M
My First Million
March 11, 2026

The Simplest Way To Make $1,000,000 Isn't Starting A Business (it's working in one of these 10)

Quick Read

Discover 'Sarah's List'—a curated selection of high-growth companies where joining as an employee, rather than a founder, offers a clear path to significant wealth through equity appreciation.
Strategic employment in established, high-growth companies can yield significant wealth through equity.
Don't shy away from 'obvious winners'; they often continue to grow exponentially.
AI and deep tech sectors offer unique opportunities for both founders and employees in specialized niches.

Summary

The hosts and guests revisit 'Sarah's List,' a concept inspired by Sam Parr's wife, Sarah, who made a million dollars by joining Airbnb as employee 3,000 and benefiting from stock appreciation. The episode identifies companies with existing market dominance and significant upside potential, particularly in tech, where employees can leverage stock packages and strong benefits. The discussion covers diverse sectors from AI-driven construction and space manufacturing to fintech infrastructure and specialized B2B publications, emphasizing that obvious winners often continue to outperform expectations.
This analysis provides a practical framework for individuals seeking wealth creation through employment, highlighting specific companies and industry trends that offer substantial equity upside. It challenges the conventional startup founder narrative, suggesting that strategic employment in established, high-growth companies can be a more reliable and less risky path to financial success, especially in dynamic sectors like AI and deep tech.

Takeaways

  • Joining an established 'winner' company, even as a later employee, can lead to substantial wealth through stock appreciation.
  • The biggest mistake is not investing time or money in obvious winners due to perceived limited upside.
  • Companies in AI-driven construction, space manufacturing, AI music, wellness fintech, and specialized B2B analysis offer high growth potential.
  • The 'SAS apocalypse' is an overblown market reaction, presenting opportunities in undervalued software companies.
  • Deep industry experience and a focus on core capabilities, rather than hype, are critical for long-term success in complex sectors.

Insights

1Zuru Tech (Dreamcatcher): AI-Driven Modular Home Construction

Zuru Tech, founded by New Zealand's wealthiest man, Nick Mowbray, is leveraging AI and advanced manufacturing to revolutionize home construction. Their 'Dreamcatcher' platform allows users to describe a home, which then generates designs, integrates building codes and terrain data, and sends subcomponents for robotic manufacturing in China. This approach promises to make home building more than 10 times cheaper, addressing a sector largely untouched by technology.

Nick Mowbray's track record with Zuru (third biggest toy company, fastest-growing diaper brand) demonstrates manufacturing prowess. The company is buying lots in LA to build multi-million dollar homes using this method, with a demo showing AI-rendered walkthroughs and factory-built components.

2Varda Space Industries: In-Space Manufacturing & Return

Varda Space Industries, led by Delian Asparouhov and former SpaceX engineer Will Bruey, manufactures products in space and returns them to Earth. They partner with SpaceX to launch capsules that create zero-gravity manufacturing environments for growing crystals, drugs, heart tissue, and specialized fibers. This multi-decade project aims to capitalize on falling launch costs and the unique properties of space manufacturing for biomedical and defense applications.

Varda, valued at $726 million, has 150 employees and has already launched and retrieved multiple capsules. Their 'anti-hype' approach focuses on developing core capabilities of sending and returning items from space, a difficult feat few companies achieve.

3Sunno: AI Music Creation for the Masses

Sunno is an AI-powered platform that enables anyone, regardless of musical talent, to create music by 'vibe coding' or providing lyrics. The company has rapidly scaled to $300 million in ARR and is valued at $2.5 billion. Its potential market is vastly larger than traditional music creators, as it democratizes music production and is positioned to become a significant part of culture.

Sunno has 2 million users compared to SoundCloud's 40 million traditional creators, indicating massive untapped market potential (10-50x). The platform is addictive, allows for remixing, and has a discovery platform. Its specialization in AI music helps it avoid direct competition from larger AI models like OpenAI.

4TrueMed: Health & Wellness Fintech Infrastructure

TrueMed, founded by Justin Mares, integrates compliant HSA/FSA payment options into online checkouts for health and wellness products (e.g., peptides, smart beds, supplements). It acts as an 'index fund for wellness,' benefiting from the overall growth of the health trend by taking a meaningful cut of transactions. The company enables consumers to purchase preventative health products with pre-tax dollars, driving incremental sales for merchants.

TrueMed's model allows consumers to use tax-advantaged accounts for wellness products, which is a strong economic incentive. The company has strong tailwinds from the growing wellness industry and is praised for its mission to make preventative health more accessible.

5HubSpot (and SaaS): Undervalued Enterprise Software

HubSpot, a $3 billion revenue company with a $14 billion market cap, represents a broader opportunity in enterprise SaaS. Despite market fears ('SAS apocalypse') and concerns about AI impacting seat-based models, companies like HubSpot are fundamentally strong and deeply integrated into businesses. Their current valuations (e.g., 3x revenue) are considered an overreaction, offering significant upside as market sentiment shifts and they integrate AI capabilities.

HubSpot's stock peaked at $900, dropped to $200, indicating an overcorrection. Small businesses, like a roofing company, will not build their own CRMs, ensuring continued demand. Existing SaaS companies like Zendesk and Intercom have successfully integrated AI features, generating hundreds of millions in ARR, proving that incumbents can leverage AI rather than be disrupted.

6SemiAnalysis: Niche B2B AI/Semiconductor Research & Fund

SemiAnalysis is a specialized publication and research firm that provides in-depth analysis of semiconductor and AI infrastructure buildouts. They offer detailed models on data center progression, inference costs, and chip performance to hedge funds, banks, and hyperscalers. The company is expanding into launching a fund and credit ratings, positioning itself as the 'Moody's' of the AI/semiconductor industry.

Led by Dylan Patel, SemiAnalysis provides highly knowledgeable insights into GPUs, megawatts, and scaling issues, drawing from satellite data and extensive research. They have a staff of 50 analysts and generate tens of millions in revenue. The comparison to Moody's, an $80 billion business that started by rating railroad investments, highlights the long-term potential in a capital-intensive, complex industry like AI infrastructure.

7Harvey: AI Software for Law Firms

Harvey is an AI software solution specifically designed for law firms, focusing on text-heavy legal work like writing, reading, and summarizing documents. It addresses the bespoke workflows, compliance, and security needs of the legal industry, offering a purpose-built tool superior to general AI models like ChatGPT for legal applications. The company is rapidly gaining adoption among top law firms.

Harvey has approximately 1,000 customers, including half of the top 100 US law firms, generating $200 million in revenue. Its average contract value is $190,000, akin to hiring an additional lawyer. The legal field, with its reliance on text and specific workflows, is a perfect candidate for AI leverage, potentially transforming the economics of law firms and even increasing litigation volume.

8Send Cut Send: Automated Custom Parts Manufacturing

Send Cut Send allows engineers to upload CAD files and quickly receive custom-made parts using software automation for fast quoting and production. This bootstrapped company has scaled to over $100 million in annualized revenue, aligning with the trend of re-industrialization in America. Its focus on speed and ease of use addresses a critical pain point in manufacturing, where traditional shops are slow and unresponsive.

The founder, Jim, built the company independently, demonstrating profitability and scalability from day one. Send Cut Send serves as an 'index' for hard tech companies (e.g., drone companies) that all require custom parts, providing a stable business in a capital-intensive sector.

9Column Bank: Fintech's Underlying Infrastructure

Column Bank, founded by Plaid's co-founder, is a fintech company that acquired a bank and now provides the underlying banking infrastructure for neo-banks and fintech platforms like Mercury, Ramp, and Brex. It eats up the bottom two layers of the banking stack (banking as a service provider and chartered bank), offering easy-to-use APIs and robust services. The founder's deep experience in fintech provides an unfair advantage in this space.

The founder invested $60 million of his own money to acquire a bank. Column Bank is projected to do $200 million in revenue by 2026. Its model allows fintech companies to focus on customer-facing services while Column handles the complex banking backend, benefiting from the overall growth of the fintech ecosystem.

Bottom Line

The 'Elon Musk' of toys and homes: Nick Mowbray's Zuru Tech combines manufacturing genius with AI to disrupt the housing market, building multi-million dollar homes at a fraction of the cost by treating them like factory-produced iPhones.

So What?

This demonstrates that deep manufacturing expertise, combined with cutting-edge AI, can tackle 'hard tech' problems that software-only founders struggle with, opening up massive markets like housing to unprecedented cost reductions.

Impact

Look for founders with a proven track record in complex hardware/manufacturing who are now applying AI to traditional, underserved industries with large TAMs.

Varda Space Industries' 'anti-hype' strategy in the space industry, focusing on core capabilities of in-space manufacturing and return, rather than chasing speculative trends.

So What?

In hype-driven sectors, companies that prioritize fundamental engineering and demonstrable results over marketing narratives often build more sustainable and valuable businesses, especially when supported by falling infrastructure costs (e.g., SpaceX launches).

Impact

Identify deep tech companies that are 'grounded,' have strong engineering leadership, and are quietly achieving difficult milestones in capital-intensive sectors, rather than those with inflated valuations based solely on future promises.

Sunno's positioning as the 'front door' to AI music, similar to ChatGPT for LLMs, allows it to thrive by democratizing creation without directly competing with major AI labs or established music distributors.

So What?

Specialized AI applications that simplify complex creative processes for a mass audience can achieve rapid adoption and high revenue, especially if they avoid the 'main warfront' of general AI model development.

Impact

Seek out AI companies that are building user-friendly interfaces and specialized workflows on top of foundational AI models, targeting specific creative or productivity niches with massive untapped user bases.

SemiAnalysis is building a 'Moody's for AI infrastructure,' combining deep technical analysis with financial products (fund, credit ratings) in a rapidly evolving, capital-intensive industry.

So What?

This model demonstrates how highly specialized, expert-driven B2B media and research can evolve into multi-billion dollar financial services entities by providing critical, actionable intelligence to institutions and investors in new, complex markets.

Impact

Identify niche, expert-led publications or research firms in emerging, capital-intensive tech sectors (e.g., biotech, quantum computing) that have the potential to expand into financial products, leveraging their unique data and insights.

Harvey's success in legal AI stems from capturing 'labor spend' rather than just selling software, indicating a shift in how AI value is measured and monetized in professional services.

So What?

AI's true disruptive potential in professional services lies in its ability to replace or augment human labor, leading to much larger market opportunities than traditional software sales. This can transform billing models and firm economics.

Impact

Look for AI solutions in other professional services (consulting, accounting, design) that aim to capture a portion of existing labor costs, not just provide incremental software features, and have the potential to scale across many firms.

Opportunities

AI-Powered Modular Home Construction

Develop a platform that uses AI to design homes, integrate local building codes and terrain data, and then automates the manufacturing of subcomponents in highly efficient factories. Focus on significantly reducing construction costs and speed.

Source: Zuru Tech (Dreamcatcher)

In-Space Manufacturing as a Service

Offer specialized manufacturing environments in orbit for materials that benefit from microgravity (e.g., specific crystals, drugs, tissues). Partner with launch providers and focus on reliable return capabilities.

Source: Varda Space Industries

Mass-Market AI Music Creation Platform

Build an intuitive AI tool that allows anyone to create custom music, regardless of musical skill. Monetize through subscriptions and focus on user-generated content, community, and discovery features.

Source: Sunno

Fintech for Preventative Health (HSA/FSA Integration)

Create a payment integration service that allows consumers to use Health Savings Accounts (HSA) or Flexible Spending Accounts (FSA) for a wide range of eligible health and wellness products online, acting as a financial layer for the wellness industry.

Source: TrueMed

Specialized B2B Research & Financial Services for Emerging Tech

Establish a highly specialized research and analysis firm for a complex, capital-intensive technology sector (e.g., AI infrastructure, quantum computing). Offer detailed reports, data models, and potentially launch investment funds or credit ratings within that niche.

Source: SemiAnalysis

Vertical AI for Professional Services (Legal Tech)

Develop purpose-built AI software for a specific professional service industry (e.g., legal, accounting, consulting) that handles text-heavy tasks, complex workflows, and compliance requirements. Aim to capture a significant portion of existing labor spend.

Source: Harvey

Automated Custom Manufacturing for Engineers

Build a service that allows engineers to upload CAD files for custom parts and receive them quickly, using software automation to streamline quoting and production. Focus on speed, ease of use, and serving the 're-industrialization' trend.

Source: Send Cut Send

Banking as a Service for Fintech Startups

Acquire or build a chartered bank and offer its underlying infrastructure (APIs, regulatory compliance, core banking services) to neo-banks and other fintech companies, allowing them to focus on customer-facing innovation.

Source: Column Bank

Key Concepts

Sarah's List Strategy

A framework for identifying companies where employees can gain significant wealth through equity. It involves joining companies that are already clear winners, have strong market positions, and possess a clear pathway for substantial future growth (e.g., 5x+ valuation increase), often leveraging stock packages and comprehensive benefits without the founder's risk.

Uncertainty vs. Risk in Investing

Monish Pabrai's concept that the stock market discounts uncertainty more heavily than actual risk. Periods of market uncertainty (like the 'SAS apocalypse') can present opportunities to acquire equity in fundamentally strong companies at a discount, as the market overreacts to unknown future cash flows or growth rates.

The 'Index Fund' for a Niche

A business model where a company provides essential infrastructure or services to a rapidly growing, often fragmented, industry. By serving multiple players in the niche, the company benefits from the overall growth of the sector without being exposed to the individual risks of any single company within it (e.g., TrueMed for wellness, Column Bank for fintech, Send Cut Send for hardware startups).

Lessons

  • Evaluate career opportunities in established, high-growth companies (e.g., those on 'Sarah's List') for significant equity upside, rather than solely focusing on early-stage startups.
  • Re-evaluate investment strategies for 'undervalued' enterprise SaaS companies, recognizing that market uncertainty often creates buying opportunities for fundamentally strong businesses.
  • Explore specialized B2B niches in booming tech sectors (like AI infrastructure or legal tech) for career or investment, as these often have high barriers to entry and substantial long-term value creation.

Notable Moments

The hosts discuss the origin of 'Sarah's List,' inspired by Sam Parr's wife, Sarah, who made a million dollars by joining Airbnb as employee 3,000 and benefiting from stock appreciation.

This anecdote sets the core premise of the episode, challenging the common belief that one must be a founder to achieve significant wealth in tech and highlighting the power of strategic employment in 'winner' companies.

Jordy details the evolution of TBPN's brand, from 'Technology Brothers' to 'TBPN,' to project a more professional, network-like image for attracting public company CEOs.

This illustrates the strategic importance of brand perception and adaptability in media. It shows how a deliberate shift in branding can open doors and enhance credibility, especially when dealing with corporate gatekeepers.

The hosts reflect on feeling inspired and sometimes inadequate when interviewing successful founders, often thinking they could replicate the businesses themselves.

This moment of self-reflection humanizes the hosts and highlights a common entrepreneurial impulse. It implicitly reinforces the value of specialized expertise and the 'unfair advantages' that successful founders often possess.

Quotes

"

"She just joined an company that was clearly already great as like employee 3,000 and the math was like this. She got a job at Airbnb... that stock package... 5xed and she made a million bucks before either me or Sam."

Sam Parr
"

"The biggest mistake that people make is not going with an obvious winner because it's already in the multiple billions and it just looks like, okay, what what's the potential upside from here and and that's just been wrong so many times in the last uh 10 years."

Sam Parr
"

"If you can get things up into space and get them down, there's a whole bunch of interesting things you can do there."

John
"

"Spotify is in kind of a tough spot if you think about it. if they what what what would what would all the biggest artists on on Spotify think of Spotify coming out with an AI tool that is competing for listening time with those artists?"

Sam Parr
"

"Risk and uncertainty are two different words and most investors uh don't understand that."

Sam Parr (quoting Monish Pabrai)
"

"He's like, 'We got satellites watching the parking lots and we we figured out this is how bad they're scaling.' This guy knows he knows so much."

Sam Parr

Q&A

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