Amazon bought Ring, a $15 doorbell camera, for $1 billion because the product category already existed. People understood doorbell cameras, so Ring just needed to make a cheap version and let brand awareness do the marketing work instead of educating customers from scratch.
One of the things I like that you told me was you look for products where 90% of the marketing is already done. I would call it pre-awareness. So if you can try to like give a little bit of invention, a little bit of differentiation to something that has pre-awareness, it's incredible because a new-to-world product, the cost to tell someone about it is incredibly expensive. Like go to the film business when it's a completely new film, it costs more to market it than Top Gun 2 because Top Gun 2, like, you know, everything like, you know, Top Gun, you know, Tom Cruise putting a camera on a doorbell. Everyone knew where the doorbell was mounted. They knew what the doorbell did. They knew like the functionality of it. I just added like a piece to that. And so I just think like changing a piece of it, getting your edge on it in something where there's pre-awareness, great, great way to start because you get billions or hundreds of billions of dollars. Like in my case, think about how much like advertising sort of dollars come from the doorbell just being known for the last 100 years.
