Episode
#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
1:15:16
Published: Wed May 26 2021
Description
Shaan (@ShaanVP) and Sam (@TheSamParr) talk with billionaire Marc Lore. Marc is an entrepreneur who started The Pitt, Diapers.com, and Jet.com. Collectively he has sold his companies for over $4B. Marc talks about his plans for his new NBA team, the Minnesota Timberwolves, which he bought alongside Alex Rodriguez. He talks about how he plans to run the team like he has always ran his companies. He talks about the importance of hiring the right people (and how to do it) and being well-capitalized. For the second half of the podcast, we jump straight into a brainstorm. Marc talks about the interesting companies he's investing in as well as the ones he would like to exist. He even breaks down how he would go about creating a $100m e-commerce related company within the next 3 years --------- * 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: * (6:00) How Marc came to own the Timberwolves * (15:28) How Marc Lore hires people * (28:30) These are the companies Marc is investing now * (37:40) How Marc decides which companies to start and how he goes about it * (44:47) Where Marc thinks the future of e-commerce is going * (55:17) How Marc would build a company to sell for $100m * (1:00:27) Shaan and Sam debrief
Chapters
Marc Lore talks about his approach to running the Minnesota Timberwolves and hiring people, and shares his advice on what type of product to create to sell for a large sum of money.
00:00 - 01:52 (01:52)
Summary
Marc Lore talks about his approach to running the Minnesota Timberwolves and hiring people, and shares his advice on what type of product to create to sell for a large sum of money.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
A brief conversation about teasing an upcoming podcast episode with L.O.R.E.
01:52 - 04:44 (02:52)
Summary
A brief conversation about teasing an upcoming podcast episode with L.O.R.E. on LinkedIn.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
The narrator talks about how owning an NBA team used to be a symbol of having made it, and shares their personal dream of owning one, which they are currently in the process of acquiring.
04:44 - 07:40 (02:56)
Summary
The narrator talks about how owning an NBA team used to be a symbol of having made it, and shares their personal dream of owning one, which they are currently in the process of acquiring.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
The key to creating a successful startup team is to find a great CEO and executive leadership team, establishing corporate culture, and getting the right people in the right positions to maximize their potential.
07:40 - 14:10 (06:30)
Summary
The key to creating a successful startup team is to find a great CEO and executive leadership team, establishing corporate culture, and getting the right people in the right positions to maximize their potential.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
The speaker discusses his career ambitions and how he only wants to make big moves within his current company to maintain his status in the top 5%.
14:10 - 17:47 (03:36)
Summary
The speaker discusses his career ambitions and how he only wants to make big moves within his current company to maintain his status in the top 5%.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
Passion, optimism, and tenacity are important qualities in startup culture, but empathy and kindness are also crucial for creating a trusting and empowering environment for employees.
17:47 - 22:50 (05:03)
Summary
Passion, optimism, and tenacity are important qualities in startup culture, but empathy and kindness are also crucial for creating a trusting and empowering environment for employees.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
This podcast episode discusses the importance of resumes for hiring purpose specifically recruiting rockstar employees, the role of resume as the first step to weeding out candidates, and how a well-crafted resume can make an impression in the employment process.
22:50 - 27:46 (04:55)
Summary
This podcast episode discusses the importance of resumes for hiring purpose specifically recruiting rockstar employees, the role of resume as the first step to weeding out candidates, and how a well-crafted resume can make an impression in the employment process.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
The autonomy of businesses like a biomedical company is harder to understand but can be compared to buying and selling players like stock by leveraging the changes in the gambling laws.
27:46 - 36:11 (08:25)
Summary
The autonomy of businesses like a biomedical company is harder to understand but can be compared to buying and selling players like stock by leveraging the changes in the gambling laws. Also, hiring a great team and having a vision is vital for success.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
In this podcast, serial entrepreneur Tim Ferriss talks about his investing strategies and how he likes to look at Google Trends to identify potential opportunities.
36:11 - 40:58 (04:46)
Summary
In this podcast, serial entrepreneur Tim Ferriss talks about his investing strategies and how he likes to look at Google Trends to identify potential opportunities. He also discusses the intrinsic value of investing and how it relates to economic gain.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
The hosts discuss the idea of pitching a startup for a multi-billion dollar opportunity based on a small differentiation and the potential to sell for millions without board approval, and whether one could raise a large amount of money with only charisma, hustle, and vision, without an established reputation.
40:58 - 44:45 (03:47)
Summary
The hosts discuss the idea of pitching a startup for a multi-billion dollar opportunity based on a small differentiation and the potential to sell for millions without board approval, and whether one could raise a large amount of money with only charisma, hustle, and vision, without an established reputation.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
Using text and voice to order anything you want in a very conversational way is the next big step change in retail, where the shopping experience will feel like you're talking to your best friend instead of sifting through a search engine.
44:45 - 48:15 (03:29)
Summary
Using text and voice to order anything you want in a very conversational way is the next big step change in retail, where the shopping experience will feel like you're talking to your best friend instead of sifting through a search engine.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
The speaker discusses how future health care innovations will allow people to take control of their own health with the use of home diagnostics and a personalized dashboard to monitor health.
48:15 - 51:35 (03:20)
Summary
The speaker discusses how future health care innovations will allow people to take control of their own health with the use of home diagnostics and a personalized dashboard to monitor health.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
The speaker discusses reverse engineering healthcare by finding where the money is going and discovering the underlying causes of health issues.
51:35 - 55:23 (03:47)
Summary
The speaker discusses reverse engineering healthcare by finding where the money is going and discovering the underlying causes of health issues. There is also mention of devices that listen for sleep apnea symptoms.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
The podcast discusses the use of artificial intelligence in measuring the dimensions of the body to help retail shopping, especially in terms of garment size, with the help of a black suit covered in ball-like dots.
55:23 - 59:44 (04:21)
Summary
The podcast discusses the use of artificial intelligence in measuring the dimensions of the body to help retail shopping, especially in terms of garment size, with the help of a black suit covered in ball-like dots.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
This transcript fragment discusses the advantages of using summarization tools to avoid the tedious task of typing long essays and to quickly browse and read through web pages.
59:44 - 1:03:17 (03:32)
Summary
This transcript fragment discusses the advantages of using summarization tools to avoid the tedious task of typing long essays and to quickly browse and read through web pages.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
One aspect of selling your company is to raise a little bit of money, make progress, raise some more, and repeat.
1:03:17 - 1:07:35 (04:18)
Summary
One aspect of selling your company is to raise a little bit of money, make progress, raise some more, and repeat. Companies that are priced between 10 million or under and hundreds of millions are easier to sell than those priced in the middle.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
The guest speaker talks about the importance of understanding conversational commerce and provides insight into how to figure out the vision of a company.
1:07:35 - 1:11:22 (03:46)
Summary
The guest speaker talks about the importance of understanding conversational commerce and provides insight into how to figure out the vision of a company.
Episode#186 with Marc Lore - Brainstorming with Billionaire Marc Lore on What He Would Build Today and the Future of Ecommerce
PodcastMy First Million
The podcast discusses unique ways of implementing paid marketing and provides examples such as referring friends to move up spots on a waiting list.
1:11:22 - 1:15:35 (04:13)
Summary
The podcast discusses unique ways of implementing paid marketing and provides examples such as referring friends to move up spots on a waiting list.