Podcast Summary: My First Million
Episode: $500M Founder: “This is the biggest opportunity in the US today”
Host/Author: Hubspot Media
Release Date: December 23, 2024
Introduction of Guest: Justin Mares
[00:15]
Sam introduces Justin Mares, highlighting his impressive track record of founding six to seven companies that have collectively generated approximately $500 million in revenue over the past seven years—all within the health and wellness sector. Justin is recognized not only for his entrepreneurial success but also for his deep engagement with fringe health topics, making him a valuable and relatable guest for the podcast.
The Great American Poisoning
[01:08]
Justin Mares discusses his influential blog post, "The Great American Poisoning," which addresses the alarming rise in chronic diseases among Americans. He emphasizes that Americans are becoming increasingly unhealthy, with rising rates of obesity, fatty liver disease, and other chronic conditions. Justin posits that this health crisis represents both the most significant problem in the U.S. and a vast opportunity for entrepreneurs looking to create impactful businesses.
Notable Quote:
"I literally think that the Great American Poisoning… is both the biggest problem in the US and also… a massive opportunity for people that want to start companies or build value in this space." – Justin Mares [01:08]
Emotional Response and Validation
[01:35]
Sean shares his emotional reaction to Justin's blog post, describing feelings of outrage, curiosity, and skepticism. He praises Justin's ability to combine a fact-based understanding of health, personal commitment to wellness, and entrepreneurial spirit, making him a credible and inspiring figure in the health and wellness industry.
Business Monetization Strategies
[04:09]
Sam discusses the challenges of monetizing content beyond traditional advertising, referencing his experience with The Hustle. He introduces the "Business Monetization Playbook," a comprehensive document developed with the HubSpot team to outline various monetization strategies, which listeners can access for free via a link provided in the episode’s description.
Opportunities in Health and Wellness
[05:00]
Justin elaborates on the immense opportunities within the health and wellness sector, driven by the escalating burden of chronic diseases. He underscores the need for new institutions and companies that can address the health challenges posed by a population that is increasingly unhealthy, highlighting the potential for entrepreneurs to develop products and services that promote and maintain health.
Notable Quote:
"Everyone should update their thinking. The default outcome of living in the US today is that you will get one or more chronic conditions and die of cancer or heart disease. Everything to avoid that is worth considering." – Sam [07:28]
Key Business Ideas Discussed
1. Annual Home Health Checkup
[08:16]
Justin proposes the concept of an "annual checkup for your house," where entrepreneurs can build companies that assess and improve the healthiness of a homeowner's environment. This includes evaluating water quality, air quality, lighting, and electromagnetic fields (EMFs) to create a healthier living space.
Notable Quote:
"I think there is a huge opportunity to build a company or a series of companies that looks at what is going on in your built environment…and says how do we make this health promoting." – Justin Mares [09:43]
2. Modern Butcher Shop
[26:29]
Justin introduces the idea of a "modern butcher shop," drawing parallels to the evolution of the coffee industry. He envisions a butcher shop that offers premium, ethically sourced, and flavor-focused meats, akin to how Blue Bottle revolutionized coffee. This approach aims to differentiate meat products based on quality, sourcing, and flavor profiles rather than treating them as commodity items.
Notable Quote:
"I basically think that meat today is where coffee was in the 80s. There's no differentiation on how is this dry aged, what is the cut, what is the genetics of the animal?" – Justin Mares [27:09]
3. Calibrate for Fertility
[40:00]
Justin discusses "Calibrate," a startup focused on addressing fertility issues through lifestyle interventions. Recognizing the rising demand for fertility solutions, Calibrate aims to offer a combination of supplements, environmental assessments, and personalized coaching to enhance natural fertility, providing an alternative to expensive and invasive procedures like IVF.
Notable Quote:
"There is this big opportunity to almost have like a lifestyle set of interventions that are geared towards helping people increase their fertility in the key window when they're trying to actually have kids." – Justin Mares [40:00]
Entrepreneurship Insights from Justin Mares
[48:28]
Justin shares his approach to entrepreneurship, emphasizing the importance of focusing on a single, significant problem—in his case, the chronic disease crisis in America. By dedicating his career to understanding and solving this issue, he has been able to create multiple successful ventures that align with his mission.
Notable Quote:
"I think that if you decide this is the problem, that I am the most interested in the world… that you orient your career around trying to start things or be involved in things that make that problem better or solve that problem, you get so many shots on goal." – Justin Mares [48:28]
Building Kettle and Fire: A Case Study
[51:02]
Justin recounts the journey of building Kettle and Fire, his bone broth company. Starting with minimal experience, he tested the market with a simple landing page and modest advertising efforts, eventually securing a manufacturing partner through networking aided by his brother’s connection with Mark Cuban. The company saw rapid growth, achieving $2.8 million in sales within the first year and securing a national presence in Whole Foods.
Notable Quote:
"We sold like a little over $2,000 worth of product inside of about a month. And so I ran the numbers and I was basically like, okay, we can build a business." – Justin Mares [52:34]
Philosophies on Startup Success
[57:29]
Justin and the hosts discuss the importance of perseverance in entrepreneurship. Justin emphasizes that sticking with a mission-focused approach leads to higher success rates, as founders become more knowledgeable and connected within their chosen sector over time.
Notable Quote:
"Deciding to focus on the chronic disease crisis… has allowed me to build compounded relationships and a deep understanding of the space." – Justin Mares [48:28]
Concluding Stories and Takeaways
[60:16]
The episode wraps up with personal anecdotes from the hosts about the challenging yet rewarding journey of entrepreneurship. Justin shares his initiative, Inflection Grants, which provides financial support to young, high-potential individuals, demonstrating his commitment to fostering the next generation of entrepreneurs.
Notable Quote:
"I start something called Inflection Grants, which is effectively just giving small, like, two to $3,000 grants to people under the age of 24 that are high potential." – Justin Mares [62:31]
Where to Follow Justin Mares
- Substack: Justin Mares
- Twitter: @JW_Mares
- Blog Post: The Great American Poisoning (Link available in show notes)
Key Takeaways:
- Health and Wellness as a Goldmine: The rising prevalence of chronic diseases in the U.S. presents significant opportunities for entrepreneurs to create impactful solutions.
- Focus and Perseverance: Concentrating on a single, meaningful problem can lead to compounded success across multiple ventures.
- Innovative Business Models: From annual home health checkups to premium butcher shops and fertility solutions, diverse business ideas can address systemic health issues.
- Networking and Resourcefulness: Building connections, even with influential figures like Mark Cuban, can be pivotal in scaling a startup.
- Support Future Entrepreneurs: Initiatives like Inflection Grants demonstrate the importance of giving back and nurturing upcoming talent in the entrepreneurial ecosystem.
Notable Quotes with Timestamps:
- “I literally think that the Great American Poisoning… is both the biggest problem in the US and also… a massive opportunity for people that want to start companies or build value in this space.” – Justin Mares [01:08]
- “Everyone should update their thinking. The default outcome of living in the US today is that you will get one or more chronic conditions and die of cancer or heart disease. Everything to avoid that is worth considering.” – Sam [07:28]
- “I think there is a huge opportunity to build a company or a series of companies that looks at what is going on in your built environment…and says how do we make this health promoting." – Justin Mares [09:43]
- “I basically think that meat today is where coffee was in the 80s. There's no differentiation on how is this dry aged, what is the cut, what is the genetics of the animal?" – Justin Mares [27:09]
- “There is this big opportunity to almost have like a lifestyle set of interventions that are geared towards helping people increase their fertility in the key window when they're trying to actually have kids." – Justin Mares [40:00]
- “I think that if you decide this is the problem, that I am the most interested in the world… that you orient your career around trying to start things or be involved in things that make that problem better or solve that problem, you get so many shots on goal." – Justin Mares [48:28]
- “We sold like a little over $2,000 worth of product inside of about a month. And so I ran the numbers and I was basically like, okay, we can build a business." – Justin Mares [52:34]
- “I start something called Inflection Grants, which is effectively just giving small, like, two to $3,000 grants to people under the age of 24 that are high potential." – Justin Mares [62:31]
Final Words from the Hosts: Justin encourages listeners to read his blog post "The Great American Poisoning" for deeper insights and to follow his work through his Substack newsletter and Twitter for ongoing discussions on health and business.
Note: This summary captures the essence of the podcast episode, focusing on the key discussions around health entrepreneurship, innovative business ideas, and Justin Mares' personal journey and insights. For a complete understanding, listeners are encouraged to tune into the full episode and explore Justin Mares' writings.