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My First Million5 Business Ideas With High Demand & Low Supply | Start These In 2022 (#374)
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At a glance
WHAT IT’S REALLY ABOUT
Steph Smith and Shaan Puri Riff on Menu Testing, Cheating, Portfolios
- Steph Smith pitches A/B testing software for restaurant QR-code menus, and Shaan Puri backs it with his own early restaurant experiments where higher prices and richer menu descriptions raised orders.
- Shaan describes a college-athlete NIL marketplace and influencer-driven product ideas, such as a campus-scented deodorant or a credit card, as ways to exploit a new, unsaturated marketing channel.
- Breakup spending and cheating scandals in chess, poker and fishing prompt ideas about viral breakup products and anti-cheat or security-testing businesses.
- The pair discuss why podcasts connect with listeners, including contagious laughter, 'selling' a co-host's joke, and having a slightly outsized personality.
- Steph shares 'evidence over confidence' personal portfolio sites and two food-tech examples, Kirin's electric salty bowls and Air Up's scented water bottle.
IDEAS WORTH REMEMBERING
5 ideasQR-code menus create an opening for restaurant A/B testing
Steph argues that because restaurants have digitized menus, analytics and testing that were hard with paper are now feasible, and she hasn't seen software that does it.
Menu wording and pricing can change what customers order
Shaan says his early startup raised prices 50% on one menu version and saw a higher conversion rate, and adding descriptive phrases like 'hand-caught Alaskan salmon' increased orders.
New rules can open unsaturated marketing channels
Shaan sees the NIL law change as letting brands tap college-athlete influence cheaply for the first time, suggesting a marketplace or a product built backward from that distribution.
Controversy draws attention, and cheating is an arms race
Shaan says controversy pulled him into chess and that the bigger the money, the more incentive to cheat, so cheaters stay a step ahead, which makes anti-cheat a viable business category.
Humans are often the weakest security link
Shaan and Steph note that many hacks rely on tricking people, and Shaan highlights companies that send fake phishing emails to stress-test employees as a smart business.
WORDS WORTH SAVING
5 quotesEvidence over confidence.
— Steph Smith
The best cheater is always one step ahead because, you know, there's always a... The more money involved, the bigger the incentive to cheat.
— Shaan Puri
Most people are, are basically taking their own little volume knob and turning it down all the time 'cause they wanna fit in. And so the best thing you can do if you wanna be a personality on the internet is, like, you can't have that, 'I'm trying to fit in, turn the volume down' thing. You gotta, like, turn it up, if anything.
— Shaan Puri
Cultivating, like, an image of being, you know, a sort of a don't give an F/blunt personality has all these advantages, because people just create new rules for you.
— Shaan Puri
They didn't hack in the system. They just literally like, they catfished you, right? They basically just like trick you into giving up information, and that's how a lot of the big hacks happen is they just trick a human into giving them their password, and then they don't need to break in. It's like you gave me the keys. I can just walk right in.
— Shaan Puri
High quality AI-generated summary created from speaker-labeled transcript.
