By playing, you agree to uListen's Terms and Privacy Policy and YouTube's Terms of Service.
My First Million10 Startups w/ Stock Grants That’ll Make You A Millionaire | Sara’s List 2024
Summaries, chapters, transcripts, and FAQs on this page are made by uListen, not YouTube.
Great conversations run long. Their best ideas don't have to.
uListen is free on iPhone, iPad, Android, Chrome, and Claude.
See howCHAPTERS
Jump to publisher timestampsChapter summaries
What “Sara’s List” is: using your job choice like a venture bet
Shaan explains why this recurring episode exists: Sara became a self-made millionaire largely through stock grants at a late-stage winner, without founding a company or investing early. The hosts frame a job decision as an investment of time and talent, and define the “Sara’s List” target outcome.
- •Shaan recounts Sara’s “boring but powerful” path to wealth via joining Airbnb after it was already an obvious winner
- •The core idea: treat where you work (your time) like a venture-capital-style investment decision
- •The list focuses on companies with clear product-market fit, funding, growth, and reasonable downside
- •Goal framing: a ~$200k equity package that could plausibly become $1M+ within ~5 years
- •They emphasize the intent is not a secret tip list, but “juggernauts hidden in plain sight”
2021 throwback: hype-era context, valuation resets, and how their last list performed
They time-travel back to 2021’s peak-hype environment and explain why startup equity outcomes since then have been rough. Shaan and Sam review their 2021 picks and the difficulty of judging private-company valuations with incomplete information.
- •They describe the 2021 market mood and how “everybody” was getting into venture during that period
- •Data point shared: many startups that raised since then have raised at lower valuations; late-stage valuations are down significantly on average
- •Shaan says many employees’ options are underwater, making equity packages effectively worth zero for many people
- •They grade their prior list: a couple of “hits,” several “downs,” and some “pushes” that roughly held value
- •They note private valuation data is messy (leaks, preferences, secondary-market estimates), so results are inherently imperfect
Pick 1 — OpenAI: massive upside with intense competition risk
Shaan leads with OpenAI as an obvious, widely-known contender—arguing that obvious winners can still have major room to run. Sam agrees on upside but questions how realistic it is for most people to actually get hired there.
- •Shaan’s bull case: OpenAI as the first credible Google competitor in decades and a product that could reshape how people get answers
- •He highlights rapid growth and the mix of enterprise, consumer, and developer-tool dynamics in one company
- •Main concern raised: it’s “the most competitive market on Earth,” with startups and Big Tech all chasing the same space
- •Sam adds a practical obstacle: applicant competition for jobs at OpenAI could be extreme
- •They broadly agree OpenAI could still multiply from its current valuation if it maintains leadership
Pick 2 — Retool: internal tools as a massive, overlooked software market
Sam proposes Retool and Shaan explains what it does through an operator’s lens. They emphasize the scale of internal tooling and how a strong founder plus clear utility can produce durable growth.
- •Shaan explains Retool as a way to build internal admin panels so non-developers can safely handle operational database-like actions
- •Sam cites the internal-tools market as enormous, with a large share of software being internal-facing
- •Sam shares Retool’s reported revenue growth trajectory and a prior valuation figure
- •Shaan highlights founder/CEO quality as a key filter for these picks
- •Shaan adds two “lessons learned”: invest by examining your own P&L tools, and act quickly when smart insiders signal an inflection point
Pick 3 — Mercury: startup banking UX, profitability, and the SVB-shaped opening
Shaan pitches Mercury as a standout product he personally uses across multiple companies and sees as well-positioned in the post–Silicon Valley Bank landscape. Sam agrees it’s strong but argues trust and bank stability are meaningful risks.
- •They describe Mercury as a startup-friendly banking experience (though Shaan clarifies it’s technically not a bank)
- •Shaan’s bull case includes strong product, fast growth plus profitability, and an opportunity created by SVB’s collapse
- •Shaan argues category leaders capture disproportionate revenue/profits and says Mercury appears to have strong brand and moats
- •Sam’s bear case: reliance on underlying partner banks and fear of not accessing funds during banking disruptions; he prefers “too big to fail” banks
- •They debate whether that trust issue is a true future risk, since startups are already choosing Mercury today
Pick 4 — Cursor: AI-assisted coding excitement vs. pricing and churn concerns
Sam introduces Cursor based on personal experimentation and viral examples of fast creation. Shaan reframes Cursor as an IDE category bet rather than a simple website builder, while also noting valuation risk relative to current revenue scale.
- •Sam describes Cursor as an AI-driven coding tool that makes it easier to write and edit code conversationally
- •He cites a story of an 8-year-old quickly building a website using Cursor to demonstrate accessibility and speed
- •Sam worries similar tools can have weak public-market multiples and potentially high churn due to easy switching
- •Shaan argues Cursor belongs in an IDE/dev-tools category (alongside AI-assisted programming), not website builders like Wix/Squarespace
- •Shaan says he likes Cursor but views it as higher risk because valuation appears more vision-driven than revenue-driven
Pick 5 — Epirus (and the defense-tech strategy): finding “the next Anduril”
Shaan presents Epirus as both a specific company and, more importantly, a broader approach: explore the growing set of defense startups inspired by Anduril’s success. They discuss how defense procurement works and why network/relationships matter in selling to government buyers.
- •Shaan characterizes Epirus as a secretive defense company and uses it as a placeholder for a larger defense-tech search strategy
- •They describe Epirus’ product as an EMP-like capability to disable drones/missiles without traditional explosives
- •Shaan tells a “bake-off” story illustrating product-led wins against incumbents in defense procurement
- •Sam asks how startups even get in front of government buyers; Shaan cites procurement processes and relationship-building tactics
- •They discuss Palantir’s approach: hiring relationship builders and recruiting ex-government “door openers” to enter the market
Pick 6 — Wiz: explosive cybersecurity growth, CEO drive, and a controversial go-to-market story
Sam makes the case for Wiz as a record-breaking cybersecurity company with rapid adoption and a CEO he finds compelling. Shaan adds a story about an investor’s network effects in enterprise security buying that may have accelerated Wiz’s trajectory.
- •Sam describes Wiz as cloud security tooling that scans for threats across large cloud environments
- •He cites rapid revenue milestones and widespread adoption among large enterprises (including Fortune 100 penetration)
- •Sam highlights the CEO’s prior success building and selling a cybersecurity company to Microsoft and the reported refusal of a rumored Google acquisition offer
- •Shaan expresses caution about how fast growth can be less “Lindy” and may be priced in at a high valuation
- •Shaan relays a published account of a cybersecurity investor model that leverages relationships with CISOs to generate early revenue momentum for portfolio companies
Pick 7 — Neuralink: astonishing technical milestone with long path to commercialization
Shaan argues Neuralink is a high-upside bet driven by a breakthrough demonstration and a potentially massive future platform shift. Sam pushes back that the company may not fit the “good job” spirit if it demands extreme intensity or has a long, uncertain timeline.
- •Shaan notes Neuralink’s reported valuation and that revenue is essentially nonexistent today
- •He describes the first patient as a quadriplegic using the implant to control a computer and play games via thought
- •Shaan frames brain-computer interfaces as a potential future platform shift (with uncertain timing)
- •He argues even early customers could see life-changing benefits, making the mission meaningful regardless of near-term returns
- •Bear case discussed: unclear revenue trajectory, long path to success, and whether the work environment fits the “Sara’s List” lifestyle expectations
Pick 8 — Perplexity: “answers that are right,” usage-driven conviction, and acquisition optionality
Sam picks Perplexity based on his daily usage and belief in the market’s size, sharing a personal founder anecdote. Shaan distinguishes Perplexity’s value proposition from ChatGPT and notes strategic acquisition possibilities, while also acknowledging large M&A may be harder now.
- •They differentiate tools: Shaan says Perplexity is preferred when accuracy matters; ChatGPT is better for brainstorming and variety
- •Sam shares reported valuation and funding scale as evidence it’s already a major player
- •Sam offers an anecdote about the CEO’s upbringing and motivation, using it as (his own) founder pattern-matching
- •Shaan suggests Perplexity could be a strong acquisition target if it becomes meaningfully better at a core product for a tech giant
- •They flag a downside: the current environment may limit big tech acquisition pathways
Pick 9 — Traba: industrial staffing + software, extreme culture, and the “tech vs. services” question
Sam introduces Traba as a staffing-and-software hybrid aimed at getting workers placed quickly and reliably, while emphasizing its intense 996-style culture. Shaan likes the founders and ambition but questions whether markets will value it like a true tech company or like a staffing business.
- •Sam describes Traba as enabling manufacturers/industrial operators to quickly get temporary workers who show up on time
- •He cites strong investor enthusiasm and shares Traba’s stated values, including explicit 996 work-culture messaging
- •Sam notes uncertainty around valuation due to limited public data, while repeating claims of rapid growth from what he’s read
- •Shaan highlights the risk of “tech valuation” narratives for businesses that may be fundamentally services-heavy (he references past misvaluations like WeWork as an analogy)
- •They agree the founders and intensity can be an edge, even if the category classification determines eventual multiples
Pick 10 — Replit: Shaan’s most bullish bet, origin story, and the “leapfrog” thesis
Shaan closes with Replit—his repeat pick from the prior list—and makes a detailed case that the company’s progress has outpaced its valuation narrative. He argues Replit’s growth, community dynamics, and AI-assisted coding positioning create a mispriced opportunity, then the conversation broadens into what makes founders and missions compelling.
- •Shaan says Replit’s user base grew dramatically since the prior episode and claims revenue is now scaling, while valuation hasn’t moved much
- •He tells the origin story: frictionless, cloud-based coding inspired by Google Docs, shaped by Amjad’s early constraints and long-term persistence
- •Shaan recounts multiple YC rejections and how Paul Graham ultimately helped bring attention to the company
- •He argues the key misunderstanding: new developers may not “graduate off” Replit—Replit may be the leapfrog environment they never leave
- •They discuss why founder conviction/mission can matter for outcomes, with Sam comparing to Brian Chesky’s leadership during COVID-era Airbnb uncertainty
