Intro
In this episode of “My First Million,” the hosts discuss a wide range of topics, including the rebranding of Facebook to Meta and the concept of the Metaverse. They also delve into the booming fitness industry in India, the rise of protein supplements, and the success of Bollywood stars. Additionally, they touch on privacy concerns with wearable technology and the power of recognizable brands like Y Combinator. The episode concludes with insights into the business strategies of companies like Clavio and Constellation.
Main Takeaways
Personal Struggles and the Metaverse
- Personal struggles and stressors can affect even successful people
- The importance of being able to test theories and experiences for oneself
- The challenges of creating policies for maternity leave in a company
- The humorous miscommunication of a podcast edit
- The stigma surrounding men discussing feeling bloated
- Men should never say the word “bloated” as it makes them look soft
Facebook’s Rebranding and the Metaverse
- Facebook rebranded to Meta and is focusing on the Metaverse
- The Metaverse is a digital world with avatars and digital identities
- Mark Zuckerberg’s demo of the Metaverse received criticism and caused stock prices to drop
- Despite criticism, it’s hard to bet against Zuckerberg and some investors are buying Facebook stock
- The podcast hosts rate the Netflix show about Facebook a “solid B plus” and create a new rating system called DAB (decent at best)
- Mark Zuckerberg and Lex Friedman demonstrate the realistic capabilities of the metaverse using a new Quest device
- The scanning process for creating a 3D digital avatar is currently manual, but in the future, it will be done through a device or phone
- The metaverse allows people to interact and work together without leaving their space
The Fitness Industry and Protein Supplements in India
- Zozo fit is a body suit that claims to know all the dimensions of your body for perfect fitting clothing
- Zozo fit was created by a Japanese billionaire who also started a media company
- Zozo fit can also be used to track muscle growth and weight loss
- Calorie counting apps have evolved from manual input to picture recognition
- E-commerce sites may use AI to scan bodies for accurate sizing
- The popularity of fitness in India made the speaker wonder who is making protein powder in India.
- The popularity of fitness in India is growing rapidly, leading to a surge in the supplement and fitness industry.
- Indian fitness influencers on Instagram have millions of followers, much more than their US counterparts.
Privacy Concerns and Wearable Technology
- A pendant called Rewind can record and transcribe everything said while wearing it, saving it locally on your phone
- Some people are concerned about privacy, but we have already given up privacy in many ways, such as carrying GPS trackers and camera devices
- People often prioritize convenience over privacy, and tech that saves time or provides entertainment will likely be popular
- Some people prioritize privacy over convenience and don’t use wearables or bring their phones with them when they go out.
- Wearable cameras and microphones may become more common in the future
- Facebook’s new Ray-Ban glasses allow for hands-free live streaming and video recording
- Convenience is a driving factor in the adoption of new technology
- Trust in companies like Facebook can be based on familiarity, despite past controversies
Business Strategies and Success Stories
- Clavio, an e-commerce email marketing company, went public with a market cap of 8-9 billion
- The founder of Clavio owned roughly 40% of the company when it went public
- Cap table is irreversible for mistakes and is one of the most important things in a company
- People are too willy-nilly with their equity early on, which can lead to irreversible mistakes
- One founder lost out on $997 million due to giving away too much equity
- Instacart founder got into Y Combinator by sending beer and groceries to the YC headquarters
- Y Combinator now owns 7% of Instacart
- The power of having a recognizable brand like YC can greatly increase the odds of success for a startup
- Bollywood is the second biggest movie industry in the world and its famous people are like gods.
- Bollywood stars are like gods in India and are picked at a young age to be the hero in movies for the next 30-40 years
- Indian movies are musicals and all music in India comes from movies
- Most Indian stars in their 20s and 30s have a normal person’s body, but when they turn 50, they become absolutely shredded
- This change in male ideal standard has caused a carry-on effect where fitness has become popular in India, even among children
- Indian cuisine is not typically associated with a diet for looking good naked, but the rise of protein supplements may change this.
- Despite a large population, there are few Indian players in sports like soccer and basketball, but outliers do exist.
- CB Insights, a tech startup in America, is rumored to be selling for $800 million despite only raising $8-10 million
- The company is doing $80 million in revenue, which is 10x their current valuation
- Anand, the guest on the podcast, is an idea machine and has 50 startup ideas
- Anand’s father passed away and he had to learn how to run his father’s chemical plant in India while running CB Insights
- Money may not make a difference after a certain amount, but it varies from person to person
- Practical wisdom: The easiest way to escape the rat race is to win, even though it won’t make you significantly happier (speaker unknown)
- Metropolis: A startup that acquires parking lots and creates technology to make parking easier
- Metropolis founder realized he had to think like an investor and acquire parking lots, leading to a billion-dollar acquisition (speakers unknown)
- Vertical SaaS software has been a lucrative play, especially if companies roll them up (speaker unknown)
- Constellation owns hundreds or even thousands of small software businesses, having acquired over 500 businesses since its inception
- Jonas is one of the six groups owned by Constellation, specializing in hospitality, construction, payments, and more, with 140 companies under its umbrella.
- CEO Mark Leonard’s annual letters are worth reading for those interested in Constellation’s business model.
- Constellation’s recent acquisition of a parking lot company shows a shift towards owning the physical assets underlying their software, rather than just selling it to customers.
- The acquisition of the parking lot company cost 1.7 billion and represents a big bet for Constellation.
Summary
Personal Struggles and the Metaverse
The hosts discuss the personal struggles and stressors that can affect even successful individuals. They emphasize the importance of testing theories and experiences firsthand and highlight the challenges of creating policies for maternity leave in companies. They also share a humorous anecdote about a miscommunication during podcast editing and discuss the stigma surrounding men discussing feeling bloated.
Facebook’s Rebranding and the Metaverse
The hosts delve into Facebook’s rebranding to Meta and its focus on the Metaverse. They explore the concept of the Metaverse as a digital world with avatars and digital identities. They analyze Mark Zuckerberg’s demo of the Metaverse, which received criticism and caused a drop in stock prices. Despite the criticism, they acknowledge the difficulty of betting against Zuckerberg and highlight that some investors are buying Facebook stock. They also rate a Netflix show about Facebook and introduce a new rating system called DAB (decent at best). Additionally, they discuss the realistic capabilities of the metaverse demonstrated by Mark Zuckerberg and Lex Friedman using a new Quest device. They mention the current manual scanning process for creating 3D digital avatars and speculate on future advancements.
The Fitness Industry and Protein Supplements in India
The hosts explore the booming fitness industry in India and the rise of protein supplements. They introduce Zozo fit, a body suit that claims to know all the dimensions of your body for perfect fitting clothing. They discuss its creator, a Japanese billionaire who also started a media company. They highlight that Zozo fit can be used to track muscle growth and weight loss. They note the evolution of calorie counting apps from manual input to picture recognition and suggest that e-commerce sites may use AI to scan bodies for accurate sizing. They delve into the popularity of fitness in India, with Indian fitness influencers on Instagram having millions of followers. They discuss the impact of this trend on Indian cinema and the changing male ideal standard. They also mention the surge in the supplement and fitness industry in India.
Privacy Concerns and Wearable Technology
The hosts address privacy concerns related to wearable technology. They introduce a pendant called Rewind that can record and transcribe everything said while wearing it. They discuss the trade-off between privacy and convenience, highlighting that people have already given up privacy in various ways, such as carrying GPS trackers and camera devices. They emphasize that people often prioritize convenience over privacy and predict that tech that saves time or provides entertainment will likely be popular. They mention wearable cameras and microphones becoming more common in the future and discuss Facebook’s new Ray-Ban glasses, which allow for hands-free live streaming and video recording. They touch on the role of trust in companies like Facebook, despite past controversies.
Business Strategies and Success Stories
The hosts delve into various business strategies and success stories. They discuss Clavio, an e-commerce email marketing company that went public with a market cap of 8-9 billion. They highlight the importance of the cap table and caution against giving away too much equity early on, sharing an example of a founder who lost out on $997 million due to this mistake. They mention the founder of Instacart getting into Y Combinator by sending beer and groceries to the YC headquarters, showcasing the power of recognizable brands like YC. They touch on the success of Bollywood stars in India and the growth of the Indian fitness industry. They also mention CB Insights, a tech startup rumored to be selling for $800 million despite only raising $8-10 million. They provide insights into Anand, the guest on the podcast, who is an idea machine with 50 startup ideas. They discuss the business model of Constellation, which owns hundreds or even thousands of small software businesses and recently made a big bet with the acquisition of a parking lot company.
Conclusion
This episode of “My First Million” covers a wide range of topics, from personal struggles to the rebranding of Facebook to Meta and the concept of the Metaverse. It delves into the booming fitness industry in India, privacy concerns with wearable technology, and successful business strategies. The hosts provide valuable insights and engaging discussions, making it an informative and entertaining episode.
