Rejected Applicant Business
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Sam discusses an opportunity to create additional revenue streams from qualified applicants who don't fit Hampton's core membership criteria.
Key Points:
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Current Situation:
- Hampton gets ~100 applications per day
- Only accepts a fraction of applicants
- Turning down significant revenue from qualified people who don't fit exact criteria
- Founders personally review 100% of interviews
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Business Opportunity:
- Create secondary offerings for rejected applicants
- Inspired by Kingsford Charcoal's origin (Ford using waste wood to create new business)
- Could capture value from qualified people who don't meet core membership criteria
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Current Approach:
- Maintaining strict focus on core demographic (CEOs of specific business size)
- No immediate plans to expand criteria
- Deliberately saying no to additional revenue to maintain quality
- Different from competitors like Chief.com who accept 100% of applicants
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Challenge:
- Finding balance between maintaining exclusivity and capturing additional value
- Creating secondary offerings without diluting core brand
- Converting rejected but valuable applicants into revenue
Sam Parr
Host of MFM and fitness influencer
Sam Parr is a serial entrepreneur and business media pioneer.
In 2016, he founded The Hustle, a business news media company that started in his kitchen with just $12 and grew to eight figures in revenue.
Sam led the charge in making newsletters popular when few believed in their potential.
After four successful years, he sold The Hustle to HubSpot, a publicly traded company. Now operating as HubSpot Media, The Hustle reaches 3 million readers daily, employs a team of nearly 100, and has been the launchpad for dozens of its staff to found their own media companies and newsletters.
Sam remains the host of the popular business podcast, My First Million, and continues to start and sell companies. He also co-founded Hampton, a highly vetted community for entrepreneurs, founders, and CEOs, and teaches people to write better through his platform, Copy That.