Hampton is a technology-based new membership community for CEOs.


Sam Parr, Founder HubSpot-acquired newsletter and media brand The Hustle doesn’t consider “success” because it’s “too real” (and prefers watching comedy to Behemoth Billionaires). But when he announced his new project, the Hamptons, an invitation-only club for CEOs, the references began to circulate.

One quote in particular, in which the beloved and eternally tormented character Kendall Roy describes his and his siblings’ new media career: “It’s like a private members club, but for everyone.” Jokes aside, Parr’s vision for Hampton isn’t too far from that tagline.

Hampton, built by Parr and a media veteran Joe SpeiserWhether it’s through screen sharing, financial matters, or seeking advice, he wants to provide a high-impact community for high-growth executives to rely on, because it’s only a month away. And as SVB’s melting technology shows, a strong network can be a means of survival.

The company has been running for about nine months and has more than 300 members, including Morningbrew’s Austin Riff, CB Insights’ Anand Sanwal, Fresh Clean Tees’ Melissa Parvis and Hootsuite’s Ryan Holmes. To join the community, members must have succeeded in one of the following: built a company with $1 million in revenue, received $3 million in funding, or previously sold a business for at least $5 million, Parr explains. They are then interviewed to ensure they are building culturally appropriate and digital-first businesses. So far, half of the members are venture-backed, and half are boot-shamed.

Accepted persons must sign a confidentiality agreement. Then, you’ll be welcomed to a custom forum with a member director where you can view profiles, request introductions, and see a map of where other members are located. The portal also has a verified vendor list and event calendar. Hampton members sit on Slack for daily chats, which 85% of members use. Members are assigned to a group of eight people who meet once a month with an “executive coordinator,” who Parr likes as business therapy.

Since coming out of stealth yesterday, Hampton has landed more than 3,000 new apps. “By the way, we’re not letting everyone in, we’re very slowly and carefully looking at who is suitable,” Parr said. And now, Hampton only has room for 400 more members before it reaches its peak.

The co-founder said he took notes from YPO, the Young Presidents’ Organization, and Vistage, a global executive coaching firm, when building Hampton. “These are great, but a lot of people probably own a plumbing company or have inherited like five apartment buildings in South Florida,” he said. “They want their people, but our people aren’t exactly those people,” he says, adding, “There are no legacy businesses – you have to start and be really aggressive about growth and personal development.”

If it sounds unique, that’s because it is (though Parr says the company’s name is based on the street he used to live on in Missouri, not a luxury summer destination for the Upper East Side). Only 8% of applicants are accepted. Currently, 15% of members self-identify as women, which is higher than some community programs, but still shows a gap in diversity.

Prime, one of Hampton’s closest competitors, has built a business worth more than $1 billion to address that gap. Boss is a private membership club for women in leadership positions. It only accepts women who identify as a “C-level executive, senior VP or equivalent executive leadership role in your organization” and have “15+ years of career experience.” And recently expanded to the UK as the Hamptons, Boss has a bigger waiting list than it accepts.

Parr thinks Hampton is more of a position than Chief because instead of working with people in a variety of leadership roles, he only works with CEOs and founders who have achieved exceptional levels of growth. And unlike Boss, who has raised about $140 million in venture financing, Hampton isn’t raising a dime of outside capital.

Parr built one of the fastest growing email newsletters at The Hustle before it was announced for sale for around $27 million. He and his co-founder have pledged to invest up to seven times their capital in the business, so they don’t need to turn to investors for startup capital.

While he thought it would be a great venture, he expressed concern when venture capital backs community startups. “Communities are not something you just throw a body at, you have to be very, very, very, very careful,” Parr said. “I didn’t want to grow up five times a year.”

In the year In 2021, after the proliferation of community-oriented businesses and the decline of some, there is weakness in the market if membership is valued. I’ve spent years covering the networks people in tech take to get that first check, job, promotion, or “yes.” I’ve also seen how most community-focused companies jump at the chance to get bigger – the ones that increase their paychecks or simply the number of programs they go to for entrepreneurs.

About five months ago, I wrote that I feel like we’re in a community-focused startup: double down on what you know and focus on discipline, even if that’s less. If Hampton sticks to its early message, the incentives seem to be similar to those of other clubs (or clubhouses, even), which is that it doesn’t see success as spreading among people.

Parr is confident – they’ve had to issue two refunds to unhappy members – but he doesn’t know the reality of the market.

“I don’t want to tarnish my reputation and more importantly, if someone gives us their money, we have to offer 10 times the value,” Parr said. “I fear this. I think it will work. But it actually keeps me up all night. “


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

19 − eleven =