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Published Jul 21, 2021

A Breakdown of Trendy New Businesses & Boring 9 Figure Businesses | My First Million #202

Sam Parr and Shaan Puri dive into the evolution of content strategies and the rising trends in the wellness sector, while also examining groundbreaking business models like class sneakers and ephemeral tattoos, along with Pantone's influence in the color industry.
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Episode Highlights

  • Classics Reimagined

    The discussion on reimagining classic businesses highlights the potential of transforming traditional products into modern status symbols. and explore the idea of class sneakers as an innovative twist on the classic class ring, suggesting that custom sneakers could become a new trend among students 1. Shaan proposes using affordable base models like Air Force Ones and customizing them with school colors and personal touches, potentially creating a lucrative market 2. Sam reflects on the enduring success of companies like Jostens, emphasizing the value of being the "boring default" in a market 3.

    If you're the boring default, it's such a good position to be in.

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    The conversation underscores the importance of innovation in maintaining relevance and capturing new markets.

       

    Ephemeral Tattoos

    Ephemeral tattoos are revolutionizing the tattoo industry by offering temporary body art that expands the market's reach. discusses the potential of biodegradable ink that fades after a year, allowing for a less permanent commitment 4. This innovation opens up the tattoo market to a broader audience, including those hesitant about lifelong tattoos 5. Sam expresses enthusiasm for the concept, noting that it allows individuals to experiment with tattoos without the long-term consequences.

    You're just increasing the size of the addressable market for tattoos, which is smart.

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    The idea of ephemeral tattoos represents a significant shift in consumer behavior and market dynamics.

       

    Color Innovations

    The color industry is experiencing strategic innovations, particularly through the operations of Pantone. explains how Pantone's color matching system has become a global standard, generating over $100 million annually by selling color guides to various industries 6. The company has expanded its influence by partnering with firms to create standards for taste and smell, further solidifying its authority in the sensory space 7. Sam highlights the fun aspect of these innovations, noting how they intersect with cultural trends and marketing strategies.

    Naming of a color and somehow a private company owns that, which is insane.

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    These developments illustrate the power of establishing a universal language in business.

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