BUSINESS IDEA | VENTURE STARTUP

Midjourney for UX Design 📐 

The design roadmap

Available Domain: Framejourney.com

1. Problem/Opportunity❓

The Problem/Opportunity: Arthur C Clarke famously said that “any sufficiently advanced technology is indistinguishable from magic.” And I have to say, using Midjourney really does feel like magic. Although it has had its fail share of fails.

But while Midjourney is super useful, there’s a domain it would be exponentially better in. UX design. So let’s see what that business would like.

Market Size: The global User Experience (UX) market size was valued at $516m in 2022

2. Solution ✅

The Idea: A LLM to generate high fidelity UX designs for website and app design

How it Works:

• The model is trained off of publicly available UX designs from live websites, apps and designs on websites like dribbble too

• Users give a prompt for what they want designed in as much detail as they can

• They LLM generates screens which can be regenerated or exported to figma or other UX design platforms

Go-to-market: Your early customers here will be UX designers looking to maximize their efficiency, so those who run their own design firms

Business Model: Monthly subscription fee

Startup Costs: You’ll need a lot of Nvidia GPUs to get this going, so I hope you have very deep pockets

3. How You’ll Get Rich 💰

Exit Strategy: The obvious strategy here is to exit to one of the big players in the AI space

Exit Multiple: Exit multiple could vary from 10x - 20x forward revenue given how high AI valuations are right now

TOGETHER WITH PORTLESS

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DRUNK BUSINESS IDEA

Parking Space Bidding

Ever been in a situation where you’re in a parking lot, there’s one space left and you and another car both reach it at the same time? Who gets the spot?

Easy. Whoever’s willing to pay for it. With our new parking spot bidding app you bid for that last parking spot and the highest bid wins. Genius.

JUST THE TIP

Trend 📈: Single Purpose Hardware

Over time devices, like mobile phones, have become more multi-functional. But single purpose hardware devices are starting to make a comeback. These are devices which serve a single purpose and we predict an explosion of these in the coming years.

Business Ideas

• Single Purpose Meditation Device: a device to help you meditate

• AI-powered Nature Companion: a device which identifies plants and animals by taking pictures of them

THE MONEYSHOT

Making +$10m in 10 months from a Newsletter

How lucrative can a creating a newsletter really be?

Well gather round readers…it’s storytime.

Back in February 2022 Shaan Puri, of My First Million fame, and Ben Levy, of Shaan Puri fame, decided to get into the newsletter business.

Shaan had seen his cohost Sam Parr’s success in selling the Hustle for $30m, so he wanted to get in on the action.

So he and Ben founded Milk Road, a daily crypto newsletter. They spent $2,000 to get the milkroad.com domain and they were ready to launch.

Just three weeks after launching, Milk Road had more than 16,000 subscribers, largely driven by Shaan pushing the newsletter to his existing audience.

But then they decided to turn to paid social to grow. They leaned heavily on Facebook and TikTok. In fact, Facebook ads drove more than 150,000 subscribers at a cost of c.$1.00 per subscriber for the Milk Road team.

Six months after launching Milk Road hit 100,000 subscribers with strong open rates and a rapid fanbase who loved their content.

The newsletter kept going from strength to strength, until Shaan slcaked Ben one day and asked him…“How much would you sell this for right now?”.

They agreed on a number and went to market.

Despite continued rapid newsletter growth, Puri asked Levy on Slack one day:

Coincidentally, the same day Puri mentioned selling, Levy started a conversation with the co-founders of Bitfo, Kendall Saville and Mike Wittmeyer about a potential partnership to drive referral subscriptions to Milk Road.

The deal was not without its hiccups, as the crypto market was collapsing at the time, but they managed to get the deal done.

When its sale was announced in December 2022, Milk Road had 250,000 subscribers. While we don’t have an exact number of how much it was sold for, it was an “8-figure outcome”, so at least $10m.

Not bad for 10 months of work.

HALF BAKED PICK

Newsletter Pick: Focused Chaos

Focused Chaos  is a weekly newsletter on navigating the chaos of building & investing in startups.

Topics include venture studios, entrepreneurship, product management, analytics and more.

Check it out!

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