Brainstorming $10M+ business ideas with Jess Mah

Key Concepts

• Tax advantages of owning a private jet
• Generating business ideas through networking and idea scraping
• The "Idea Hopper" - a database of business ideas
• Doge as a Service (DaaS)
• Vertical Agent as a Service (AaaS)
• Holy Health - an idea for helping medical providers get insurance reimbursement
• The importance of a "starving crowd" for business success
• "Playing to win" vs. "playing not to lose"
• Engineering serendipity and luck
• The importance of a postmortem analysis of failures
• Digital twins and AI-assisted brainstorming
• Bioelectricity and cancer research

Private Jet Tax Advantages and Practicality

• Tax Savings: A $12 million airplane can be fully written off on taxes through accelerated depreciation, even if only a portion is paid upfront.
  • Previously, it was 60% upfront write-off, but the new administration has brought back accelerated depreciation.
• Financing: Similar to a house, airplanes can be financed with a down payment (e.g., 20%).
• Efficiency: Private jets enable efficient travel for business meetings and opportunities that might otherwise be logistically challenging. Example: Flying in for a lunch meeting and flying out the same day.
• Productivity: Starlink connectivity allows for phone calls, Zoom meetings, and video conferencing while flying.
• Optics: Being an operating CEO and owning a private jet can create negative perceptions among employees, customers, and investors. This was a factor in the speaker stepping down as an operating CEO.
• Quote: "The secret was you don't have to be that successful, you just have to have a big tax bill and good cash flow."
• Quote: "It looks lavish, it looks ridiculous, but this is why rich people do these things."

Idea Generation Process

• Networking: The speaker emphasizes the importance of talking to many people and consolidating their ideas.
  • "I've talked to dozens of tax attorneys and tax accountants about their ideas, and I just keep track of all their ideas."
• Idea Scraping: Using online resources like Y Combinator's "Request for Startups" and Reddit to find potential business ideas.
• Idea Database: Maintaining a database of ideas (the "Idea Hopper") for future exploration.
• Criteria Matrix: Evaluating ideas based on specific criteria, such as:
  • Complexity (to deter quick copying)
  • Bootstrappability (requiring less initial funding)
  • Recurring revenue potential
  • Stickiness (must-have product)
• Brainstorming: Having one-on-one lunches and dinners with people to brainstorm ideas.
• AI Integration: Using AI tools like ChatGPT to generate names, refine ideas, and create content.
  • "My new workflow is think with AI and then work with my co-workers." - Satya Nadella (Microsoft CEO)
• Quote: "None of the ideas I've actually worked on came from me sitting in a room with a whiteboard and just like coming up with stuff yourself."

Business Ideas

• Doge as a Service (DaaS): A software platform that tracks employee activity (Slack, email, computer usage) to identify and remove unproductive employees.
  • Could be sold to consulting firms like McKinsey to enhance their value proposition.
• Vertical Agent as a Service (AaaS): Building a library of AI agents tailored to specific industries (e.g., dental offices, auto mechanics) to automate tasks.
  • Focuses on plug-and-play solutions for industries with unique needs.
  • Example: An appointment booking agent specifically tuned for dental offices.
• Marine Shipping Coating: Developing a coating for cargo ships that improves fuel efficiency and reduces the frequency of recoating.
• Holy Health: Helping niche medical providers (e.g., chiropractors, physical therapists) gain access to insurance reimbursement by banding them together and providing support services.
  • Full-stack approach including AI agents for automation and customer acquisition.
• Divorce Financing: Providing short-term financing to individuals going through divorce proceedings who have their assets temporarily tied up.

Key Business Principles

• Starving Crowd: The importance of identifying a customer base with a strong need or pain point.
  • "All I want is a starving crowd."
• No Friction Model: Creating a business model where customers don't have to pay upfront but benefit from increased revenue or savings.
• MAUI Idea: An idea that can cash flow, doesn't require a lot of outside funding, and is boring and complicated enough where random people are not going to copy us that easily or reverse engineer it that easily.
• Playing to Win: Adopting an optimistic and proactive approach to business, rather than focusing on avoiding losses.
• Engineering Serendipity: Intentionally creating opportunities for luck and chance encounters through events and networking.
• Kodawari: A Japanese concept of continuous improvement and relentless pursuit of perfection.

Failures and Lessons Learned

• Cred Boost: A credit repair business that failed due to high churn, low price point, high regulation, and lack of team enthusiasm.
• Veterans Job Placement: A business that aimed to help veterans find jobs using GI Bill funding, but the funding was delayed and the business lost momentum.
• Postmortem Analysis: The importance of conducting a thorough review of failures to identify mistakes and improve future strategies.
• Quote: "I am destined for greatness, and I am not producing my best work right now."

Digital Twins and AI Brainstorming

• Digital Twins: Creating digital replicas of individuals using recorded interactions and AI to simulate their thinking and decision-making processes.
• AI-Assisted Brainstorming: Using AI to generate ideas, refine concepts, and battle-test strategies.
• Granola: A tool used to record meetings and create transcripts for training AI models.

Cancer and Longevity Research

• Bioelectricity: Exploring the use of bioelectricity to normalize cancer cells rather than killing them.
• Mike Levin: A scientist working on bioelectricity and longevity research.
• AI in Medicine: Recognizing the potential of AI in medicine and biology, but also acknowledging the regulatory and clinical trial bottlenecks.

Conclusion

The conversation highlights the speaker's approach to generating and evaluating business ideas, emphasizing the importance of networking, idea scraping, and a willingness to experiment. It also underscores the value of learning from failures, engineering serendipity, and continuously improving processes. The discussion touches on various business ideas, from AI-powered services to niche financing solutions, and concludes with a look at the potential of AI in medicine and the speaker's personal interest in cancer and longevity research. The speaker's emphasis on "playing to win" and creating a fun, collaborative environment provides actionable insights for entrepreneurs seeking to build successful and fulfilling businesses.