Brainstorming $10M+ business ideas with Jess Mah - My First Million Recap

Podcast: My First Million

Published: 2025-05-02

Duration: 1 hr 4 min

Guests: Jess Mah

Summary

Jess Mah joins Shaan Puri on her private jet to brainstorm multi-million-dollar business ideas, share her framework for identifying opportunities, and reflect on entrepreneurial lessons learned from both successes and failures.

What Happened

Jess Mah starts by sharing her fascination with airplanes and how owning a private jet can be a surprisingly practical financial decision for entrepreneurs with significant cash flow and tax liabilities. She explains how accelerated depreciation allows her to write off the cost of the jet, effectively turning a luxury asset into a strategic business tool.

The conversation moves to Jess’s unique approach to business ideation and incubation. She emphasizes the importance of creating a matrix for evaluating startup ideas, prioritizing criteria like recurring revenue, complexity to deter competition, and the ability to bootstrap or raise minimal funding. Her focus on spotting market gaps rather than relying solely on personal brainstorming has led her to co-found four companies worth over $100 million each.

Jess introduces several intriguing ideas from her “Idea Hopper,” such as DOGE as a Service, which uses AI and consultants to identify and eliminate inefficiencies in companies. Another idea she explores is vertical agents for industries like dental offices, where specialized AI tools automate workflows and tasks. She highlights how targeting niche markets with high pain points creates defensible and profitable opportunities.

A particularly unconventional idea discussed is cargo ship coating technology, which could save millions in fuel costs by improving efficiency. Jess explains how dinner conversations and networking often spark these ideas, underscoring her belief that the best business concepts come from spotting overlooked opportunities.

Jess also delves into her failures, candidly sharing the story of CredBoost, a credit repair venture that suffered from high churn, regulatory challenges, and poor execution. Another failed project aimed to help veterans find high-paying jobs online but collapsed due to stalled government funding. Her openness about mistakes highlights the importance of iterating and learning from setbacks.

On a personal level, Jess reflects on the emotional toll of entrepreneurship, recalling a time when her company was struggling and her self-worth felt tied to her business success. She emphasizes the importance of community, honesty, and self-reflection during hard times, as well as the value of shifting from a scarcity mindset to one of abundance and optimism.

The episode ends with Jess describing her investments in engineering serendipity, such as hosting curated events with inspiring entrepreneurs and thinkers to foster creativity and collaboration. She also shares her interest in longevity and oncology research, inspired by personal losses, and her belief that bioelectricity could revolutionize cancer treatment by normalizing cells rather than destroying them.

Key Insights

• Buying a private jet can actually save money for high-earning entrepreneurs. Through accelerated depreciation, Jess Mah was able to write off the cost of her jet, turning a luxury item into a tax-efficient business asset.
• The best startup ideas often come from targeting niche markets with acute pain points. Jess Mah’s concept of vertical agents, like AI tools for dental offices, focuses on automating industry-specific workflows to create defensible businesses.
• Jess Mah’s failed credit repair business, CredBoost, struggled with high churn and regulatory hurdles, proving that even great markets can kill a startup if execution and retention don’t align with customer needs.
• Bioelectricity might change cancer treatment by normalizing cells instead of destroying them. Jess Mah’s interest in this approach stems from personal loss and reflects her belief that healing the body’s electrical systems could prevent harmful side effects.

Key Questions Answered

What is Jess Mah's framework for evaluating startup ideas on My First Million?

Jess uses a matrix with criteria like recurring revenue, defensibility against copycats, and feasibility to bootstrap or raise minimal funding. She ranks ideas based on these factors to identify high-potential opportunities.

How does Jess Mah use her private jet as a strategic business tool?

Jess explains how accelerated depreciation allows her to write off the entire cost of a $12 million jet against her tax bill. She uses the jet to travel efficiently, enabling more face-to-face meetings and opportunities.

What are some business ideas Jess Mah shared on My First Million?

Jess discussed DOGE as a Service, vertical agents for niche industries, cargo ship coating technology, and Holy Health, a platform for medical providers to access insurance reimbursements.