Startup Ideas Recap of My First Million Podcast 💵 Episode #99

The latest startup ideas Sam and Shaan discussed on the August 7, 2020 episode with time stamps and links

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18:00 WeWork for warehouses

  • For e-commerce owners you either own your own warehouse and deal with logistics OR you use a 3PL (third party logistics) where you send them the stock and they do all the logistics, shipping etc.

  • The problem is 3PLs don’t really know your business, they make mistakes and go slow, they charge a lot per order which can hurt your margins

  • Why not a WeWork for warehouses where they have the space in a building (shelves, forklift) but you rent your subsection of the warehouse and you don’t get charged per order.

  • No body has built a brand and space to do this at scale

  • Saltbox seems like the closest bet. But seems like there is more opportunity to do this

  • Shipmonk is a 3PL. Forbes says Shipmunk did $4M in sales in 2016, expects to do $10M in 2017. Shaan says they are way above that now.

  • Sam says you can get $1 per square foot warehouses “kinda near” Las Vegas so margins can be really high. SO a 20,000 sq ft warehouse for $20,000.

  • Shaan thinks you could do this and also offer a 3PL service there as well

  • 3PL are trying to offer the Amazon Prime of shipping subscription option. Would take a lot of scale to do this

27:12 Venture Capitalist as a side hustle?

  • Handful of people raising money themselves and investing in 20 or so companies—bypassing venture funds

  • Ryan Hoover with the Weekend Fund does this

  • Shaan is an LP in Weekend Fund. He realized he can learn a lot about investing if he is there in the action and can see the deals and the thought process

  • Shaan joined Angel List smart person syndicate but did not necessarily invest. Shaan reads the deal memos and sees how people think about things and got lots of insights

  • But to see inside a fund Shaan had to put some money in to Weekend Fund to learn more about it and how they operate

  • Shaan invested a little bit in a lot of fund to learn

  • So Shaan will raise money form others and invest in larger stakes in companies

  • Shaan makes money when a change of hand occurs like going public or acquisition

39:00 Female as a differentiator…or any other minority as a differentiator

  • Shaan thinks there’s so many products but geared towards women you could make a whole new product

  • For example, on Trends there was someone who started a Facebook Group called the Solo Female Traveler Network. She was doing $1M+ per year. She layered a tours business inside of it to help women enjoy where they travel to. What else can be done this way?

  • Bumble dating app geared towards women doing the outreach instead of men

  • The Wing is a co-working space for women

  • Inner Circle is a women’s mastermind group

  • example of how you could do this:

  • Halal financing / lending (muslim)

  • Female bank like Ellevest

  • The Skim with news

  • Audiobooks for women

  • Bustle women network of publications: $50-$100M in revenue Sam estimates

  • Credit card the caters to women: maybe reward points that women are interested or part of rewards go towards empowering other women, etc

  • Sam thinks we need something geared to women but “alpha”

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