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The Biggest Startup Opportunities In 2024 | Eric Ries (The Lean Startup)

The Biggest Startup Opportunities In 2024 | Eric Ries (The Lean Startup)

15 segments available

I'm joined by Eric Ries, author of "The Lean Startup" and founder of The Long Term Stock Exchange. We talk about how to test business ideas, why businesses with a social mission will outperform those without one, and opportunities in AI. 🚀 My FREE 5 day email course to learn how to build a business of the future using the ACP funnel: https://www.communityempire.co/ 🎯 To build your own portfolio businesses powered by community you might enjoy my membership. You'll get my full course with all my secrets on building businesses, peer-groups to keep you accountable, business ideas every single month and more! Spots are limited. https://www.skool.com/community-empire-6150 📬 Join my free newsletter to get weekly startup insights for free: https://latecheckoutstudio.ck.page/ 70,000+ people are already subscribed. FIND ME ON SOCIAL Twitter: https://twitter.com/gregisenberg Instagram: https://instagram.com/gregisenberg/ TikTok: https://tiktok.com/@gregisenberga LINKS FOR THIS EPISODE Production Team: podflow.com Eric Ries's Newsletter: https://theleanstartup.com Long-Term Stock Exchange (LTSE): https://ltse.com Lean Startup Corporate Training and Events: https://leanstartup.co X: https://twitter.com/ericries LinkedIn: https://www.linkedin.com/in/eries/ LISTEN ON YOUR FAVORITE PLATFORM Spotify: https://spoti.fi/3qjUBKf Apple: https://apple.co/3KM6wrB If you enjoy the podcast, consider leaving a review to help others discover the show :) TIMESTAMPS: 00:00 Searching obituaries for businesses 01:43 Concept of AI companies being funded differently 03:46 Longevity of wrapper AI startups and platform wars 08:53 Benefits of creating viral startups 14:00 Idea of buying non-AI startups and adding AI capabilities 15:00 Approaches to quickly understand customer needs 25:00 Eric's point about companies doing the right thing 38:00 First Business Idea: Religion startup - HQ trivia meets a church 41:00 Second Business Idea: Social network for gig workers 42:00 Third Business Idea: AI accountability bots #entrepreneur #startups #businessideas

Segments Timeline

1
0:00 - 1:43
1:42 duration355 words

Obituaries as Business Strategy

Eric Ries discusses a unique startup strategy that involves monitoring obituaries to identify when vendors die, allowing new companies to step in as replacements. This segment highlights the importance of understanding customer needs and the limitations of rollup strategies in business. Ries emphasizes that while you can acquire vendors and customer relationships, true understanding of customer needs is irreplaceable.

"uh startup figured out that the only time the buyer ever switches to a new vendor is when the old vendor dies they literally wrote an algorithm that reads obituaries to find out when vendors of this t..."

2
1:43 - 3:46
2:03 duration432 words

Funding AI Startups: A New Era

In this segment, Eric Ries explains how AI companies are attracting different types of investors compared to previous tech eras. He notes the increased involvement of corporate venture firms and discusses the unique governance issues that arise with AI technologies. Ries reflects on the skepticism among AI founders towards past tech waves, emphasizing the need for responsible governance in this rapidly evolving field.

"different who's who's backing it you see a lot more involvement of corporate Venture firms um which you didn't didn't see before there's something about AI as a technology that has is getting people t..."

3
3:46 - 8:53
5:07 duration1151 words

The Longevity of Wrapper AI Startups

Ries delves into the concept of 'wrapper AI startups' that build specialized applications on top of existing AI models like ChatGPT. He discusses the potential longevity of these businesses amidst platform wars and the strategic challenges they face. The metaphor of 'picking up dimes in front of a steamroller' illustrates the risks and opportunities for startups in a competitive tech landscape.

"the of picking up di in front of the steamroller is that when you have a platform War the platforms are the Steamrollers so you're building a new platform that many many businesses are going to be bui..."

4
8:53 - 14:00
5:07 duration1148 words

Navigating the Risks of Startup Strategies

Eric Ries shares insights on the strategic risks associated with wrapper startups, emphasizing the importance of understanding customer relationships and proprietary data. He discusses how these startups can leverage their customer base to build enduring value, while also acknowledging the potential pitfalls of competing against larger platforms. This segment highlights the need for strategic foresight in the startup ecosystem.

"even did a bunch of crypto stuff he's someone who's building projects for the sake of like getting to know the techn technology and see what it can really do and to be in community with other people w..."

5
14:00 - 15:00
1:00 duration236 words

Understanding Customer Needs Quickly

In this brief segment, Ries outlines approaches for startups to quickly grasp customer needs. He emphasizes the importance of adaptability and responsiveness in the early stages of a startup, which can significantly influence its success in a competitive market.

"like that tends to work a lot better if you've proven it once and now you're going to replicate it and so yes your lawyer example of I'm going to roll up a bunch of legal Small Business Service here a..."

6
15:00 - 25:00
10:00 duration2333 words

The Social Mission Advantage

Eric Ries discusses the competitive edge that companies with a social mission have over those without. He argues that businesses that prioritize social impact are more likely to succeed in the long run, as they resonate more deeply with consumers and foster loyalty. This segment underscores the importance of aligning business goals with societal values.

"know would or advice would you give to that person the more I think about it the more I feel like legal is like one of the worst verticals to try this strategy on so we we should pick a different exam..."

7
25:00 - 38:00
13:00 duration2937 words

Innovative Startup Ideas

In this segment, Ries shares three innovative startup ideas, including a religion-based trivia app and a social network for gig workers. He explores the potential of these concepts and invites feedback, showcasing the creative process behind generating viable business ideas in today's market.

"with you know government regulations on down to like controls on every individual dollar of spending there to everything to make sure uh that it goes correctly because the company really cares and to ..."

8
38:00 - 41:00
3:00 duration631 words

AI Accountability Bots

Ries introduces the concept of AI accountability bots as a potential startup idea. He discusses the implications of such technology in ensuring responsible AI usage and governance, highlighting the growing need for accountability in the AI landscape.

"the last especially last 25 years like it's just been on such public display the cravenness the corruption the just the weakness of these companies uh and and obviously not just companies a lot of Ins..."

9
40:57 - 41:29
0:31 duration134 words

Testing Spirituality Startups

Eric Ries discusses the concept of a startup that combines spirituality with technology, emphasizing the ease of testing such ideas with early adopters. He suggests using platforms like Discord or Google Forms to pilot the idea quickly, highlighting the potential for innovation in the spiritual space.

"you know in their pocket um I think we got plenty of precedents for that that's a good idea and the nice thing I do like about this idea extremely easy to test let's just this is a a classic let's go ..."

10
41:29 - 42:06
0:36 duration132 words

Private Networks for Gig Workers

In this segment, Eric Ries proposes the idea of a private social network for gig workers, akin to a party line for Uber drivers. He acknowledges the challenges of testing this idea but emphasizes the underserved nature of gig workers and the potential for community-building among them.

"Twitter spaces for Uber drivers so it's basically a private social network for Gig workers I don't know if you know like remember like a party line where like basically a bunch of people could could h..."

11
42:28 - 43:01
0:33 duration107 words

Startup Idea: AI Accountability Bots

In this final segment, Ries discusses the concept of AI accountability bots designed to help individuals achieve their goals. He notes the growing demand for accountability in various aspects of life, including fitness. Ries hints at the ethical considerations surrounding this technology and the potential for it to become a significant market as AI capabilities improve.

"last one it's AI accountability Bots it's this thesis that you know people are generally bad at accomplishing their goals but if they have someone who holds them accountable they're more likely to do ..."

12
43:01 - 44:47
1:45 duration463 words

The Dark Side of AI Ethics

In this segment, Eric recounts a troubling experience with an AI product that exhibited inappropriate behavior. He discusses the ethical implications of AI technologies, particularly concerning user safety and the responsibility of founders to ensure their products do not harm users.

"obvious what company I'm talking about so I'll be a little bit careful but they had a an a really it was like a hot AI product this a little while ago now um and one of their investors introduced it t..."

13
44:47 - 46:01
1:14 duration314 words

Mental Health Crisis Among Founders

Eric Ries addresses the mental health challenges faced by startup founders, particularly those who experience success. He highlights the cognitive dissonance that can arise from financial success coupled with ethical compromises, urging the industry to prioritize mental health resources for founders.

"anthropomorphize anything I think it will feel a lot like having a human person helping you I don't think we're have an uncanny valley here I think these things are actually going to feel very good wh..."

14
46:01 - 48:09
2:07 duration529 words

The Illusion of Happiness in Success

In this reflective segment, Eric discusses the misconception that wealth equates to happiness. He shares insights from a study on happiness and income, emphasizing the spiritual dimension of fulfillment and the importance of addressing internal struggles rather than solely focusing on external achievements.

"Health Resources into the founder Community it's all really good but I think the underd discussed aspect of the founder Mental Health crisis is we all know that failure is really difficult but I know ..."

15
48:09 - 49:44
1:35 duration369 words

Connecting with the Community

Eric Ries invites listeners to engage with his work and the growing community interested in innovative startup ideas. He encourages entrepreneurs to connect and explore the intersection of spirituality and business, emphasizing the unique insights he shares through his platforms.

"we want from it people who are very achievement oriented what they call High agency people are nervous when I say stuff like that because they're like wait a minute you tell me I just need to sit in m..."