Intro
In this episode of “My First Million,” the hosts dive into a brainstorming session filled with exciting business ideas and opportunities. They discuss the evolution of their podcast and their passion for discovering cool business concepts. From the failed social media platform Klout to the potential of private schools and the future of churches, this episode covers a wide range of intriguing topics.
Main Takeaways
Business Ideas and Opportunities
- In San Francisco, there’s a brick and mortar business that generates $31 million in revenue and $11 million in profit, with $100 million in assets on the balance sheet.
- The hosts explore a range of business ideas, from simple side hustles to big ventures.
- They discuss the rise and fall of Klout, a platform that measured social media influence and was acquired for $200 million.
- Platforms like Dribble and Behance offer specialized spaces for showcasing skills, specifically designed for designers.
- There is a need for a specialized platform to hire people who specialize in working with video.
- Private schools are becoming popular alternatives to public schools, with a focus on hardcore math, science, and STEM education.
- Churches are facing challenges, with declining attendance and potential opportunities for repurposing their assets.
- Peter Thiel’s Teal Fellowship has been successful in creating billion-dollar companies by handpicking promising college students and providing them with financial support.
The Potential of Klout and Social Media Influence
- Klout was a platform that gave users a score based on their social media influence.
- Companies like McDonald’s used Klout to engage with users and offer them free products.
- Although Klout faced criticism for reducing human interaction to a numerical score, some still believe it was a smart idea.
- Brands can now find influencers by analyzing followers and engagement without relying on Klout.
Specialized Platforms for Showcasing Skills
- Dribble and Behance are successful platforms for designers to showcase their work and connect with potential clients.
- These platforms offer a more specialized alternative to generic resume platforms like LinkedIn.
- Dribble, with a portfolio worth around $700 million, has proven the value of a specialized platform.
The Rise of Video and Niche Professional Networks
- Video is a mega trend, with everything shifting towards video-based content and services.
- There is a need for specialized platforms to hire professionals who specialize in working with video.
- Niche professional networks, such as Doximity for doctors, can be successful and valuable.
- Building niche communities for professional services, like LinkedIn but more specialized, is challenging but rewarding.
The Potential of Private Schools and Repurposing Church Assets
- Private schools, offering high-quality education as an alternative to public schools, can be profitable businesses with substantial assets.
- San Francisco’s commercial real estate market presents an opportunity to convert buildings into private schools.
- Churches, facing declining attendance, could repurpose their buildings into livable spaces, skate parks, or other creative uses.
- Entrepreneurs can offer social media services to churches to enhance their online presence.
- There is potential in creating new brands and franchises surrounding meditation, food, music, or sermons.
The Teal Fellowship and Unbundling Universities
- Peter Thiel’s Teal Fellowship has been successful in creating billion-dollar companies by providing financial support to promising college students.
- Universities are bundles of various services, and the Teal Fellowship focuses on unbundling by emphasizing accreditation and providing an elite badge.
- The hosts explore the idea of replacing the value churches provide without the religious aspect, potentially through restructuring or repurposing church assets.
Summary
The Potential of Klout and Social Media Influence
The hosts discuss the rise and fall of Klout, a platform that measured social media influence. While some criticized Klout for reducing human interaction to a numerical score, others recognized its value in helping brands find influencers. However, with the evolution of social media platforms, brands can now identify influencers by analyzing followers and engagement without relying on Klout.
Specialized Platforms for Showcasing Skills
Dribble and Behance have successfully provided designers with specialized platforms to showcase their work. These platforms offer a more focused alternative to generic resume platforms like LinkedIn. Dribble, with a portfolio worth around $700 million, demonstrates the potential of catering to specific professional niches.
The Rise of Video and Niche Professional Networks
Video is becoming increasingly dominant across various industries, from entertainment to education. As the demand for video-related services grows, there is a need for specialized platforms to connect professionals who specialize in working with video. Niche professional networks, such as Doximity for doctors, have proven their value and potential.
The Potential of Private Schools and Repurposing Church Assets
Private schools are gaining popularity as alternatives to public schools, offering high-quality education with potential for profitability. San Francisco’s commercial real estate market presents opportunities to convert vacant buildings into private schools. Additionally, declining church attendance creates potential for repurposing church buildings into livable spaces or other creative uses. Entrepreneurs can also offer social media services to churches to enhance their online presence.
The Teal Fellowship and Unbundling Universities
Peter Thiel’s Teal Fellowship has been successful in creating billion-dollar companies by supporting promising college students. This approach focuses on unbundling universities by emphasizing accreditation and providing an elite badge. The hosts explore the idea of replacing the value churches provide without the religious aspect, potentially through restructuring or repurposing church assets.
Conclusion
This episode of “My First Million” delves into a brainstorming session filled with exciting business ideas and opportunities. From the potential of specialized platforms to the challenges and possibilities of private schools and churches, the hosts explore a wide range of intriguing concepts. Whether it’s leveraging social media influence or unbundling traditional institutions, this episode provides valuable insights for aspiring entrepreneurs and business enthusiasts.
