Episode
#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
1:06:01
Published: Wed Jun 23 2021
Description
Shaan (@ShaanVP) and Sam (@TheSamParr) go in depth on how the Sweepstakes industry works, and Sam shares how they would use sweepstakes to grow the Hustle. The guys also discuss a business friendly take on deep fakes, a no-chicken chicken nugget, and how options contacts could work for startup founders. They end the episode with a long segment where Shaan predicts what the next version of today's big companies will look like. --------- * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: https://refer.fm/million * Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. --------- Show notes: * (1:20) Recap of episode * (6:36) Brick and mortar businesses * (10:45) Losing millions with shipping delays * (14:26) Oasis - a positive spin on deep fakes * (23:23) Multi-million dollar sweepstakes businesses * (36:39) How the Hustle thought about user acquisition * (41:12) The chicken-free chicken nugget * (44:09) Options contracts for startups * (50:16) The Future: Shaan gazes into a crystal ball * (51:13) The Future: Apple * (51:56) The Future: Facebook * (53:23) The Future: Amazon * (54:31) The Future: 7/11 * (55:28) The Future: Netflix * (56:55) The Future: Pornhub * (57:53) The Future: Domino's * (59:30) Episode close
Chapters
The speaker shares an interesting idea to start and launch a company that can make half a million dollars a month in profit within 2 months and grow in the next 1, 2, 3 years.
00:00 - 02:51 (02:51)
Summary
The speaker shares an interesting idea to start and launch a company that can make half a million dollars a month in profit within 2 months and grow in the next 1, 2, 3 years. The podcast also briefly discusses Oasis, a new product that is like a deep fake for Zoom.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
This podcast talks about the journey of an entrepreneur who sold his company, Red Swoosh for $20 million in 8 years.
02:52 - 05:07 (02:15)
Summary
This podcast talks about the journey of an entrepreneur who sold his company, Red Swoosh for $20 million in 8 years. The podcast includes a YouTube video clip of his talk about Red Swoosh and how it's similar to Napster.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
Learn how to save money with scrappy techniques like pitching pennies and wearing an orange vest to gain access without a VIP pass.
05:08 - 07:35 (02:26)
Summary
Learn how to save money with scrappy techniques like pitching pennies and wearing an orange vest to gain access without a VIP pass.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
The podcast host discusses the experience of many military personnel who miss their time in service once they leave.
07:35 - 10:16 (02:40)
Summary
The podcast host discusses the experience of many military personnel who miss their time in service once they leave. The discussion arose from his reading of the book Tribe and his search for the ideal environment to live in.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
The physical aspect of e-commerce, including product shipping and handling, can prove challenging for business owners with the potential for lost revenue when customers aren't satisfied with their products.
10:16 - 15:20 (05:04)
Summary
The physical aspect of e-commerce, including product shipping and handling, can prove challenging for business owners with the potential for lost revenue when customers aren't satisfied with their products.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
A startup in San Francisco called Mirror uses cutting-edge technology and machine learning to create your AI-powered avatar that you can use to join video calls instead of showing your real self.
15:20 - 18:53 (03:32)
Summary
A startup in San Francisco called Mirror uses cutting-edge technology and machine learning to create your AI-powered avatar that you can use to join video calls instead of showing your real self. This avatar can make you look perfect even on low bandwidth or with poor camera quality.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
The potential for a new video conferencing technology to disrupt the market and provide unlimited options beyond the current incumbent, Zoom.
18:55 - 23:33 (04:38)
Summary
The potential for a new video conferencing technology to disrupt the market and provide unlimited options beyond the current incumbent, Zoom.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
The podcast discusses how scholarships can be used as a lead generation strategy through the mechanism of opting in.
23:33 - 27:55 (04:21)
Summary
The podcast discusses how scholarships can be used as a lead generation strategy through the mechanism of opting in. By offering scholarships and asking applicants if they would like to opt in, companies can gather email addresses for potential customers.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
You can find many internet businesses for sale on websites like Empire Flippers, Quiet Light Brokerage, and FE International.
27:55 - 35:18 (07:23)
Summary
You can find many internet businesses for sale on websites like Empire Flippers, Quiet Light Brokerage, and FE International. It's an excellent way to get business ideas and see successful businesses you never thought existed.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
The speaker discusses the dark side of the internet, such as companies sharing information with marketing partners, which can lead to users receiving unwanted emails.
35:18 - 38:17 (02:58)
Summary
The speaker discusses the dark side of the internet, such as companies sharing information with marketing partners, which can lead to users receiving unwanted emails. They also mention the effectiveness of SMS compared to email.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
The speaker suggests doing a deep dive into the business of sweepstakes giveaways as it is a platform to do raffles and make loads of money like Snoop Dogg, who is giving away a car and donating some of the money to charity.
38:17 - 41:24 (03:07)
Summary
The speaker suggests doing a deep dive into the business of sweepstakes giveaways as it is a platform to do raffles and make loads of money like Snoop Dogg, who is giving away a car and donating some of the money to charity.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
The idea of investing in the high performers of the tech industry by placing option contracts is explored, which could offer greater investment opportunities in the future.
41:24 - 46:07 (04:43)
Summary
The idea of investing in the high performers of the tech industry by placing option contracts is explored, which could offer greater investment opportunities in the future. The possibility of founders buying options is also discussed.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
An explanation of a new program to fund founders in advance of their next venture, providing an alternative to traditional fundraising methods.
46:07 - 50:31 (04:24)
Summary
An explanation of a new program to fund founders in advance of their next venture, providing an alternative to traditional fundraising methods.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
The next trillion-dollar company will likely be one that measures internal body data and provides a consumer device for it, according to a tech expert.
50:31 - 53:54 (03:22)
Summary
The next trillion-dollar company will likely be one that measures internal body data and provides a consumer device for it, according to a tech expert. Predictions are easier to make when you’re small because the cost of being wrong is low compared to the cost of being right.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
This episode discusses the potential of using AI to generate personalized movies and automate real estate, making use of advanced technology like an AI system similar to one that creates classical music like Bach and Mozart.
53:54 - 57:13 (03:18)
Summary
This episode discusses the potential of using AI to generate personalized movies and automate real estate, making use of advanced technology like an AI system similar to one that creates classical music like Bach and Mozart.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
The future of food trucks may include in-car baking capabilities, allowing meals to be prepared and kept hot while on the go.
57:13 - 1:00:52 (03:39)
Summary
The future of food trucks may include in-car baking capabilities, allowing meals to be prepared and kept hot while on the go.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
The speaker discusses how people often overestimate the timeline for technological advances, using the example of ordering from Amazon and Door Dash.
1:00:52 - 1:03:47 (02:55)
Summary
The speaker discusses how people often overestimate the timeline for technological advances, using the example of ordering from Amazon and Door Dash.
Episode#193 - How a $25 Million a Year Sweepstakes Business Works and Shaan Predicts the Future
PodcastMy First Million
The world of on-demand and digital experiences coexist with the craving for physical experiences.
1:03:47 - 1:04:43 (00:55)
Summary
The world of on-demand and digital experiences coexist with the craving for physical experiences. A prime example of this is the rise and fall of Webvan and the resurgence of grocery delivery through companies like Instacart.