My First Million – Long-Lasting Companies, Pandemic Monitoring & Deepfake Businesses

Intro

In this episode of the “My First Million” podcast, the hosts discuss various topics ranging from long-lasting companies like Louis Vuitton and New York Times, the importance of having a clear vision for one’s life and career, the success of companies like SpaceX and PayPal, the rise of deepfake technology, the need for improved pandemic monitoring and detection software, and the benefits and challenges of remote work. They also share insights from former professional athletes who have transitioned into business and tech. This episode provides valuable takeaways for listeners looking to build successful and long-lasting ventures.

Main Takeaways

Building Long-Lasting Companies

• Louis Vuitton and New York Times have lasted over 250 years by pursuing their version of truth and maintaining brand consistency.
• Building a brand with a soul and long-term view is important for creating a company that can last for decades or even centuries.
• Lessons from the century companies club: what do companies that have lasted a hundred years have in common?
• Outsourcing can be a good idea for some roles, but building a strong company culture is essential for creating a brand that lasts.

The Power of Vision

• Having a compelling vision for one’s life and career is an attractive trait.
• Progressive ambition: starting with a humble ambition and snowballing it as things start to work.
• Some things are cooler when you don’t expand. Building something really useful for a specific group can be enough.
• Success earns the right to go for the next step of success.

Success Stories: SpaceX and PayPal

• Elon Musk’s SpaceX has the mission to make the human species multi-planetary.
• SpaceX started with a small vision of sending a plant into space.
• PayPal succeeded when they focused on a small use case of sending money via email.
• To build a company that lasts, you need a clear defined purpose and employees who you want to work with for a long time.

The Rise of Deepfake Technology

• Deepfake technology is becoming increasingly advanced, creating a crisis and opportunity for celebrities who make money from their name and face.
• Celebrities may no longer have to physically appear in commercials or events, instead using their AI clone to do the work.
• This could potentially save brands money, but raises concerns about consent and control over the use of their likeness.
• A celebrity deep fake licensing company may need to be created to manage the use of celebrity AI clones.

The Need for Improved Pandemic Monitoring and Detection Software

• Building a pandemic monitoring and detection program could be a 100-year company that is defensive and valuable.
• The best pandemic model seen was made as a side project by Kevin Sistram, founder of Instagram, indicating a need for improved pandemic modeling and detection software.
• Products with a network effect, such as pandemic detection software, can become more compelling to governments as more governments use them.

Insights from Former Professional Athletes

• Pro athletes who crossover into business and tech do it with finesse and humility.
• Former NBA player Zaza Pachulia played pickup basketball with founders and investors, showcasing his competitive spirit.
• Former NFL player Russell Okung is on a 21-day water-only fast, documenting his experience and lessons learned.

Summary

Building Long-Lasting Companies

Companies like Louis Vuitton and New York Times have stood the test of time by staying true to their core values and maintaining brand consistency. Building a brand with a soul and a long-term view is essential for creating a company that can last for decades or even centuries. While outsourcing can be beneficial for certain roles, it is crucial to build a strong company culture to ensure longevity.

The Power of Vision

Having a compelling vision for one’s life and career is an attractive trait. Starting with a humble ambition and progressively expanding as things start to work can lead to long-term success. Sometimes, focusing on building something really useful for a specific group can be enough, and success in one venture can earn the right to pursue the next step of success.

Success Stories: SpaceX and PayPal

Elon Musk’s SpaceX has a clear mission to make the human species multi-planetary, starting with a small vision of sending a plant into space. PayPal’s success can be attributed to its focus on a small use case of sending money via email. To build a company that lasts, it is important to have a clear defined purpose and foster a team of employees who share the same long-term commitment.

The Rise of Deepfake Technology

Deepfake technology presents both a crisis and an opportunity for celebrities. They may no longer need to physically appear in commercials or events, as their AI clones can do the work. While this may save brands money, it raises concerns about consent and control over the use of celebrities’ likeness. The creation of a celebrity deep fake licensing company could help manage the use of celebrity AI clones.

The Need for Improved Pandemic Monitoring and Detection Software

The COVID-19 pandemic has highlighted the importance of effective monitoring and detection software. Building a pandemic monitoring and detection program could be a valuable and defensive 100-year company. The success of a pandemic model created as a side project by Kevin Sistram indicates a need for improved pandemic modeling and detection software. Products with a network effect, such as pandemic detection software, become more compelling as more governments adopt them.

Insights from Former Professional Athletes

Former professional athletes who transition into business and tech bring finesse and humility to their new ventures. Their competitive spirit and dedication to personal growth contribute to their success. Examples include former NBA player Zaza Pachulia playing pickup basketball with founders and investors, and former NFL player Russell Okung documenting his 21-day water-only fast. These athletes demonstrate the importance of discipline and continuous improvement in different domains of life.

Conclusion

This episode of “My First Million” covers a wide range of topics, including building long-lasting companies, the power of vision, success stories from SpaceX and PayPal, the rise of deepfake technology, the need for improved pandemic monitoring and detection software, and insights from former professional athletes. Listeners can gain valuable insights and inspiration for building successful and enduring ventures.