The $70M/yr Sports Bar + Sleepy Industries Worth $100M
11 Sep 2024 (8 days ago)
Cosm: A New Immersive Entertainment Venue
- Cosm is a new company that has created venues that provide an immersive, IMAX-like experience for watching sports.
- Cosm was founded by Steve Winn, who previously founded the real estate software company RealPage.
Cosm's Business Model
- To create the venues, Winn acquired three companies: a planetarium dome manufacturer, an LED screen company, and a camera/technology company.
- Cosm, a new venue, will feature a mix of entertainment options including sports, Cirque du Soleil, art exhibits, and a space-themed experience called "orbital".
Cosm's Revenue Projections
- Cosm has 64 events scheduled for the upcoming month and is projected to generate between $4 million to $6 million in revenue from ticket sales alone.
- Including food and alcohol sales, Cosm's revenue could potentially double, reaching up to $8 million to $12 million per month.
Innovation in the Appliance Market
- Whirlpool, a publicly traded company, generated $22 billion in sales last year, with approximately half of that revenue coming from washer and dryer sales.
- LG has released a new two-in-one washer and dryer that has garnered significant attention, particularly among those interested in technology.
Innovative Stovetop Technology
- Impulse Labs has developed a technology for electric stovetops that utilizes a battery to provide a consistent and powerful heat source, addressing the limitations of traditional electric stovetops.
High-End Appliances and Cars
- Rivian and Tesla generated excitement despite low sales numbers because cars are more expensive than appliances like washers and dryers.
- The June oven, while having innovative features like a camera that recognizes food, is considered overpriced at $1,000.
SharkNinja's Success Story
- SharkNinja, a company founded in 1994, found success by innovating in the appliance market with products like vacuums and air fryers, reaching $100 million in revenue within six years.
Hexclad: A Cookware Company with Investment
- Gordon Ramsey's company, Studio Ramsey Global, invested $100 million into the cookware company Hexclad.
- Hexclad was founded in 2013 by Danny and Cole, who previously worked for a different cookware company.
Weight Watchers: A History of Transformation
- Weight Watchers was founded in 1963 after a businessman franchised the support group idea of a woman named Jean.
- Hines, a food company, acquired Weight Watchers for $71 million, which would be approximately $400 million today.
Oprah Winfrey's Influence on Weight Watchers
- Oprah Winfrey's involvement with Weight Watchers, including purchasing and selling stock, significantly influenced the company's stock price.
- Weight Watchers has 3.8 million paying subscribers, and their current subscription fee is $9.99 per month for the first nine months.
A Company with a Reputable Brand and Telehealth Acquisition
- A company with a $60 million market cap, despite significant losses, has a reputable brand and recently acquired Sequence, a telehealth business specializing in virtual prescriptions for weight loss drugs, for $100 million.
Dan's Success in Content Creation
- Dan, a content creator at Morning Brew, is praised for his YouTube video titles and thumbnails, with examples like "Can this extremely loud man make you rich" featuring Jim Cramer and "Saudi Arabia going sio mode on its Sci-Fi city state" about Saudi Arabia's wall construction.
Securing a Lunch Meeting with the Mayor
- An individual emailed the mayor of Westport, Connecticut, a town of 35,000 people, and secured a lunch meeting after mentioning their online popularity and desire to get involved in local politics.
Brick: A Device to Limit Phone Usage
- A product called Brick, which costs $49, is a 2x2 inch square made of 3D printed plastic that helps limit phone usage. , ,
- The Brick works by using NFC technology; users download an app, choose which apps are allowed, and then touch their phone to the Brick to enable or disable those apps. , ,
Brick's Emergency Override Function
- The Brick has a limited emergency override function that allows users to access their phone a set number of times before needing a new Brick. ,
Stan's Success at Facebook
- An individual named Stan was recruited by Mark Zuckerberg to work at Facebook and eventually became the head of Messenger.
Stan's Approach to Data Analysis
- Stan attributes his success to his unique approach to data analysis: instead of trying to confirm pre-existing notions with data, he lets the data tell its own story.
- This approach is illustrated with examples like the decline of Weight Watchers stock and the performance of an e-commerce store.
A Successful Individual's Data Analysis Approach
- A successful, unnamed individual's approach to data analysis involves first examining the complete dataset to understand the story it tells before forming any opinions or conclusions.
- This individual's approach to decision-making involves looking at the data objectively, without any preconceived notions or biases, and letting the data guide the decision-making process.
The Importance of Open-Mindedness in Decision-Making
- The speaker found that their team often had pre-baked answers to problems and would search for data to support those answers instead of approaching the problem with an open mind.
Decision-Making in Businesses
- Businesses with revenues between 5 million and 20 million dollars often face crucial decisions on a monthly or quarterly basis that can significantly impact their trajectory.
Ben's Collaborative Approach to Decision-Making
- Ben's collaborative approach, where decisions are discussed openly, allows for the identification of flaws in reasoning and leads to more informed choices.
Shifting Priorities in Decision-Making
- The speaker highlights a shift away from prioritizing the appearance of intelligence and towards acknowledging uncertainty, emphasizing the existence of multiple valid approaches to achieving success.
Communicating Certainty in Decision-Making
- It is important to communicate levels of certainty when making decisions with a team.
- Using the phrase "let's turn over another card" can help communicate a decision to take a step towards a goal without committing to the entire plan.
Seeking Specific Information for Better Decisions
- To gain clarity and make better decisions, it is helpful to identify and seek out specific information needed to make an informed choice.
Prioritizing Important Tasks
- To-do lists often have an "embarrassingly low number of things" that truly matter each month, perhaps only one to three items.
Sarah's Success with Stock Options
- Sarah joined companies like Airbnb and Facebook as an early employee (around employee 400 or 1000) and likely made a million dollars within four years due to stock options.