Episode 140: Harnessing the Power of Community with Lloyed Lobo of Boast

When diving into the startup landscape, every tech CEO looks for that magic formula to ensure growth and success. Lloyed Lobo, Co-Founder and Board Member of Boast, in a recent podcast episode, distills his wealth of experience into actionable insights that can redefine how startups approach growth. In a candid conversation with Nick Fredrick in the “Subscriptions: Scaled” podcast, he peels back the layers of his life, offering invaluable lessons from his experiences.

Rising From the Ashes

Lloyed's story begins with the harrowing memory of the Gulf War, which profoundly shaped his worldview. Escaping war-torn Kuwait on a refugee bus, Lloyed thought about the faces he met. One significant revelation was how the power of community can be more vital than the journey or destination itself. This idea becomes even more poignant when Lloyed emphasizes, “It’s the companions that matter the most. You become the average of the five people you surround yourself with.”

Far from a traditional business setting, Lloyed first tasted the essence of entrepreneurship in a war zone. He challenges the traditional perception that entrepreneurship is solely about money. For him, the entrepreneurial spirit is taking an obscure idea to execution and impact while dealing with extreme risk and uncertainty. His wartime experiences taught him that, with enough resilience, one could conquer anything.

The Canadian Dream and Unexpected Luck

Lloyed's journey took a turn when he and his family immigrated to Canada. Despite not completing high school, Lloyed’s audacity pushed him to apply to every university. Luck played its role, and Lloyed found himself enrolled in a college without submitting his final transcripts. It's here that he shares a key insight: “Luck and risk are two sides of the same coin. The people who get lucky are the ones that never stop flipping.”

Upon completing his engineering studies, Lloyed faced another crossroad: continue on the traditional path or pivot into an area where he could hone his skills. Conversations with business people highlighted a weak spot in his profile — communication. Emphasizing the significance of communication, Lloyed shares, “A lot of what we do is communicating… from convincing our spouse to convincing customers… even employees.” He understood that true self-motivation is not about performing under ideal conditions but showing up, especially when circumstances are against you.

Sales: A Game-Changer

Identifying sales as the perfect training ground for enhancing his communication skills, Lloyed dived into the world of tech sales. He realized that sales, at its core, was about understanding the needs of the other party and presenting a solution. Everything, he believes, comes back to selling, be it a product, idea, or vision. This belief is rooted in his experiences and forms a foundation for budding entrepreneurs.

Finding the Right Audience is Paramount

Lloyed’s journey with Boast.AI started with an ambitious goal: harness the R&D tax credit to infuse non-dilutive funding into startups. However, the challenge wasn’t just about the idea but finding the right audience. Initially, they targeted stable companies in oil and gas, manufacturing, and construction. But after numerous rejections, they discovered a more receptive audience: the startup community.

According to Lloyed, every successful brand evolves through four key stages: Audience, Community, Movement and Cult. Initially, people listen to you or buy your product. Then, they become a community when they interact with each other. As they rally behind a shared purpose, it transforms into a movement. Given enough time and passion, it could even morph into a cult or religion.

It’s not just about creating a community but finding the right fit. Lloyed emphasizes the importance of targeting a niche and tapping into its unique needs. In 2012, realizing startups were overlooked by traditional media and lacked tactical insights, Boast.AI began to fill this gap, covering startups and hosting events to foster a strong community.

Two significant gaps stood out for Lloyed in the startup ecosystem of 2012. Traditional media wouldn’t cover startups, and conferences were filled with platitudes, lacking actionable insights. Targeting this whitespace, Boast.AI shifted its strategy. It stopped seeking the attention of the broader market and began to provide value to the startup community.

From Mumbai's Slums to San Francisco's Tech Hub

It's not every day you hear of a journey from Mumbai's slums to the heart of tech innovation in San Francisco. Lloyed's evocative recounting of his personal and professional evolution emphasizes one key aspect: the transformative power of authentic community engagement. At his Traction Conference, it wasn't just about presenting a brand; it was about cultivating genuine relationships. 

Success in the tech world isn't a straight path. Lloyed candidly opens up about the numerous setbacks and hurdles he faced, from expansion attempts to personal health challenges. But in the heart of adversity, what stood out was not monetary success but the deep-rooted bonds he had formed.

A Lesson in Value and Community

Facing the daunting shadows of severe COVID-19 complications, Lloyed experienced an epiphany. The real value in life wasn't monetary; it was emotional and social. The absence of his community during this challenging phase drove home the fact that money isn't everything. Lloyed reveals, "Imagine hanging in the slums of Mumbai in the summers and not wanting to leave, but now I have all the money in the world... and I am freaking depressed."

Brands, Communities and Lasting Legacies

Lloyed's dive into the world of successful businesses brings forward a fundamental truth. An audience may provide numbers, but it's the community that fosters growth and leaves a legacy. With AI startups, .com businesses, and other innovators on the rise, the essence of community stands out as a differentiator. Brands that fail to foster such connections risk becoming fleeting commodities in an ever-evolving market.

The Harley Davidson Paradigm Shift

When you think of enduring brands, Harley Davidson stands tall. Lloyed elaborates on the company's transformative journey from the brink of bankruptcy to iconic status. The secret wasn't in product revamps or marketing overhauls. It was an entire shift in strategy, where community wasn't just a marketing tactic — it was the very essence of the brand. Leadership and employees alike actively engaged with and became a part of the community, underpinning the company's resurgence.

With technology's exponential growth, the dynamics of brand interactions have undergone a sea change. Brands now live and breathe through their communities. Lloyed emphasizes that irrespective of AI or other tech advancements, real connections will always be rooted in human interactions. As he aptly puts it, "Brands of the future will be built on what the community says about them."

Concluding Thoughts and Resources

For tech CEOs, Lloyed Lobo's insights offer a treasure trove of actionable strategies and lessons. Leveraging community not just as a marketing tool, but as a brand's core essence can pave the way for enduring success in a competitive landscape. Those keen on deep dives can explore Lloyed's platforms Boast AI,Tractionconf.io, and his enlightening book that delves further into building and scaling community-driven businesses.

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