The 2023 Milly Awards (#531)

What were the best investments of 2023?

The 2023 Millie Awards revealed insightful highlights on the best investments of the year. Let's look at some key successes and learnings:

Top Investment Picks:

• Kevin Ryan: Founder of Gilt, Business Insider, and MongoDB. He attracted attention for his unique approach to structuring investments. Kevin strategically uses Qualified Small Business Stock (QSBS) advantages to minimize taxes, achieving a low-effective tax rate and benefiting his heirs significantly.

• Connor Price: Former warehouse worker turned viral rapper. Connor's story underscores the power of leveraging TikTok's platform for growth. His use of skits to promote his music transformed him from obscurity to mass recognition, amassing a billion views.

Key Learnings:

• Understanding Tax Benefits: Kevin Ryan’s approach highlights the importance of structuring investments in a tax-efficient manner.

• Embracing New Platforms: Connor Price’s success with TikTok emphasizes the significance of adopting emerging platforms for marketing and reaching new audiences effectively.

These examples demonstrate that the best investments often come from strategic planning and willingness to leverage innovative tools. Their stories provide valuable insights for future investors.

Who are the top entrepreneurs to watch in 2023?

The 2023 Millie Awards spotlighted several standout entrepreneurs whose achievements have set them apart.

Entrepreneurs to Watch:

• Kevin Ryan Founder of Gilt, Business Insider, and MongoDB

  • Known for his strategic use of Qualified Small Business Stock (QSBS) to minimize taxes.
  • Pioneered structures that ensure long-term financial gains while benefiting his heirs.

• Palmer Luckey CEO of Anduril

  • Gained recognition for his fearless and candid approach, often saying what others are too afraid to.
  • Continues to innovate in defense technology and stands out for his bold personality and unique leadership style.

• Austin Reif Co-founder of Morning Brew

  • Scaled his media company to high eight-figure revenues.
  • Demonstrates a perfect balance of optimistic conservatism, making him a reliable figure in business.

Each of these entrepreneurs has demonstrated exceptional vision and execution, making them key figures to watch in the coming years. Their stories and strategies offer valuable lessons for aspiring business leaders.

What are the biggest business changes planned for 2024?

The 2023 Millie Awards brought to the forefront significant changes that entrepreneurs are planning for the upcoming year. Here are some key highlights:

Major Changes:

• Sam Parr:

  • Aiming to reduce phone addiction, he plans to switch to a dumb phone to set a better example for his children.
  • Moving to Greenwich, Connecticut, marking a big lifestyle shift.

• Andrew Wilkinson:

  • Breaking up with email by delegating it entirely to his assistant.
  • Using tools like Freedom and screen time blockers to reduce distractions and enhance productivity.

• Shaan Puri:

  • Shutting down his course and rolling fund, both contributing significant profits, to focus on higher-impact projects.
  • Emphasizing the importance of making space for great opportunities by eliminating mediocre ones.

These changes underscore a shift towards greater focus, efficiency, and prioritization of high-quality endeavors. Entrepreneurs are leveraging technology and strategic delegation to streamline their workflows and enhance their personal and professional lives.

Who would you bet it all on in business?

The 2023 Millie Awards spotlighted several individuals who emerged as the safest bets in business. These individuals were selected based on their exceptional focus, reliability, and visionary approaches.

Top Picks:

• Austin Reif

  • Co-founder of Morning Brew.
  • Successfully scaled the company to high eight-figure revenues.
  • Known for his optimistic yet conservative approach, making him a balanced and reliable entrepreneur.

• Andrew Huberman

  • Popular podcaster and neuroscientist.
  • His brand is built on authenticity and trust, leading to substantial influence and revenue.
  • His business model is resilient and driven by personal monopoly, making it highly sustainable.

• Sam Parr

  • Co-host of the My First Million podcast.
  • Demonstrated exceptional focus and seriousness in his ventures.
  • Known for his ability to stay loyal and undistracted, leading to consistent success.

These individuals were recognized not just for their talent, but for their unwavering focus and commitment. Their disciplined approaches to business make them reliable figures to bet on in 2023 and beyond.

What are the best business ideas for someone else to pursue?

The 2023 Millie Awards discussion highlighted several innovative business ideas that entrepreneurs can explore. Here are the top recommendations:

• AI Tinder:

  • Create a dating app powered by AI, where users interact with AI-generated, photorealistic profiles.
  • Gamify the dating experience to make it more engaging and appeal to a broader audience.

• Privacy Services:

  • Develop a service aimed at protecting personal information online.
  • Initially target executives and individuals with public profiles, then expand to the broader Gen Z market.

• TikTok Shops:

  • Leverage TikTok's new shop feature to promote trending products.
  • Take advantage of TikTok's subsidized product promotions to maximize profits.

• Distressed Venture Capital:

  • Focus on acquiring companies with strong products but struggling to secure their next funding round.
  • Turn these companies around for potential high returns.

These ideas not only tap into emerging trends but also offer opportunities for substantial growth and innovation. Entrepreneurs can capitalize on these trends to create successful ventures in 2023 and beyond. For more information on the value of choosing less obvious business ventures, check out how Scott Galloway emphasizes financial success through focusing on key elements.