My First Million – The Reddit Revolt, Turpentine, & Shaan’s Latest Business Venture

Intro

In this episode of “My First Million,” the hosts discuss the Reddit revolt, a new policy change that has caused thousands of subreddits to go dark in protest. They also delve into Shaan’s latest business venture and explore various other topics, including international hiring, investing in private companies, and the challenges of road tripping in a Tesla.

Main Takeaways

Reddit Revolt: Power of the Platform

• Reddit is experiencing a revolt due to a new policy change.
• 7,000 subreddits, including some of the biggest ones, have gone dark in protest.
• The policy change involves Reddit wanting to go public in the future and not allowing third-party apps full access to Reddit.
• Apollo, one of the third-party apps, was thought to be targeted but it was actually the moderators who were upset.
• The revolt highlights the power of Reddit and how small things can turn into big things on the platform.

Third-Party App Shutdown

• Reddit increased their API pricing to cut costs and increase revenue, and to keep their data within their own walls.
• This caused third-party apps like Apollo to have to pay millions of dollars a year to maintain their app, which was unfeasible.
• Reddit’s response was essentially “tough luck” to these app developers.
• Redditors are protesting the shutdown of third-party apps that they use to access the site.

Alternative to Reddit: Netbeer Nation

• The creators propose a website called Netbeer Nation as an alternative to Reddit during the blackout.
• Netbeer Nation would be similar to Reddit but without Steve or a corporation.
• The tagline for the proposed website is “Same, same, but different.”
• Another proposed website called “Spazless” aims to provide an alternative to Reddit with different decision-makers and money flow.

Investing in Private Companies

• The speaker shares their experience of investing in minority positions in private companies for high returns.
• Start-up investing is like a lottery, with most companies failing and a few becoming successful.
• Investing in profitable businesses with high margins can provide steady cash flow.
• Researching a topic for weeks before investing and avoiding common mistakes are crucial.

Hiring International Talent

• The speaker discusses the benefits of hiring international talent, particularly in countries like the Philippines, Argentina, and India.
• Managing workers in the Philippines requires less management and one-on-one coaching.
• Companies can use a business model where the owner in the US does sales and fulfillment while the entire team is overseas.
• Hiring remote talent can expand options beyond local talent and offer cost-effective solutions.

Shepherd: Personal Assistant Service

• The speaker introduces Shepherd, a personal assistant service that helps business owners hire assistants without the hassle.
• Shepherd filters and screens candidates, presenting only the best options to save time.
• Customers get their money back if they hire an assistant through Shepherd, making it a no-brainer deal.
• The speaker invested in Shepherd and believes it is a proven and profitable business.

Summary

Reddit Revolt: Power of the Platform

The podcast hosts discuss the recent Reddit revolt, which started as a protest against a new policy change. Thousands of subreddits went dark to express their dissatisfaction. The revolt highlights the power of Reddit and how small issues can quickly escalate on the platform.

Third-Party App Shutdown

Reddit’s decision to increase API pricing has led to the shutdown of third-party apps like Apollo. This move has sparked protests from Redditors who rely on these apps to access the site. The hosts delve into the implications of Reddit’s response and the challenges faced by app developers.

Alternative to Reddit: Netbeer Nation

The hosts explore the proposed alternatives to Reddit during the blackout. Netbeer Nation and Spazless aim to provide similar platforms without the involvement of Reddit’s current leadership. These alternatives offer different decision-makers and money flow, providing users with an alternative experience.

Investing in Private Companies

The speaker shares their experience of investing in private companies for high returns. They caution listeners about the risks involved and emphasize the importance of thorough research before making investment decisions. Investing in profitable businesses with high margins can provide steady cash flow.

Hiring International Talent

The hosts discuss the benefits of hiring international talent, particularly in countries like the Philippines, Argentina, and India. They highlight the cost-effectiveness and the potential for finding highly skilled workers. Managing remote workers requires less management and one-on-one coaching, making it an attractive option for businesses.

Shepherd: Personal Assistant Service

The hosts introduce Shepherd, a personal assistant service that simplifies the process of hiring assistants. Shepherd filters and screens candidates, presenting business owners with the best options. Customers are offered a no-brainer deal, with a money-back guarantee if they hire an assistant through Shepherd. The hosts share their positive experience and encourage listeners to try the service.

Conclusion

This episode of “My First Million” delves into the Reddit revolt, the challenges faced by third-party app developers, and alternative platforms. The hosts also explore investing in private companies, hiring international talent, and the benefits of using a personal assistant service like Shepherd. It’s an insightful and engaging discussion that provides valuable insights for listeners.