How to Make Millions by Unbundling Etsy | My First Million #207

Industry Giants

The elevator industry is dominated by four major players: Otis, Schindler, Kone, and Mitsubishi, who collectively control a vast majority of the market. Sam Parr notes that these companies operate similarly to car manufacturers, offering long-term contracts that can be complex to manage 1. This complexity often leads businesses to hire entire teams just to manage their elevator contracts, highlighting the industry's intricate nature. Shaan Puri adds, "Otis, Schindler, and Kone each generate billions in revenue, showcasing the massive scale of this industry." 2

   

New Models

New business models are emerging to disrupt the traditional elevator market, focusing on management and efficiency. Companies like We Maintain offer a subscription-based service to manage elevators, negotiating with major players like Otis on behalf of clients 2. Sam finds this approach fascinating, as it resembles models like TurboTax, where fees are based on savings achieved. Shaan remarks, "It's a no-risk proposition for clients, as they only pay from the savings we secure for them." 3