6 Retro Business Ideas That Could Be As Big As LEGO ($11.8B)
Jan 31, 2024
01:09:57
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Shaan Puri and Sam Parr discuss retro business ideas for adults, such as LEGO for adults, Tamagotchis for millennials, and easier Rubik's Cubes. They also explore the potential of candle pouring kits, the fascinating legacy of BrickLink, and the success of fan-driven businesses like Rebrickable.
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Quick takeaways
Businesses catering to adult Lego enthusiasts can be lucrative by tapping into nostalgia and bonding without screens.
Building businesses for passionate fan communities should focus on authenticity and slowly providing value.
The concept of a reverse funnel can lead to long-term success by identifying and building strong relationships with core, engaged users.
Deep dives
Passionate niche audiences in the Lego community
The podcast explores the passionate and often overlooked niche audiences within the Lego community. It highlights businesses that cater to adult Lego enthusiasts, such as Lego techniques, and discusses the growing trend of adults engaging in kid-oriented activities. The podcast emphasizes the importance of bonding without screens, experiencing nostalgia, and finding relaxation through activities like Lego building and other similar hobbies.
Successful businesses built around passionate fan communities
The podcast explores the success of businesses that cater to passionate fan communities, such as fan fiction platforms like Wattpad. It highlights how these businesses tap into the deep passion and loyalty of their audience, creating moats that are hard to compete with. The podcast suggests that these types of businesses should be built slowly and authentically, focusing on providing value to the passionate fans rather than trying to grow too quickly. It also discusses the challenges and benefits of building businesses for niche audiences.
The power of building a reverse funnel and finding your core audience
The podcast discusses the concept of building a reverse funnel, where businesses focus on finding their most passionate and engaged users first, and then expanding outward. It highlights the importance of identifying the hardcore fans who will provide valuable feedback and help improve the product. The podcast emphasizes the benefits of catering to and building strong relationships with these core users and suggests that this approach can lead to long-term success and a thriving community.
The success of a Lego marketplace website
There is a website called Rebrickable where Lego enthusiasts can buy and sell custom Lego creations. The website, started by an engineer named Nathan, has grown significantly since its inception in 2010. In 2023, the website had 11 million users and generated about $5 million in revenue. Rebrickable has become a thriving marketplace for Lego fans to share and sell their own creations, creating a strong community of passionate users. Lego eventually acquired Rebrickable to continue its traditions and authenticity.
The story of Bricklink and its unique journey
Bricklink is another website that allows users to buy and sell Legos. Started in 2000 by a man named Dan Jezak, Bricklink initially faced challenges after Dan tragically passed away and his mother and stepfather took over the website without even knowing how it was run. With the support of the community, they managed to keep the website thriving for three years until it was eventually bought by billionaire J Kim. J Kim, who also owns a popular crypto exchange, recognized the value of Bricklink and acquired it. Eventually, Lego purchased Bricklink to preserve its traditions and maintain its strong community of Lego enthusiasts.
Episode 545: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) brainstorm $100M retro business ideas: LEGO for adults, Tamagotchis for millennials & MORE.
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Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.