Podcast Summary
Exclusive peer group for millionaires and billionaires: Tiger 21 is a high-fee, exclusive network for the wealthy, offering investment strategies, portfolio insights, therapy sessions, and access to deals, generating $24M+ in annual revenue
Tiger 21 is an exclusive, high-end peer group for individuals with a minimum of $10,000,000 in investable assets. Members pay an annual fee of $30,000 and meet regularly, both digitally and in person, to discuss investing strategies, share portfolio insights, and engage in therapy-like sessions. The group, which boasts over 850 members, generates approximately $24,000,000 in annual revenue. Tiger 21 events, which have included speakers like Magic Johnson, aim to build a "who's who" network and offer members access to potential deals. The primary focus is on wealth preservation and investing, but the group also serves as a platform for therapy and networking.
Creating Successful Paid Communities in Podcasting Industry: Exclusive access to expertise, resources, and networking opportunities can drive growth and high retention rates for paid podcasting communities. Established audiences and niche markets offer opportunities for monetization beyond traditional ads.
Paid communities, like the example of Tiger 21 for millionaires, can be a successful business model for content creators, especially in the podcasting industry. These communities offer value to their members by providing exclusive access to expertise, resources, and networking opportunities. They can grow quickly if an audience is already established, and they often have high retention rates. However, creating and growing a paid community requires more effort than traditional ad-supported models. The HubSpot 2,024 State of Marketing report is a valuable resource for staying informed about marketing trends and optimizing strategies. Additionally, there's an opportunity for podcasts catering to specific niches, like financial education or entrepreneurship, to create paid communities and monetize their audiences beyond traditional advertising.
Starting and running a paid community: Aligning interests, minimal upfront capital, profitability, high churn, retention challenges, scalability hurdles, successful examples like Aventa, careful planning and execution
Starting and running a paid community can be an enjoyable experience if the community's interests align with yours. These communities don't require significant upfront capital and can be profitable due to their lean teams. However, there are cons to consider. Churn, or member turnover, can be high, especially if the community is small and relies on monthly fees. Retention can also be a challenge, particularly in communities that value close-knit connections and exclusivity. The scalability of these communities can also be a hurdle, as adding more members can dilute exclusivity and make the community noisier. Despite these challenges, there are successful paid communities, such as Aventa, which caters to Fortune 500 and Fortune 100 executives, and has over 18,000 participating members. Building a successful community requires careful planning and execution, and understanding the unique needs and dynamics of your community.
Learning from C-Level Executive Communities: Building a successful community for C-level executives involves careful planning, effective outreach, and a clear value proposition. It can generate substantial sponsorship revenue through exclusive events and valuable networking opportunities.
There are various executive roles in organizations, such as a CFO (Chief Financial Officer), HRO (Human Resources Officer), and CDO (Chief Data Management Officer), each with significant responsibilities. One intriguing community, Tiger 21, caters to C-level executives, offering exclusive events for them to network and learn from each other. These events attract high-profile attendees, leading to substantial sponsorship revenue. To replicate this model, one would need to effectively cold call or cold email potential members, making the approach seem personalized and legitimate. Another community, Vistage, operates similarly, inviting CEOs to join their network for monthly meetings. The membership fee is substantial, but the exclusivity and potential networking opportunities can be valuable. Another potential opportunity lies in niche communities, such as Soul Savvy, which caters to sneaker enthusiasts. While the membership fee is lower, the community's unique focus could make it an attractive option for businesses looking to target a specific demographic. Overall, building a successful community requires careful planning, effective outreach, and a clear value proposition for members.
Community-based businesses thrive on member passion and income potential: Entrepreneurs can create thriving businesses by understanding the financial incentives and passionate audience size in niche communities
The success of a community-based business relies heavily on the passion of its members and their ability to generate income. A prime example of this is SoulSaver, a Slack group for sneakerheads with a focus on insider information and access to exclusive drops. The business model has gained traction due to the high demand and financial potential within the sneaker community. However, scaling such a business can be challenging as the value proposition diminishes with an increasing number of members, all vying for the same limited resources. To build a successful community-based business, it's crucial to consider the revenue potential for members and the size of the passionate audience. This concept is not limited to sneakerheads but also applies to other niches such as stock trading, NFTs, and crypto. By understanding the financial incentives and the size of the passionate audience, entrepreneurs can create a thriving community-based business.
The value of a pay community lies in its members' influence and engagement: Pay communities can generate revenue and offer unique benefits due to their members' large numbers, shared experiences, and influence.
The value of a pay community lies not only in the potential revenue it can generate but also in the clout and influence of its members. For instance, bringing together CMOs of various companies can lead to significant benefits, even if direct revenue isn't the primary goal. Nurses, as an example of a potential demographic for such a community, have the potential to create a successful and valuable group due to their large numbers, shared experiences, and sense of camaraderie. The success of a community like the private "nurse life RN" Instagram page, which has over 1,200,000 members, demonstrates this potential. The community's leader has partnered with a nurse shoe brand, Bala Shoes, and has gained equity and a monthly income from the partnership. If a company like Incredible Health wanted to access this engaged and trusting community, they would likely pay a significant amount. Communities can also create job boards or other ventures, further increasing their value. The recent Sheets Con event, which attracted 67,100 sign-ups, is another example of the potential of niche communities. In summary, the value of a pay community lies in the collective influence and engagement of its members.
Profitable Niche Paid Communities: Creating a paid community in a niche field can offer unique networking, tools, and salary info, potentially generating a non-9 to 5 income of $10,000 a month.
Niche, high-end paid communities can be highly profitable businesses, particularly in areas where insider knowledge is needed and information is hard to find online. Excel and advanced engineering concepts are examples of such areas. These communities can provide value by offering unique networking opportunities, sharing tools and tactics, and providing access to salary information and job opportunities. Success stories include Teachable's Excel community and David Spinks' community for community professionals. These communities can be particularly beneficial for underappreciated and underpaid professionals in niche fields who feel the need to level up. Creating a paid community can be a viable path to a non-9 to 5 income of $10,000 a month.
Creating a niche community as a side hustle: Building a niche community can generate revenue with minimal effort by providing value to members and securing sponsors. Choose the right group and have an edge to succeed.
Building a niche community can be an effective and achievable side hustle. The members provide value to each other, and the work required is not extensive if you choose the right group and have an edge. The downside is that these communities may not be able to scale to extremely large sizes, but that's not the primary goal. For instance, creating a community for e-commerce store owners with a revenue threshold can be successful. By providing value to the members and securing sponsors, you can generate revenue with minimal effort. For example, the "Club LTV" community, which requires members to have a minimum revenue of $100,000 a month, has one sponsor paying $5,000 a month. The time commitment is minimal, with only an hour of prep and 90 minutes of event time per month. Additionally, creating a fun and engaging atmosphere, like securing cameos from rappers, can make the community more appealing and memorable.
Effective business strategy: Building and nurturing a community: Provide value, facilitate connections, attract sponsors, and regularly evaluate community alignment. Optimize for value, not size, and assess actions driven by genuine desire or inertia.
Building and nurturing a community can be an effective and profitable business strategy. By providing value to members and facilitating connections, a community can attract sponsors willing to pay significant fees for access. The effort required to maintain the community can be minimal, especially if the focus is on optimizing for value rather than size. However, it's essential to regularly evaluate whether the community aligns with your goals and whether you would start it again from scratch given the chance. Additionally, inertia can be a significant factor in keeping us engaged in activities, both positive and negative. It's essential to periodically assess whether our actions are driven by genuine desire or simply inertia.
Evaluating Motivation and Breaking Inertia: Ask if you'd continue a project if it ended suddenly and consider new drastic steps to break the pattern and pursue opportunities that truly align with your goals and passions.
It's essential to evaluate whether our actions are driven by genuine conviction or inertia. The speaker shares his experience of selling his company, reflecting on whether he would still be pursuing the opportunity if he wasn't already involved. He suggests asking oneself if one would continue the project if it ended suddenly and if one would call the same people for the next venture. These questions can help determine if one is working on the right project with the right people. Another crucial aspect is taking drastic steps to break the pattern and create new momentum. The speaker advocates for burning bridges, such as quitting jobs or moving to another city, to force a change. Additionally, starting with small steps can help overcome the resistance to starting something new. The speaker emphasizes the power of decisions and the importance of cutting off other possibilities when making a choice. Ultimately, these strategies can help individuals overcome inertia and pursue opportunities that truly align with their goals and passions.
Burning the boats for victory: Creating forcing functions or making irreversible decisions can help us overcome inertia and achieve our goals effectively. External motivators like hiring a chef or signing up for a competition can be useful, but aim for internal motivation and good habits for lasting change.
Making irreversible decisions or creating forcing functions can help us achieve our goals more effectively. This concept is illustrated in the story of a general burning the boats to ensure his soldiers' victory. Similarly, we can apply this principle in our own lives by making drastic decisions or setting up consequences that make it difficult to continue with undesirable habits or behaviors. For instance, hiring an expensive chef to help us lose weight or signing up for a competition to force us to exercise regularly. These external motivators can help us overcome inertia and make decisions that align with our goals. However, it's essential to aim for internal motivation and build good habits to create lasting change. The ultimate goal is to make inertia a thing of the past and take control of our lives.
Don't let fear hold you back: Assessing life areas, lion analogy, fear vs real risk, pursuing dreams, living on our terms
Taking risks and making drastic changes in life can lead to a more fulfilling and non-mediocre existence, despite the fear that comes with it. The speaker uses the analogy of a lion in the room to emphasize that most of the time, the things we're afraid of aren't as dangerous as we think. The real risk is settling for a mediocre life. It's important to assess if there are areas in our lives where we're just going through the motions and not actively choosing our path. The speakers also mention the possibility of starting a Q&A segment for their podcast and invite listeners to call in with their questions. They also mention an interview with Dave Selinger, the founder of Deep Sentinel, which they'll leave as a bonus episode. Overall, the message is to not let fear hold us back from pursuing our dreams and living a life on our terms.
From watching threats to preventing crimes: AI technology and human intervention combine to provide affordable and effective security solutions for individuals and businesses
Traditional security systems, like cameras, have their limitations. A friend of the speaker pointed out that just watching potential threats is not enough, leading the speaker to create a company that turns cameras into an affordable crime prevention solution. Deep Senegal, as the company is called, uses AI technology and a team of security guards to monitor multiple properties at once, making security more accessible for individuals and businesses. The company currently has around 25 security guards and serves both residential and commercial clients. The speaker was intrigued by the idea of integrating human intervention into a tech product and pondered how to scale this concept further and explore other applications for this business model.
Combining technology and human intervention for effective security: Deep Sentinel's human-in-the-loop model transforms regular guards into 'superguards' using AI to filter events and keep them engaged, offering a cost-effective solution between traditional alarm and guard services in various industries.
Deep Sentinel's approach to security combines technology and human intervention, creating a more effective and engaging solution. By utilizing AI to filter events and send relevant clips to guards, regular guards are transformed into "superguards," able to monitor multiple properties at once. This model, known as "human in the loop," keeps guards engaged and alert, reducing the likelihood of falling asleep on the job. This approach is already being used in industries like cybersecurity and medical telehealth. Deep Sentinel aims to expand this technology to various sectors, including apartment buildings, elderly care, and hotels, at a significantly lower cost than traditional guard services. The market for this service is substantial, with the alarm industry valued at $20 billion and the guard industry at $20-30 billion. However, there has been no solution in the price range between $100 a month and $10,000 a month, indicating a vast untapped demand.
Traditional vs Modern Security Solutions: Modern technology-driven security solutions are more cost-effective and efficient than traditional methods, with verified alerts saving valuable time and resources for law enforcement
Traditional security methods, such as having a guard make rounds for $3,000 a month, can be significantly more expensive and less effective than modern technology-driven solutions. For instance, a service providing 24/7 monitoring for $1,000 a month would be a more cost-effective and efficient alternative. Furthermore, the importance of proper protocols and effective communication between security personnel and law enforcement cannot be overstated. Traditional security companies often face issues with false alarms, leading to a significant waste of police resources. In contrast, modern security solutions like Deep Sentinel ensure that calls to the police are 100% verified, saving valuable time and resources for law enforcement agencies.
Deep Sentinel stops 15-20 crimes daily with human-in-the-loop service: Deep Sentinel thwarts 15-20 crimes per day, providing victims with a sense of safety and power through shared footage, and extends free use of the system to victims of heinous crimes. Opportunities lie in securing construction yards and modernizing cash payment processes.
Deep Sentinel, a San Francisco-based security company, is making a significant impact by stopping approximately 15 to 20 crimes per day through their human-in-the-loop service. These crimes range from package theft to assault. The company has a strong online presence, including a YouTube channel and a new TikTok account, where they share "stopped video" footage of thwarted crimes. The appeal of these videos lies in giving victims a sense of power and safety in their own homes after experiencing crime. Deep Sentinel also reaches out to victims of heinous crimes and offers them free use of the system. Opportunities in the security space include securing construction yards, which often have large assets with minimal security, and addressing the seemingly outdated practice of physically moving cash for payment.
Risks of the physical world and potential for innovation: Real-world risks like moving paper, car lot theft, and mail theft can be mitigated through digitization and automation, leading to improved efficiency and safety.
The physical world presents significant risks and inefficiencies that can be mitigated through digitization and automation. The discussion touched upon the risks associated with moving paper around in business, the theft of catalytic converters at car lots, and the unusual pattern of mail theft driven by the production of methamphetamine. These issues highlight the potential for innovation to address real-world problems and improve our daily lives. The speaker's personal experience with Amazon and the creation of Deep Sentinel further emphasizes the importance of embracing technology to address these challenges.
Impact of Technology Companies and Redfin's Innovations: Redfin's use of AI and human oversight creates 'super services,' disrupting traditional industries and providing innovative solutions.
Technology companies, like Redfin, can have a significant impact on people's lives while also providing innovative solutions in various industries. The discussion highlighted Redfin's invention of interactive mapping and the transformation of their business model through AI and human oversight. This approach, referred to as "super services," allows for efficient scaling of services that were previously unachievable. The speaker expressed admiration for his friend's early investment in Redfin and shared his interest in their current funding round. He emphasized the importance of understanding the true value of a company beyond market cap and revenue, and the potential for disrupting traditional industry giants. The human connection and trustworthiness of the Redfin security service was also noted as a key differentiator.
The Ineffectiveness of Traditional Security Methods: Privatized surveillance through technology allows individuals to monitor and protect their property in real-time, enhancing safety and liberty.
The traditional methods of securing properties and valuables, such as guards, alarms, and physical barriers, are outdated and inefficient. The speaker emphasizes the story of an elephant escaping a zoo due to a sleeping guard as a symbol of the ineffectiveness of these methods. He proposes a solution where surveillance is privatized and focused on protecting individual property, reducing the risk of a "big brother" surveillance state. The use of technology, such as notifications on smartphones, allows individuals to monitor their property in real-time and feel safer. The speaker's company, DeepSendBull, offers such a solution, and the individual's ownership and control of their own protection is seen as a deep principle of American liberty. The speaker expresses his excitement about the opportunity to provide this service to customers and feels appreciated for being a part of it.
