5 under-the-radar trends (+ our business ideas) - My First Million Recap
Podcast: My First Million
Published: 2025-04-24
Duration: 52 minutes
Guests: Steph Smith
Summary
Sam Parr and Steph Smith uncover five overlooked trends poised for growth, discussing their potential and sharing business ideas to capitalize on them. From hearing loss solutions to psychedelics, they dissect untapped opportunities in emerging markets.
What Happened
Sam Parr and Steph Smith kick off by highlighting the massive yet underappreciated market for hearing aids. Nearly 2.5 billion people are expected to experience hearing loss by 2050, with over 700 million requiring rehabilitation. They discuss the stigma around hearing aids, the poor quality of current solutions, and the recent regulatory shift allowing over-the-counter hearing aid sales in 2022. Steph points to Loop, a company making stylish earplugs, as an example of how to normalize hearing-related products by blending utility and aesthetics.
Next, they dive into eVTOL (electric vertical takeoff and landing) aircraft, a new category approved by the FAA after 80 years. Companies like Joby Aviation and Archer are leading the charge, with applications ranging from city commutes to airport transfers. They explore adjacent opportunities, such as packaging innovations for drone delivery and support services for autonomous vehicles, drawing parallels to the rise of Airbnb and its ecosystem of cleaning and operational businesses.
The conversation then shifts to psychedelics, which are gaining traction as states like Oregon decriminalize substances like psilocybin. Steph highlights the potential for psychedelic retreats and guided experiences, not just for therapeutic purposes but also for career or life decision-making. Sam shares a personal anecdote about his failed attempt to join a psychedelic retreat and reflects on the growing acceptance of this space.
They explore the evolving job market, emphasizing the impact of AI and the demand for new skills. Steph notes the fastest-growing jobs include data scientists, wind turbine technicians, and solar panel installers. She also points out overlooked opportunities, like building AI tools for industries with severe talent shortages, such as accounting and nursing. The duo discusses the rise of travel nursing platforms like Trusted Health and how pay transparency laws are reshaping job negotiations, creating opportunities for tools to aggregate and analyze salary data.
Steph introduces the concept of nature-inspired technology, citing examples like Velcro, which was modeled after burdock burrs, and bullet trains inspired by the Kingfisher's beak. She recommends the book "An Immense World" by Ed Yong, which explores how animals perceive the world through unique senses. They discuss how technology can bridge the gap between humans and the natural world, highlighting the potential for biomimicry in product design and innovation.
The episode wraps up with a discussion of AskNature.org, a resource for exploring nature-inspired design. Steph describes it as a treasure trove for entrepreneurs and innovators, offering insights into how animals have evolved to solve complex problems. Sam and Steph brainstorm ideas, from shoes inspired by Galapagos birds' pigmentation to storytelling opportunities for brands leveraging these natural phenomena.
Key Insights
- Over-the-counter hearing aid sales became legal in 2022, opening up a market for better-designed options. Nearly 2.5 billion people are projected to have hearing loss by 2050, yet stigma and poor aesthetics keep many from adopting solutions. Products like Loop’s stylish earplugs show that blending function with design can normalize these devices.
- Electric vertical takeoff and landing (eVTOL) aircraft just got FAA approval after 80 years of attempts, with companies like Joby Aviation targeting city commutes and airport transfers. This isn’t just about flying taxis—think of the secondary businesses Airbnb sparked, like cleaning services, but for drones and autonomous vehicles.
- Psilocybin is now decriminalized in states like Oregon, and psychedelic retreats are moving beyond therapy into decision-making for life and career. With demand rising, the market lacks infrastructure—Sam couldn’t even find a retreat to attend. This gap creates space for guided experiences tailored to different needs.
- Nature has already solved problems humans struggle with—Velcro came from burdock burrs, and bullet trains were inspired by the Kingfisher's beak. AskNature.org curates these examples of biomimicry, making it a resource for entrepreneurs seeking proven design solutions in the natural world.
Key Questions Answered
What are the untapped business opportunities in the hearing aid market mentioned on My First Million?
The episode highlights the massive hearing aid market, with 2.5 billion people expected to experience hearing loss by 2050. Opportunities include stylish and functional products like Loop earplugs and leveraging the regulatory shift to over-the-counter hearing aids since 2022.
How are eVTOL aircraft changing urban transportation according to Sam Parr and Steph Smith?
eVTOL aircraft represent the first new category of aircraft in 80 years, designed for urban commutes and airport transfers. Companies like Joby Aviation and Archer are pioneering the space, with potential ripple effects on packaging, drone delivery, and autonomous vehicle support.
What does Steph Smith recommend for nature-inspired business ideas on My First Million?
Steph recommends exploring AskNature.org and the book 'An Immense World' by Ed Yong. She cites biomimicry examples like Velcro's design from burdock burrs and discusses how natural adaptations can inspire innovative products and marketing strategies.