates with me as it encapsulates the essence of entrepreneurship: tackling challenges gradually, step by step. It serves as a reminder that, by breaking down obstacles, I can make progress and ultimately overcome them.
