$10M Business ideas w/ The Most Interesting Guy In Tech
Timestamps are as accurate as they can be but may be slightly off. We encourage you to listen to the full context.
Podcast Summary
This episode features Shield Mohnot (BTV Capital founder) sharing seven $10 million business ideas with hosts Sam Parr and Shaan Puri. (03:42) The conversation begins with a discussion about Trump's proposed 50-year mortgage policy, which Shield explains would likely drive up housing prices rather than improve affordability. (11:22) The core of the episode focuses on Shield's business ideas, ranging from AI-powered yard design services to surrogacy matching platforms, peptide education businesses, and EMS fitness studios. Shield draws from his personal experiences and observations of trends in San Francisco's tech community to identify these opportunities.
- Main themes include AI automation for service businesses, emerging wellness trends, and marketplace opportunities in underserved niches
Speakers
Shield Mohnot
Shield is the founder of Better Tomorrow Ventures (BTV), a $450 million fintech-focused venture capital fund. He previously co-founded Thistle, a food delivery business generating over $100 million annually, and has built multiple successful companies including domain auction and credit card processing businesses. Known as "the most interesting man in tech," he got married in the metaverse and is recognized for his diverse business experience across multiple industries.
Sam Parr
Sam is the co-host of My First Million and founder of The Hustle, a business newsletter company that was acquired by HubSpot. He's known for his entrepreneurial insights and has built multiple successful businesses while maintaining a strong presence in the content and media space.
Shaan Puri
Shaan is the co-host of My First Million and a serial entrepreneur who has founded and sold multiple companies. He's known for his business acumen and ability to spot emerging trends, particularly in the tech and startup space.
Key Takeaways
AI-Powered Service Business Automation Creates Competitive Advantages
Shield emphasizes how AI can revolutionize traditional service businesses by solving fundamental pain points like slow response times and scheduling inefficiencies. (11:22) Using his backyard renovation experience as an example, he explains how landscapers take days to respond and require in-person visits just for measurements. AI can use satellite imagery to instantly provide measurements and design options, dramatically reducing the sales cycle. This creates a significant competitive advantage because the first business to respond typically wins the job. The key insight is that AI doesn't just save money—it creates superior customer experiences that directly translate to higher conversion rates.
Voice AI Is Ready for Prime Time in Business Applications
Shield argues that AI voice technology has reached a tipping point where it can effectively handle customer service and scheduling tasks. (20:32) He cites an example where even sophisticated investors like Bill Ackman couldn't distinguish AI-generated voice content from real human speech. This means service businesses can now deploy AI phone agents that provide 24/7 availability, instant response times, and consistent quality—all critical factors in winning customers. The opportunity lies in creating AI office managers for contractors and service providers who currently lose business due to missed calls and delayed responses.
Niche Marketplaces Can Scale to Massive Businesses
Using Whatnot as an example, Shield demonstrates how seemingly tiny niche markets can evolve into billion-dollar businesses. (39:56) Whatnot started as a collectible marketplace for Funko Pop toys and grew to a $12 billion valuation by expanding beyond its initial niche. The key is to dominate a specific vertical first, then expand horizontally. His surrogacy marketplace idea follows this pattern—starting with a specific underserved market where existing solutions are fragmented and inefficient, then building the infrastructure to expand into related services.
Personal Pain Points Often Reveal Market Opportunities
Shield's best business ideas emerge directly from his personal frustrations and experiences. (35:43) His surrogacy marketplace concept came from navigating the complex, fragmented process of finding a surrogate for his wife's pregnancy. He discovered that agencies only show you their own limited pool of carriers, like a real estate agent who can only show houses they've listed. This personal insight revealed a systemic inefficiency that affects thousands of potential customers annually, creating a clear business opportunity with validated demand.
Build Relationships Through Transparency, Not Just Transactions
Shield's approach to problem-solving involves directly contacting business owners when experiencing issues, positioning himself as someone who wants to help them improve rather than just complain. (59:38) When having problems with Virgin Voyages cruise booking, he emailed the CEO directly, explaining that as a smart business owner, he'd want to know about customer experience problems. This approach resulted in immediate white-glove service and strengthened his relationship with the brand. The strategy works because most business owners genuinely want to provide great experiences but lack visibility into problems until they escalate to public complaints.
Statistics & Facts
- After 6.5 years, the average American moves to a new home, but in a 30-year mortgage, the first 15 years are primarily interest payments, meaning most homeowners build very little equity. (05:16)
- When Americans retire, almost 80% of their median net worth is the equity in their home, making real estate the primary retirement asset for most people. (05:32)
- There are approximately 5,000-10,000 surrogate births per year in the United States, with the market growing at roughly 10% annually. Each surrogacy arrangement costs between $150,000-$200,000, with surrogates typically receiving around $75,000. (41:58)
