13:15

What Will the Next Opendoor Be?

Name: What Will the Next Opendoor Be?
Uploaded: 2021-07-05T21:32:22.352Z
Duration: 13 min 15 s
Description: The video explores the "Open Door for X" pattern—providing instant liquidity for illiquid assets by buying them directly at a discount rather than acting as a marketplace. It uses Keith Rabois’ new startup Open Store (buying businesses), Carvana (cars), Backflip (used electronics), and Raise (gift cards) as examples.

From My First Million · Published Jul 5, 2021 · Watch on YouTube

TL;DR

The video explores the "Open Door for X" pattern—providing instant liquidity for illiquid assets by buying them directly at a discount rather than acting as a marketplace. It uses Keith Rabois’ new startup Open Store (buying businesses), Carvana (cars), Backflip (used electronics), and Raise (gift cards) as examples.

Key insights

Keith Rabois, known for being abrasive on Twitter, founded Open Door (instant home buying) and is now starting Open Store, which the speaker believes is "Open Door for buying businesses."
Open Door’s model is not a marketplace; they buy the asset directly, keep a ~5% spread, and resell it (e.g., within 90 days for houses), giving the seller certainty and speed.
Buying and selling businesses online was already done by "internet marketers" via sites like Flippa and Empire Flippers, but those platforms are "old school" and unpolished—startup people are "putting

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