53:35How to Make Millions by Unbundling Etsy | My First Million #207
From My First Million · Published Jul 5, 2022 · Watch on YouTube
TL;DR
The hosts discuss several business ideas including building SaaS tools on top of existing marketplaces (like Jungle Scout for Amazon), unbundling Etsy by spinning off verticals such as custom gifts, and the Wimp to Warrior cohort-based MMA training program.
Key insights
- The elevator industry in America is controlled by four companies (Otis, Schindler, Cohn, Mitsubishi) despite 2 million elevators; this creates an opportunity for fleet management SaaS like Audit Mate
- Otis Elevator ($12.5B revenue, ~$40B market cap) is worth almost as much as Twitter, demonstrating the value of old, durable industrial companies vs. tech companies.
- Second-tier marketplaces (Etsy, Poshmark, Mercari, Airbnb) present opportunities to build Jungle Scout-type tools that analyze search volume, revenue estimates, and competition for sellers, as well as
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