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August 23, 2024 • 1hr 1min
Jack Smith On Biohacking, 2 Easy Business Ideas, PLUS Why Procrastination Is Good
My First Million
In this episode of My First Million, Sam Parr and Shaan Puri talk to Jack Smith about biohacking experiments, business ideas, and lessons learned from successful startups. Jack shares insights from his experience building and selling Vungle for $750 million, as well as observations from other successful founders he's interacted with.
The conversation covers a wide range of topics including anti-aging treatments, medical tourism, the importance of market selection for startups, allowing time for ideation, recognizing true product-market fit, and finding purpose in your work. Throughout the discussion, the hosts and guest share personal anecdotes and lessons learned from their entrepreneurial journeys.
Jack Smith On Biohacking, 2 Easy Business Ideas, PLUS Why Procrastination Is Good
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Key Takeaways
- Project selection is critical for entrepreneurial success - Choosing the right market and opportunity is often more important than execution or team
- Look for "starving crowds" - Markets with high demand and urgent needs are more likely to lead to success
- Allow time for ideation and exploration - Don't rush into executing on the first idea; take time to consider different options
- True product-market fit feels like "stepping on a landmine" - Overwhelming demand is a sign you've found a great market opportunity
- Balance intense work with periods of rest and reflection - Alternating between focused execution and relaxed exploration can lead to better ideas and prevent burnout
- Consider your unique skills and how they can serve others - Finding alignment between your talents and societal needs can lead to fulfilling work
Introduction
In this episode of My First Million, Sam Parr and Shaan Puri talk to Jack Smith about biohacking experiments, business ideas, and lessons learned from successful startups. Jack shares insights from his experience building and selling Vungle for $750 million, as well as observations from other successful founders he's interacted with.
The conversation covers a wide range of topics including anti-aging treatments, medical tourism, the importance of market selection for startups, allowing time for ideation, recognizing true product-market fit, and finding purpose in your work. Throughout the discussion, the hosts and guest share personal anecdotes and lessons learned from their entrepreneurial journeys.
Topics Discussed
Biohacking and Anti-Aging Experiments (0:00)
Jack discusses his interest in biohacking and anti-aging treatments, sharing some of the experimental therapies he's tried:
- Shockwave therapy for improving nighttime erections
- "Energy Enhancement System" - a controversial treatment involving sitting in a room with computer monitors that supposedly creates an "energy vortex"
- Various supplements and treatments costing up to $50,000
The hosts express skepticism about many of these treatments, questioning the scientific validity and credibility of anti-aging "gurus". Jack acknowledges that most treatments don't have noticeable effects, but argues that experimenting can occasionally lead to discovering impactful interventions.
Business Idea: Mobile Dexa Scan Service (12:28)
Jack proposes a business idea inspired by Body Spec, a mobile Dexa scan service in the US:
- Concept: Offer affordable, convenient Dexa body composition scans from a mobile van
- Target market: Fitness enthusiasts, athletes, people tracking body composition
- Business model: Partner with gyms and fitness centers, rotate locations
- Startup costs: Approximately $50,000 for a used Dexa machine, plus a van
- Potential: Expand to multiple cities/countries where this service isn't widely available
The hosts discuss the appeal of this idea, noting the growing interest in health tracking and optimization.
Medical Tourism and Health Screening Services (25:30)
The conversation shifts to discussing companies offering comprehensive health screenings and medical tourism:
- Prenuvo: Full-body MRI scans for early disease detection
- Q Bio: Comprehensive health assessments using various technologies
- Medical tourism: Traveling to other countries for more affordable medical procedures
Shaan shares his experience getting a Prenuvo scan and expresses some skepticism about the effectiveness and scientific validity of these services. Jack notes that despite concerns, there are anecdotes of these scans detecting serious health issues early.
Balancing Intense Work and Rest (32:06)
Jack introduces the concept of "anti-beast mode" as a counter to the intense work ethic often glorified in startup culture:
- Recognizing the importance of balance and avoiding burnout
- Allowing time for rest, reflection, and ideation
- Understanding that different approaches work for different people and life stages
The hosts discuss their own experiences with intense work periods and the need for recovery time. They note that while some people like MrBeast can sustain extremely intense work schedules, this approach isn't sustainable or desirable for everyone.
Why Smart People Have Bad Ideas (39:10)
Shaan discusses an essay by Paul Graham titled "Why Smart People Have Bad Ideas", highlighting key points:
- Many founders rush into working on the first idea they have without proper consideration
- It's valuable to spend time exploring different ideas before committing
- Project selection is often more important than execution for determining success
- Examples of successful founders who initially worked on less promising ideas before finding their big success
The group reflects on their own experiences with choosing projects and markets, acknowledging times they pursued ideas that weren't well-suited to the market opportunity.
Hunting for Starving Crowds (45:40)
Shaan shares a business school anecdote about the importance of finding "starving crowds" - markets with high demand and urgent needs:
- A great market can make up for weaknesses in other areas (team, product, etc.)
- Look for opportunities where customers are actively seeking solutions
- Success is much easier when there's strong market pull for your product/service
Jack relates this to his experience with Vungle, noting that they benefited greatly from being in the right market (mobile advertising) at the right time.
AppLovin Origin Story (49:27)
Shaan recounts the origin story of AppLovin (a $28 billion mobile advertising company) as told to him by his co-founder Furkan, who was previously CTO there:
- Initial team was reduced to core founders to find the right idea
- Cycled through multiple ideas, allowing time for ideation and exploration
- Weren't afraid to take days off to play FIFA when uninspired
- Eventually landed on mobile advertising based on founders' previous experience
- Rapid execution once they found the right opportunity
This story illustrates the value of patience in finding the right idea and the importance of founder-market fit.
Recognizing True Demand (54:20)
Shaan shares an anecdote about young founders he mentored who experienced overwhelming demand for their product:
- Created a marketplace for unused GPU capacity from crypto miners
- Received thousands of sign-ups overnight from a single Reddit post
- Described the experience as "stepping on a landmine" of demand
This story helped Shaan recognize what true product-market fit looks like, contrasting it with the more tepid response he'd experienced with his own ventures.
Book Recommendation (56:03)
Jack recommends "The Seven Spiritual Laws of Success" by Deepak Chopra, highlighting key ideas:
- Everyone has a unique purpose and set of skills to serve society
- Finding fulfillment by aligning your talents with service to others
- Spending time in nature and quiet reflection can help reveal your purpose
Jack relates these concepts to his current work on a digital detox center, explaining how it aligns with his experiences, skills, and desire to help others.
Conclusion
This wide-ranging conversation touched on several key themes for entrepreneurs:
- The critical importance of market selection and finding opportunities with strong demand
- Balancing intense work with periods of rest, reflection, and exploration
- Recognizing true product-market fit and the feeling of overwhelming demand
- Finding purpose by aligning your unique skills and experiences with ways to serve others
The discussion emphasized that while execution and team are important, choosing the right market and opportunity often has an outsized impact on a startup's success. The hosts and guest shared personal experiences that highlighted the value of patience in finding the right idea, as well as the importance of allowing time for ideation and exploration rather than rushing into execution.
Ultimately, the episode provides valuable insights for entrepreneurs at various stages, from those just starting out to experienced founders looking for their next opportunity. It encourages listeners to think critically about market selection, to remain open to new ideas, and to seek alignment between their skills and meaningful ways to create value for others.