XL FILM FEST: STANDING ON BUSINESS

Summary of Key Takeaways from the Panel Discussion at XL FEST: "Standing on Business"
Panelists: Diallo Riddle, Brenda Gilbert, Candace Jones
Moderator: Lamorne Morris
Presented by BMO
The discussion centered around the intersection of creativity and finance, with each panelist sharing insights into their experiences in the industry and offering practical advice on how creatives can get their projects funded.
1. Diallo Riddle:
Diallo emphasized the challenges and compromises that come with working within the studio system versus independently. He discussed how, while it’s beneficial to work with other people’s money, it often means making creative concessions. Diallo shared his journey of creating Southside and Sherman’s Showcase, where he had to balance authenticity with the financial backing needed to produce the shows. His advice to creatives included:
Building a Network: Work with people who understand and support your vision, even if it means starting small and out-of-pocket, as he did with Southside.
Leveraging Relationships: He highlighted the importance of working with partners who believe in your project and how these relationships can open doors to larger opportunities.
Controlling Your Destiny: Diallo encouraged creatives to seek ways to retain control over their projects, as seen in Tyler Perry’s approach, which allows for more creative freedom and stability.
2. Brenda Gilbert:
Brenda, co-founder of Bron Media Group, shared her experience in both the independent and studio film spaces. She discussed how her company navigated the challenging journey to secure funding, especially in the early days, and offered practical steps for getting a creative project funded:
Establishing a Strong Resume: Brenda emphasized the importance of building a track record and making a name for yourself at film festivals like Sundance. Success in these arenas can attract the attention of investors and financial backers.
Seeking Diverse Funding Sources: She mentioned that her company approached private investors, production companies, and banks to secure financing. Diversifying your funding sources can help mitigate risks and provide more options.
Believing in Your Vision: She stressed the need for unwavering belief in your project, especially in the face of early rejections. Surround yourself with supporters who share your vision.
3. Candace Jones:
Candace, who operates at the nexus of business, creativity, and advocacy, shared her experience transitioning from corporate to the independent creative space. She highlighted the importance of discipline and strategic thinking in bringing creative projects to life. Her key advice included:
Scaling Ideas: Candace advised creatives to think big but start small, scaling their ideas in a way that makes them manageable and financially viable.
Tapping into the Right Resources: She stressed the importance of finding the right resources, from funding to collaborators, that align with your project's goals and values.
Staying Focused: She emphasized the need for discipline and focus, particularly in industries where the balance between creativity and finance can be challenging. Keeping your passion at the forefront is essential to sustaining long-term success.
Moderator: Lamorne Morris' Contributions:
Lamorne facilitated the discussion by drawing out personal anecdotes and practical advice from each panelist. He highlighted the ongoing struggle creatives face in balancing artistic integrity with financial realities and encouraged the audience to take the panelists' advice to heart.
Steps to Getting Creative Projects Funded:
1. Build a Strong Portfolio: Participate in film festivals and gain recognition to attract investors (Brenda Gilbert).
2. Diversify Funding Sources: Don’t rely on a single source of funding; explore private investors, production companies, and banks (Brenda Gilbert).
3. Leverage Relationships: Work with people who understand and support your vision (Diallo Riddle).
Control Your Project: Retain as much control as possible to maintain creative freedom (Diallo Riddle).
4. Scale and Strategize: Start with manageable steps and scale your ideas as resources become available (Candace Jones).
5. Stay Focused and Disciplined: Keep your passion alive and ensure your business model is sustainable (Candace Jones).
The panel highlighted the importance of perseverance, strategic partnerships, and self-belief in navigating the creative industry, offering a roadmap for creatives to follow as they seek to bring their projects to fruition.