Overview

New name Giffen's insights on Tiny's growth through equity investments into $500M and the potential of partnering with content creators for business opportunities with established audiences were highlighted.

The concept of audience co-founding was emphasized as a powerful strategy for leveraging content creators' reach to build successful businesses, citing examples like Congo Brands with Prime and Tiny's ventures.

The emerging trend of regulatory compliance businesses as an investment opportunity due to the inevitability of government regulations was highlighted, stressing the importance of being the first compliance software provider in a new regulatory environment.

The importance of adopting an entrepreneurial mindset that favors strategic partnerships, regulatory trends, and leveraging audiences for business growth was reinforced, alongside personal stories demonstrating different approaches to work, health, and investments.

Tiny's Growth and Investment Insights

New name Giffen was the first employee at Tiny, where they grew $5M of equity into roughly $500M in business value by buying businesses and took the company public.

The strategies used for Tiny's growth and how similar approaches can be applied today were talked about.

The initial talk emphasized the value of expanding one's scope to uncover new opportunities.

Expansion of perceived opportunities was identified as a key to discovering more prospects.

Business Opportunities with Audiences

New name Giffen sees significant potential in partnering with content creators possessing established audiences.

He believes the current underutilized monetization methods through ad reads or sponsorships will evolve towards equity stakes in businesses that they own, which will massively dwarf the money made from ad reads or sponsorships.

He noted that content creators might avoid business management and capital risks, which presents an opportunity for others to take on those operational roles.

Examples mentioned were Joe Rogan with Onnit, and Doug DeMuro with Cars & Bids, showing how audience leverage can lead to considerable business successes, and even nine-figure exits over four or five years.

Audience Co-Founder Model Success

New name talked about how Congo Brands created Prime by leveraging influencers like Logan Paul and KSI for promotion and offering them significant equity stakes.

Operational backing was deemed essential, suggesting this model could lead to building a company valued over $10B.

The Chernin Group's success was highlighted, illustrating the effectiveness of merging content creators with niche products like Doug DeMuro and Steven Rinella with hunting stuff.

The Emerging Trend of Audience Co-Founding

new sheet (new sheet) emphasized the importance of partnering with a creator who has a trusted audience and creating or acquiring a business perfectly tailored to them.

This strategy was described as a way to gain an "unfair distribution advantage."

With audience reach currently underpriced, sharing equity with an audience co-founder is seen as a beneficial strategy for both parties; most people in a YC batch could find a podcaster and offer them to become an audience co-founder.

Call to Action for Interested Parties

new sheet, new sheet, invited listeners to contact him at new sheet@new sheetPuri.com to explore the audience co-founder business model, not new sheetPourri.com.

new sheet mentioned Tiny's success with Matina and the habits app as examples of recognizing and acting on similar opportunities.

The opportunity is also relevant for niche content creators with specific audiences, not just large influencers.

Health-Conscious Products

New name called out a trend focused on avoiding toxic environments and products, emphasizing the mental tax of living in a modern toxic world. He uses water and air filters and buys specific food to cope. He suggested a "Wire Cutter" type guide for non-toxic products would be beneficial.

They hope for a "Wire Cutter" type guide focusing on non-toxic products across various categories like clothing, bedding, and cleaning products.

The concern comes from the pervasive toxic materials in everyday items and the mental load of steering clear of them.

Water Quality Talk

Sam Parr came across live-oasis.com, a site that assesses water quality, pointing out that 90% of water sources contain toxins and microplastics. They rank cities and bottled water brands.

new sheet commented on their use of a poorly ranked water brand, underlining the challenge in finding truly clean products.

After paying a $5 fee for additional information, Sam Parr felt alarmed about the poor quality of their water bottle and became worried about product safety.

Personal Choices for Healthier Living

new sheet related hosting an event where a billionaire guest chose Acqua Panna glass bottles over Fiji water for health reasons.

The same guest influenced new sheet to switch to Acqua Panna for his family and buy an Afina showerhead filter to avoid bathing in dirty tap water.

These examples demonstrate the extremes individuals go to in order to avoid toxins, even for essentials like water.

Business Idea Validations

New name praised the idea of a health-focused product guide, pointing to Examine.com's achievement with supplements as evidence that such resources have value and are achievable.

new sheet was excited about creating a platform similar to Wirecutter but for healthy products, emphasizing it would take about 10 years of quality execution and passion. Only the right person with the correct vision could make it successful.

They plan to share a database of business ideas in partnership with HubSpot, inspired by the show's influence on listeners who have started million-dollar businesses.

Business Trends and Opportunities

new sheet expressed their interest in exploring business ventures in regulation compliance, identifying it as a favored category for potential investments or acquisitions.

Regulatory Compliance Business Opportunities

New name highlighted the growth of regulatory compliance businesses due to inevitable government regulations worldwide.

Pointed out an Italian software company that ensures all banks are compliant with banking regulations.

Predicted Italy will introduce more regulations, making such software crucial for banks as they won't remove it once in place.

Stressed the balance of these solutions being both mission-critical and relatively inexpensive.

Noticed regulatory compliance is widespread in everyday activities, like real estate transactions, vetting tenants, KYC, and AML, as well as renting a car where the license is checked against a database.

new sheet shared insights on investing in the regulatory compliance space.

Described "one chart businesses" that easily show the value of a business due to increasing regulations.

Observed that regulations will only expand, securing ongoing demand for compliance solutions.

Compared his current interest in compliance firms to past attractions to trendier businesses like dating apps and social networks, now finding compliance businesses more appealing.

New name suggested a strategy for entrepreneurs to front run regulatory changes.

Recommended keeping an eye on upcoming regulations in order to become the first compliance software provider in that area, gaining a considerable market edge.

Highlighted the advantage of being the only option for a while after new laws are passed or anticipated to be enacted soon.

Talk on Characteristics of Regulatory Compliance Businesses

Regulatory compliance businesses described as low effort to maintain once established, with a high penalty for non-compliance making them a secure investment.

New name mentioned resistance to AI because of the critical nature of compliance tasks, comparing the caution used in regulatory compliance software to the medical field.

New name noted that regulatory compliance tools are vital in various industries and countries.

Gave examples of KYC and AML in banking.

Pointed to the different regulations in countries like Canada versus the U.S., necessitating multiple versions of compliance software for different markets, with every Western country having its unique set of rules.

Zone of Genius

New name dislikes operating businesses, feels they're not good at it, and enjoys allocating capital more.

Believes staying in one's zone of genius is beneficial personally and globally.

The Boy Versus The Guy

Talk on roles of being a lieutenant or protege within a company context.

West Coast often uses "chief of staff" to describe rising stars positioned close to influential leaders.

Agreement common in the Valley where billionaires mentor young, smart individuals for 2-3 years. These mentors open doors for their proteges in exchange.

New name observed a pattern: being within 20 years of the organization's leader typically means you're seen as the "guy," influencing one's potential for rising to the top.

Examples of successful mentorship include Ben Casnocha with Reid Hoffman, Blake Masters with Peter Thiel, and Sam Parr Altman with Paul Graham.

new sheet mentioned Joe Lonsdale as Peter Thiel's protege, who started as an intern at PayPal, then worked at Peter's family office, co-founded Palantir with him, and then pursued his own ventures. new sheet's close friend served as one of Joe's chiefs of staff, describing it as an amazing launching pad.

Seeking Proteges

new sheet is actively searching for a young individual to mentor, emphasizing the value of apprenticing.

New name and Sam Parr echo this sentiment, noting the educational benefits of apprenticing in modern fields beyond traditional crafts.

new sheet humorously mentioned looking for a "young boy" in this context, with an idea to start a community named "Weed M Boys."

Philosophy and Business

Sam Parr studied philosophy at Columbia, sparking talk on the impact of philosophy studies on business success.

Mention of a stat showing most high LSAT scorers studied philosophy, questioning its influence on becoming a good business person. Sam Parr expressed curiosity about how studying philosophy might help in running a massive $100M plus fund.

Apprenticing Success Stories

new sheet has mentored four young people, aged 16-20, who went on to become millionaires and successful content creators and podcasters.

Looking to mentor a fifth, highlighting the underrated value of apprenticing in achieving success.

Philosophy Majors' Earnings

New name shared that philosophy majors are among the highest earners when looking at the top 10% of every major.

They noted this doesn't mean philosophy majors are generally the highest earners but indicated a significant subset excels.

New name speculated that the success might stem from the deep, fundamental questions philosophy students explore.

Despite the perception of irrelevance by the U.S. government regarding visas, New name believes philosophy is relevant to everything.

They distinguished between those who study philosophy briefly in undergrad and those who dedicate their lives to it, suggesting a major difference in mindset and outcome. Philosophy majors were described as overrepresented in important fields, with notable examples being Reid Hoffman, Peter Thiel, Peter Fenton, and Stuart Butterfield.

HoldCo Trend Insights

new sheet brought up the trend of holding companies (HoldCos) and asked for New name's opinion on it, mentioning inspiration from Tiny.

New name highlighted the oddity and potential contra signal of bragging about the number of owned businesses.

They differentiated between owning many businesses for diversification versus the quality of a single, successful company.

The talk moved to the flawed premise of holding companies indefinitely and how most companies, especially small ones like $5M software companies or Chrome plugins, are not set to last 50 years or more.

New name argued against clinging to businesses forever, advocating for selling at a high price to maximize returns.

They also noted the operational challenge of running a holding company, stating it detracts from the core skill of investing. They mentioned that running a big business like Tiny, with over 1200 employees across its portfolio, can be significantly different from investing.

Venture into Traditional Businesses

Sam Parr and New name talked about the trend of highly educated individuals buying traditional businesses, like plumbing companies.

New name mocked the juxtaposition of prestigious resumes ending with ownership of mundane service businesses.

They suggested that starting a business in such industries could potentially be more successful than acquiring them, arguing that a brilliant young person could likely dominate the industry if they started early and directly entered the industry.

They criticized the complex pathways some take to feel accomplished, suggesting direct industry entry might offer better success.

Pre and Post Fall Concept

New name defined 'pre and post fall' akin to a pseudo biblical concept, emphasizing it as a period in one's life where they've been humbled by events like death, breakup, health issues, or bankruptcy.

This kind of humility is authentic, unlike the superficial humility often claimed by people in moments of success.

The life-changing event is unpredictable, happening at random times, and can either occur early or late in life.

There's a visible difference between those who've experienced the 'fall' and those who haven't, similar to the unshakability seen in combat veterans.

Observably, 'post fall' individuals appear unshakable due to their past hardships, similar to entrepreneurs enduring tough times while building their business.

Distressed Venture Opportunities

New name highlighted an opportunity with venture-backed companies that over-raised funds, especially in 2021.

These companies might be doing $10M in annual revenue and growing at 30%, but they have a high preference stack from raising $40 or $50M.

The founder and investors of such businesses are unlikely to make significant profit from these investments due to the high preference stack.

New name's interest is in acquiring and restructuring these companies, aiming to make them profitable for their original founders and new owners.

Suggested altering the cap table to better reflect a beneficial ownership model where, for example, the founder could own a larger percentage and run the business profitably.

There's a service aspect for venture investors, who have responsibilities but little returns from these investments.

New name views these situations as a waste created by high venture returns and sees a huge opportunity to fix the broken cap table, making such businesses profitable ventures.

By rearranging priorities and stakes, all parties—venture capitalists (VCs), founders, and new investors—can benefit.

Approaching Special Situations

Sam Parr and New name conveyed a love for special situations in business investments.

New name observed a shift from bootstrap businesses, which were once considered special situations, to seeking unique opportunities in fixing cap table issues.

The goal is to create situations where everyone's needs are met, leaving VCs and founders happy.

New name values situations where people seek them out for their specialized service, avoiding the need for solicitation.

Both New name and new sheet see similarities in their approach to business, prizing specific, tailored solutions and appreciating the efficiency of being sought out for their unique expertise.

Personality Types and Work Styles

new sheet compared their work style to the common view that hard work is key, emphasizing a preference for being "lazy in a smart way." Highlighted being super active in one area while absolutely rejecting certain types of effort. Referred to the satisfaction in executing tasks they want to do at full force and the resistance towards tasks they're unwilling to do. Equated work to tasks not voluntarily undertaken and play to enjoyable voluntary activities.

New name elaborated on different success models, contrasting Arnold Schwarzenegger's hard grind with Sam Parr Altman's strategic positioning. Mentioned finding elegance in achieving goals with minimal effort and suggested there's something beautiful in doing things with the least amount of moves. Perceived themselves as sometimes working harder than realized, but the effort feels innate.

Sam Parr falls a bit in the middle, working a standard 40-hour week and seeking balance. Recognized the value of hard work but also believed in the inherent goodness of doing hard things. Stressed that they believe in the goodness of sometimes sweating it out because a thing is hard, therefore it might be good.

new sheet and Sam Parr never directly debated the virtues of hard work versus smart work. Sam Parr mentioned admiring different attributes and values hard work to some extent.

New name and Sam Parr talked about the perception of effort and productivity, questioning the claim of achieving greatness without hard work. They highlighted that even those who appear to work less may be putting in effort in unconventional ways. New name explicitly stated that when people claim they don't work hard but achieve greatness, they're "full of it."

Physical Endurance and Work Ethic

New name invited others to join a 50-mile race in August, sharing experiences of intense training. Connected the dedication required for endurance sports to a broader perspective on work ethic and achieving greatness. Relayed the personal challenge of running 10 miles and feeling depleted, and associated love for super endurance sports with being a grinder at heart.

New name also talked about different soothing techniques and the mindset behind enduring challenging activities, using themselves and an unnamed other as examples of perhaps working harder than realized due to feeling innate. Mentioned that some people soothe themselves by working more hours while others contemplate the exact right thing to do.

New name connected the dedication required for endurance sports, like long-distance races, to working hard and achieving greatness in a broader sense.

new sheetuTube Success Strategy

new sheet shared about a new sheetuTuber from Austin with roughly 10M subscribers.

The new sheetuTuber's popular videos are challenge or "grind" videos, such as counting to a hundred thousand, figuring out how many licks it takes to finish a jawbreaker, or seeing how long a lighter lasts.

These videos receive about 100M views, indicating people enjoy this kind of content.

new sheet admires the new sheetuTuber's ability to discover and deliver what people enjoy but finds the path personally unappealing.

Running as a Common Trait Among Successful People

The Austin new sheetuTuber expressed his love for running and a desire to start a running club.

new sheet mentioned a strong correlation between success and an interest in running among various high-achievers.

Podcast Experience with Monish Pabrai

new sheet appeared on a podcast with Monish Pabrai, a value investor.

Pabrai’s investment strategy is to make one or two good investments per year that require minimal active management.

Pabrai views value investing as a lifestyle choice, emphasizing it requires less frequent, but meaningful action unlike more content-centric or active business models.

Lifestyle Differences Between Successful Individuals

new sheet observed significant lifestyle and value differences between the new sheetuTuber and Monish Pabrai.

The new sheetuTuber focuses on creating constant content and handles the pressure of generating new ideas.

Pabrai focuses on making a few, but impactful investments each year, and values leisure and reading.

Despite their different strategies, both are deemed successful in their respective fields.

Concept of "Nap Room Guys"

new sheet has met several value investors who maintain a nap room, suggesting a relaxed, yet focused approach to life and investing.

New name confirmed the existence of such investors and expressed admiration for the concept.

Investing and Business Strategy Insights

new sheet shared observations on Andrew's strategy: He works swiftly and is persistent.

Andrew is adept at identifying opportunities quickly and follows up consistently, even if it entails maintaining contact for years.

Examples like Letterboxd, Dribbble, and AeroPress highlight situations where longstanding engagement fostered opportunities.

Both participants agreed on the value of persistence and the importance of not taking rejection personally in business ventures.

Speed of Communication Among Successful Individuals

new sheet noted that the most successful individuals tend to respond promptly to opportunities, underlining the significance of fast and effective communication.

Email Response Strategy

New name shared their approach to managing emails. They've written a script for Gmail that archives