My First Million
The Simplest Way To Make $1,000,000 Isn't Starting A Business (it's working in one of these 10)
Episode Summary
AI-generated · Apr 2026AI-generated summary — may contain inaccuracies. Not a substitute for the full episode or professional advice.
The latest episode of My First Million features hosts Sam Parr and Shaan Puri, joined by John and Jordy from TBPN, to present their annual "Sarah's List." Named after Sam's wife, Sarah, who became a millionaire by joining an already successful company (Airbnb as employee 3,000) rather than founding one, the list highlights companies that are "clear winners" and offer substantial equity upside for employees. The central thesis is that "the simplest way to make $1,000,000 isn't starting a business" but strategically joining one of these established or rapidly scaling ventures, especially in tech.
Each host and guest presents their top picks for companies to join now. Shaan Puri champions Zuru Tech, the third-largest toy company globally, whose founder Nick is expanding into automated home construction with "Dreamcatcher" — an AI-powered system that promises to build homes at "more than 10 times cheaper" than traditional methods due to its manufacturing prowess [11:09]. Jordy advocates for Varda Space Industries, a company manufacturing specialized products like crystals, drugs, and heart tissue in space by partnering with SpaceX, noting its $726 million valuation and ability to put capsules into space and return them, riding the trend of falling launch costs [13:10]. Shaan also touts Suno, an AI music creation app with "300 million in ARR" and a $2.5 billion valuation, predicting it could become a "$50 billion plus company" due to its potential to attract hundreds of millions of users who lack traditional musical talent [20:20, 21:21].
John suggests Semi Analysis, a B2B publication and research firm (employing 50 analysts) that provides deep insights into semiconductor and AI infrastructure, arguing it's "Wire cutter for the richest people in the world" and could evolve into a Moody's-like credit rating and investment fund business [45:45, 48:48]. Sam Parr makes a case for HubSpot, a $14 billion market cap SaaS company doing "$3 billion in revenue," which he believes is undervalued due to an "overblown" "SAS apocalypse" narrative [37:37]. He notes that essential software for SMBs is unlikely to be torn out, even if seat-based models face pressure from AI-driven efficiency. Shaan also presents Harvey, an "AI lawyer" software for law firms, with "$200 million in revenue" from about "a thousand customers," half of which are top 100 US law firms [52:53]. He calculates the market potential in the "tens of billions" as legal work is a "perfect candidate for AI." John's final pick is Send Cut Send, a bootstrapped company with "$100 million in annualized revenue" that lets engineers quickly get custom parts made from CAD files, highlighting its contribution to re-industrialization and speed [61:01]. Sam's bonus pick, Column Bank, founded by Plaid's founder, operates as an underlying bank for fintech companies like Mercury and Ramp, doing $200 million in projected revenue by 2026, with the founder owning 100% of the profitable venture [65:09].
Listeners will gain specific insights into promising companies across various sectors, from hard tech and manufacturing to AI-driven creativity and enterprise software. The episode provides a framework for evaluating high-growth opportunities, emphasizing the importance of strong founders, market tailwinds, and strategic positioning to achieve significant financial upside without necessarily embarking on the arduous path of founding a startup.
👤 Who Should Listen
- Aspiring entrepreneurs seeking alternative paths to wealth creation beyond founding a startup.
- Job seekers in the tech industry looking for high-growth companies with significant equity potential.
- Investors interested in identifying undervalued SaaS companies or emerging hard tech opportunities.
- Professionals curious about how AI is disrupting and creating new markets in industries like legal, music, and manufacturing.
- Anyone evaluating career or investment decisions based on long-term market trends and strong founder track records.
- Founders interested in strategies for brand building and rapid iteration in media or product development.
🔑 Key Takeaways
- 1.The "Sarah's List" framework suggests that joining an already winning company, especially one with significant equity upside like early Airbnb, can be a simpler path to wealth than starting a business.
- 2.Zuru Tech, led by New Zealand's wealthiest man, is building AI-powered factories for home construction, promising to reduce building costs by "more than 10 times cheaper" than traditional methods [11:09].
- 3.Varda Space Industries is manufacturing specialized items in space, leveraging falling launch costs and a multi-decade trend, with founders from SpaceX expertise.
- 4.Suno, an AI music creation app, has rapidly scaled to "300 million in ARR" and has a potential market of "hundreds of millions of weekly active users" who can create music without traditional skill [20:20, 21:21].
- 5.HubSpot and similar SaaS companies are potentially undervalued in a perceived "SAS apocalypse," offering a buying opportunity at "3x revenue" for essential business software [38:38].
- 6.Semi Analysis operates as a "Wire cutter for the richest people in the world," providing in-depth analysis of semiconductor and AI infrastructure and planning to launch an investment fund, mirroring the success of Moody's [45:45, 48:48].
- 7.Harvey, an AI software for law firms, is capturing a significant market share by offering purpose-built tools for legal workflows, generating "$200 million in revenue" from about "a thousand customers" [52:53].
- 8.Column Bank, founded by Plaid's co-founder, is eating up the banking-as-a-service stack by owning an actual chartered bank and providing API-driven services, acting as an "index" for the fintech industry.
💡 Key Concepts Explained
Sarah's List
A framework for identifying companies that are "clear winners" and offer significant equity upside for employees, making it a simpler path to wealth accumulation than founding a startup. The concept is named after Sam's wife, Sarah, who became a millionaire by joining an already successful company (Airbnb) as an employee.
SAS Apocalypse
A perceived market downturn or overvaluation correction for Software-as-a-Service (SaaS) companies. The episode argues this narrative is "overblown," leading to undervalued opportunities for essential B2B software providers like HubSpot.
Vibe Coding
A term used to describe creating content, specifically music with Suno, by giving it a general mood or description rather than requiring traditional technical skills. This opens up creation to a much broader audience than traditional methods.
B2B Publication in a Technology Boom
A business model exemplified by Semi Analysis, which involves providing highly specialized research, data, and analysis to corporate and institutional clients within a rapidly growing technology sector (like AI infrastructure). Historically, this model has generated significant wealth, akin to early computer magazines or credit rating agencies like Moody's.
⚡ Actionable Takeaways
- →Evaluate career opportunities by identifying "clear winner" companies, particularly in tech, that offer substantial stock packages or equity upside, rather than solely focusing on founding a startup.
- →Research companies like Zuru Tech and Send Cut Send for their roles in re-industrialization and manufacturing innovation, considering their potential for high growth in hard tech sectors.
- →Explore AI tools like Suno to understand the potential for mass-market creativity and consider companies that are pioneering new forms of content generation.
- →Investigate SaaS companies like HubSpot that have robust revenue models but may be undervalued due to market "uncertainty" rather than fundamental risk [41:41].
- →Consider career paths or investments in "B2B publication[s] in a technology boom," such as Semi Analysis, which provide specialized, high-value information to institutions in rapidly growing sectors [50:50].
- →Look for "vertical ones" in the AI space, like Harvey for legal, which are purpose-building tools for specific industries that are ripe for AI-driven transformation.
- →Seek out companies led by founders with "deep deep deep deep experience" in an industry, as their credibility and understanding can provide an "unfair advantage" and a more grounded vision [67:10].
⏱ Timeline Breakdown
💬 Notable Quotes
“"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."”
“"There's no bonus points for difficulty in life, in the game of business. Like, sometimes the best companies are just hidden in plain sight. They're right in front of you."”
“"If you believe in space, if you believe that, you know, launch costs are going to continue to fall, it's going to get cheaper and cheaper, then there's like this interesting trend that you're on the frontier of."”
“"Risk and uncertainty are two different words and most investors uh don't understand that."”
📚 Books Mentioned
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