My First Million – How This Billionaire Founder Finds +$20B Business Ideas

Intro

In this episode of the “My First Million” podcast, the host interviews Kevin Ryan, the CEO of DoubleClick and founder of several successful companies, including Business Insider. They discuss Ryan’s approach to finding billion-dollar business ideas and his experiences in the startup world. Ryan shares insights into his entrepreneurial journey, the importance of hiring fast, and the success of Business Insider. He also talks about his involvement in non-profit research for pushing psychedelics forward and his interest in entrepreneurship in various fields.

Main Takeaways

Kevin Ryan’s Approach to Business

• Kevin Ryan has launched many companies and violates his own rule of focus, but it seems to work for him.
• Ryan has made the studio model work, which involves launching four or five companies a year, and has companies doing well in different sectors.
• Ryan believes there are still many unsolved problems in society and opportunities for innovation.
• Ryan started his career at a provincial company and then worked at DoubleClick as employee 20 before starting a company called Alley Corp.
• Alley Corp gives $1 million to good people with good ideas and gives them six months to make it work.
• Ryan has started companies like Business Insider, Zola, and MongoDB with Alley Corp.
• MongoDB is now worth $26 billion and is expected to be worth $50 billion in the next 10 years.

Keys to Success in the Startup World

• To be successful in the VC route, it’s important to hire fast enough.
• Growth should not be pursued just for the sake of growth.
• Investing in good ideas and profitable hires is crucial.
• It’s important to assess whether investing in growth will result in a return on investment.
• Moving quickly is essential in the startup world, as time is never on your side.

The Success Story of Business Insider

• Business Insider grew to $300 million without spending a single dollar on advertising.
• The company always intended to have a different positioning – punchier, opinionated, and appealing to younger people.
• Business Insider had a point of view and did A/B testing on headlines to improve their search results.
• The company has deep coverage in certain areas, such as military and defense.
• Business Insider was initially laughed at by industry insiders, but it has since captured a significant market share and improved.

Entrepreneurship in Diverse Fields

• The speaker is involved in non-profit research for pushing psychedelics forward.
• The speaker’s team interviewed 50 people and started a company called Transcend, which raised $40 million.
• MongoDB was created to address the need for a cheaper open-source database structured for unstructured data.
• The speaker believes in assembling the right team and thinking of themselves as the coach, not the player.
• The speaker is interested in entrepreneurship in various fields, including psychedelics and media.

Identifying Opportunities and Problems

• The speaker bets on 10-year trends and believes in approaching entrepreneurship with fearlessness and innovative thinking.
• The speaker reads 40 books a year and subscribes to industry-focused newsletters to spot trends.
• The speaker’s team includes specialists in healthcare, semiconductors, material science, marketplaces, social impact, and robotics and automation.
• The speaker emphasizes the importance of a good idea and a good team for entrepreneurship success.
• There are opportunities for automation in industries such as massage therapy and rental cars.

Summary

Kevin Ryan’s Approach to Business

Kevin Ryan, the CEO of DoubleClick and founder of several successful companies, has a unique approach to business. Despite violating his own rule of focus, Ryan has been able to launch multiple companies and make the studio model work. Through Alley Corp, Ryan has started companies like Business Insider, Zola, and MongoDB, which have achieved significant success. He believes there are still many unsolved problems in society and opportunities for innovation.

Keys to Success in the Startup World

In the startup world, hiring fast enough is crucial for success in the VC route. Growth should not be pursued just for the sake of growth, but rather investing in good ideas and profitable hires is essential. It’s important to assess whether investing in growth will result in a return on investment. Time is always a constraint in the startup world, so moving quickly is necessary.

The Success Story of Business Insider

Business Insider’s success can be attributed to its unique positioning as a punchier, opinionated news source appealing to younger people. The company grew to $300 million without spending any money on advertising. Business Insider’s deep coverage in areas like military and defense has contributed to its significant market share. Despite initial skepticism from industry insiders, Business Insider has proven its worth and improved over time.

Entrepreneurship in Diverse Fields

Kevin Ryan is involved in non-profit research for pushing psychedelics forward and has started companies like Transcend, which raised $40 million. MongoDB, another company he founded, addresses the need for a cheaper open-source database structured for unstructured data. Ryan believes in assembling the right team and thinking of himself as the coach rather than the player. He is interested in entrepreneurship in various fields, including psychedelics and media.

Identifying Opportunities and Problems

The speaker, Kevin Ryan, bets on 10-year trends and encourages fearlessness and innovative thinking in entrepreneurship. He stays informed by reading books and subscribing to industry-focused newsletters. His team consists of specialists in various fields, allowing them to identify opportunities and problems in areas like healthcare, semiconductors, material science, marketplaces, social impact, and robotics and automation. Automation opportunities exist in industries such as massage therapy and rental cars.

Conclusion

In this episode, Kevin Ryan shares his insights into finding billion-dollar business ideas and succeeding in the startup world. He emphasizes the importance of hiring fast, investing in good ideas and profitable hires, and moving quickly. The success story of Business Insider showcases the power of a unique positioning and deep coverage in specific areas. Ryan’s involvement in diverse fields and his approach to identifying opportunities and problems demonstrate his entrepreneurial mindset. Overall, this episode provides valuable lessons and inspiration for aspiring entrepreneurs.