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

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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


  • 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

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