How to Make Millions by Unbundling Etsy & More | My First Million with Shaan Puri & Sam Parr

Check out My First Million show page

Key Takeaways

  • There is a great opportunity for building service applications on top of existing products
    • 3rd party SaaS companies are beginning to create digital solutions to the existing service problems in the elevator industry
  • Unbundle a vertical category on Etsy and capitalize on efficiency gaps in the marketplace
    • Identify products with high search and low competition, as this highlights deviations in supply & demand which creates an opportunity as a marketplace seller
    • Example: Housing part of Craiglist turned into Airbnb
  • New service ideas often expand on existing markets
    • Wimp2Warrior is bringing the MMA training experience to the everyday individual, expanding on the existing Ultimate Fighting Championship (UFC) market
    • The Daily Stoic is an example of a service being built in response to the trending market around mental fitness

Intro

  • Shaan and Sam discuss revolutionary strategies to build applications and provide services on top of existing products and marketplaces like Etsy
  • Hosts: Shaan Puri (@ShaanVP) & Sam Parr (@theSamParr)

The Elevator Industry

  • There are roughly 2 million elevators in America, 4 companies control this industry
    • Otis, Schindler, KONE, Mitsubishi
    • Elevator purchases are often very long term contracts and maintaining reliable service is difficult and inefficient
  • Two new companies have emerged: Auditmate & WeMaintain
    • These are SaaS (Software as a Service) companies that manage your elevator fleet
      • “Using digital technology to enhance the value of technical professions” – Jade Francine, creator of WeMaintain
    • These companies become a digital agent for efficient servicing of your elevators
  • Many existing products can present great digital service opportunity

Unbundling Etsy

  • There is a great opportunity to build and use SaaS tools on top of existing applications
    • JungleScout – Sales analytics tool for selling on Amazon
  • Spinoff a whole new specialized marketplace by unbundling Etsy
    • Unbundle a vertical product category of Etsy and provide a better and more specialized service or product
    • Identify products with high search and low competition, as this highlights deviations in supply & demand which creates an opportunity as a marketplace seller
      • Similar to unbundling Craigslist and/or Reddit
        • The housing part of Craiglist turned into Airbnb
      • e.g., the custom gifts vertical in Etsy could turn into a Fiverr or Cameo type of customized software product
    • Etsy allows you to see the sales of all sellers within categories to identify trends and opportunities

Can You Be An MMA Fighter?

  • wimp2warrior – new service endorsed by former UFC heavyweight champion & Olympic wrestler, Daniel Cormier
    • Takes people with no MMA experience and puts them through a 20-week training program with a fight scheduled at the end
    • The goal is not necessarily about winning or losing the fight, it’s about creating a pivotal and meaningful experience around achieving your fitness goals
    • It is tied to the UFC brand, creating an opportunity for anyone to participate
  • Another example of building a new product/service (Wimp2Warrior) on top of an existing market(UFC)

Mental Fitness

  • Mental fitness is simply about understanding our own mental ability to overcome adversity
    • “The voice in your head dictates the quality of your life, this is the manifestation of your mental fitness” – Sam Parr
  • Shaan is jealous of the prescribed adversity and discipline the military offers to individuals when it comes to building their mental fitness
  • The Daily Stoic – a great example of creating a service around the growing interest in mental fitness
    • “When you calm the mind, you become stoic. You don’t become stoic to calm the mind.” – Sam Parr

Additional Notes

  • SRED credits – Canadian policy where startups are being rewarded for conducting their scientific research and experimental development in Canada
  • Reese Witherspoon sold her production company for $900 million
  • Delta Airlines has an unfortunate PR problem with the new Covid variant being called Delta
My First Million : , , ,
Notes By Drew Waterstreet

More Notes on these topics

Top Insights and Tactics From

31 Best Podcasts of All Time

FREE when you join over 12,000 subscribers to the
Podcast Notes newsletter

No Thanks