$50,000 Lab Monkeys: Uncovering Hidden Empires in the Most Unlikely Places

Shaan Puri and Sam Parr, hosts of My First Million, advocate for spotting hidden empires by following one's enthusiasm to the frontier of a field. They use various examples to demonstrate this approach.

The cost of lab monkeys has skyrocketed from around $2,000 pre-COVID to $20,000-$50,000 today, due in part to China halting exports and Cambodian, Vietnamese, and Mauritian breeders filling the gap. Charles River Labs, a publicly traded company, dominates the downstream market with an estimated $4 billion annual revenue.

Another example is the soybean-oil verification business, which nearly sank American Express due to a scandal involving a fraudster who cheated checkers by filling tanks with seawater. The hosts argue that consumer trust in brands like Amex can survive even severe reputational shocks.

The duo also highlights startups like Daydream Dental, which uses AI to improve dental billing, and an industrial generator maintenance business, both of which have significant potential for growth. They emphasize the importance of noticing what others dismiss and recovering childhood obsessions as key skills for entrepreneurs.