Business Breakdowns
· Todd Wenning, Matt Reustle
This is all coming kind of full circle in a weird way. Hopefully that's not our future. But they are naturally concerned about their IP getting stolen and misused and diluted somehow. And so I think that's another risk. That's probably three risks right there to keep an eye on. [00:00:00] S0: I think the point on Kevin highlights the importance of the people that oversee IP are so incredibly important. And some of those other points are noteworthy as well. Maybe Warhammer 40,000 will become some type of Nostradamus-like tale and you add even more lore to the story. This has been fascinating. I mentioned before, I absolutely love businesses built around IP and particularly when they find ways to really nurture it while building a nice business around it. What are the key lessons that stand out to you from analyzing this business that you would potentially think about looking for elsewhere or applying elsewhere as an investor?
· Matt Reustle, Todd Wenning
[00:00:00] S0: I think the point on Kevin highlights the importance of the people that oversee IP are so incredibly important. And some of those other points are noteworthy as well. Maybe Warhammer 40,000 will become some type of Nostradamus-like tale and you add even more lore to the story. This has been fascinating. I mentioned before, I absolutely love businesses built around IP and particularly when they find ways to really nurture it while building a nice business around it. What are the key lessons that stand out to you from analyzing this business that you would potentially think about looking for elsewhere or applying elsewhere as an investor? [00:00:00] S1: I think a lot of it has to do with sticking to what you're good at and embracing the quirkiness, the community, the narrative that you're building around those things. You might be surprised at how big that market really is. If you have a very niche interest, especially with the way the internet is today, there's a community somewhere. You can find them. This is very positive for the world community, for people to get involved in. It's human connection, bringing people together. In the digital world, everybody feels isolated and fragmented. And I feel like this is one type of game that can bring people together. I think that's really healthy. From a lesson standpoint, I just think lean into your narrative, lean into your community, lean into your niche. I think that's a good lesson that I've drawn from the Games Workshop world.
· Todd Wenning, Matt Reustle
[00:00:00] S1: I think a lot of it has to do with sticking to what you're good at and embracing the quirkiness, the community, the narrative that you're building around those things. You might be surprised at how big that market really is. If you have a very niche interest, especially with the way the internet is today, there's a community somewhere. You can find them. This is very positive for the world community, for people to get involved in. It's human connection, bringing people together. In the digital world, everybody feels isolated and fragmented. And I feel like this is one type of game that can bring people together. I think that's really healthy. From a lesson standpoint, I just think lean into your narrative, lean into your community, lean into your niche. I think that's a good lesson that I've drawn from the Games Workshop world. [00:00:00] S0: Very good point. You were mentioning network effects and even the feedback loop. The feedback loop can get loosened because you're introducing new things and it's not as tight as it needs to be. But when you can have that focus, it really ties together nicely. And riches in the niches, something I always like to reference. It's always amazing. And the internet can open your eyes to just seeing how many niches are out there. [00:00:00] S1: I compare it to living 1000 or 1500 years ago when there were thriving civilizations that nobody really knew even existed. And you might stumble upon them and think to yourself, wow, who knew they were out here?
· Todd Wenning, Matt Reustle
[00:00:00] S1: I compare it to living 1000 or 1500 years ago when there were thriving civilizations that nobody really knew even existed. And you might stumble upon them and think to yourself, wow, who knew they were out here? [00:00:00] S0: Well, Todd, this again has been a pleasure. I've learned a lot and I'm sure the audience has as well. So thank you very much for sharing the knowledge. [00:00:00] S1: Thanks for having me, Matt.