We all need help on our individual journeys and Stacy Spikes, CEO of the revamped MoviePass, says he got his help from a legendary Motown producer and CEO.
Jheryl Busby gave Spikes some advice that he says changed his life and the way he approaches business.
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"He told me don't stay anywhere more than four years unless you have equity in the company," Spikes said.
"That altered my life where instead of just being an employee and just getting a check -- even if you're handsomely paid -- it was really different to think in stock and think in creating value to shareholders, and that was a really big changing point for me."
Spikes is in a unique position as there aren't many black CEOs at major corporations. That entrepreneurial spirit has led him to head up MoviePass, the movie theater subscription service that Spikes and his team relaunched in January.
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Busby is an apropos mentor for Spikes as the music executive led the revival of Motown Records during his time as chief executive and president between 1988 and 1995.
Spikes says building companies when he was coming up was difficult because of the lack of access to venture capital for him. But as a VC himself now, he says he likes to put his money in places one might not normally look.
"Historically, there is a proven track record that there's a higher return of value when you tend to invest in areas that you don't normally look at... at the end of the day, bottom line, whether you are in any any business, you get more value if you invest in a diverse pool of people. You just get a better return on your money."
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