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My First Million

This $3B Founder Is The Next Elon Musk

My First Million

Hubspot

Investing, Entrepreneurship, Business

4.72.9K Ratings

🗓️ 26 September 2023

⏱️ 46 minutes

🧾️ Download transcript

Summary

Episode 499: Sam Parr (https://twitter.com/theSamParr) talks to Brett Adcock (https://twitter.com/adcock_brett) about how he nearly went bankrupt after his +$100m exit from Vettery (now Hired). How? Betting everything on the next big idea. And he’s doing it again today with Figure.ai, a robotics company bringing a general purpose humanoid to life. Want to see more MFM? Subscribe to our YouTube channel here. Want MFM Merch? Check out our store here. Want to see the best clips from MFM? Subscribe to our clips channel here. — Check Out Shaan's Stuff: • Try Shepherd Out - https://www.supportshepherd.com/ • Shaan's Personal Assistant System - http://shaanpuri.com/remoteassistant • Power Writing Course - https://maven.com/generalist/writing • Small Boy Newsletter - https://smallboy.co/ • Daily Newsletter - https://www.shaanpuri.com/ Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com/ — Show Notes: (0:00) Intro (2:00) How Brett self-funded Archer Aviation (13:00) Nearly going personally bankrupt (19:00) Street of Walls and being a self-taught finance expert (24:00) How to choose the right idea to work on (28:00) Why Future could be the biggest business in the world (32:00) Addressing objections to a robot workforce (35:00) Why hardware is actually easier than software (40:00) How big is Figure going to be in 5 years? — Links: • Brett Adcock’s website - https://www.brettadcock.com/ • Figure (AI Robotics) - https://www.figure.ai/ • Archer Aviation - https://www.archer.com/ • Vettery (now Hired) - https://hired.com/ • Ikagai - https://tinyurl.com/3x9mytpb • Street of Walls - https://www.streetofwalls.com/ • The Fast Track: https://tinyurl.com/yeyz7j7p Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more. Other episodes you might enjoy: • #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits • #209 Gary Vaynerchuk - Why NFTS Are the Future • #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto • #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • ​​​​#218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

Transcript

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0:00.0

You're like the whole milk version of an Elon Musk, you know, I mean, you're the Midwest version of the of an Elon Musk, but what the hell did you know about building a fucking airplane? You know what I mean?

0:10.0

What did you, did you know anything about that? No, I did not. I, um, I just like, I really wanted to do it.

0:18.7

All right, everyone. We have a really interesting guest. His name is Brett Adcock. I've talked about him on the pod a bunch of times, but let me explain why this guy's interesting. So he started a recruiting website that he sold for $100 million, which in most everyone's case, that's a massive home run. You're incredibly successful.

0:47.7

Which he is, but then he parlayed that and invested pretty much 100% of his money into another company called Archer, which basically makes like unmanned helicopters. And then that took went public at like a $1.5 billion valuation.

1:02.7

And he started another company called figure, which is making humanoids. They're basically robots that can work warehouses and do human labor.

1:10.7

The reason I wanted Brett to come on is because I just wanted to think and learn about how someone who's so unique how they think and how they make decisions.

1:20.7

And so Brett's really subtle. He's a, he's a lowkey guy. He's not crazy high energy. He's not one of these guys who we have on who is a personality where they have a big personality on on YouTube or Twitter or anything like that.

1:33.7

He's subtle man. The guy's humble and he's quiet. And I find that to be incredibly fast ending. My opinion in 10 years Brett is going to be in the running of however we think of like these like Howard Hughes, Elon Musk, types of crazy folks who build these amazing world changing things.

1:49.7

Brett's going to be that. I mean, he's already up there, but I think he's going to be like that and no one knows who he is now or at least compared to some of those other folks.

1:57.7

So what I want you to do is listen to this episode, particularly like the last 15 minutes when we talk about his latest company.

2:03.7

It's really fascinating. And I want you to tweet at me. My handles the Sam par, P-A-R-R, so the were the and then Sam and then par tweet at me and let me know what you think about this guy.

2:14.7

And what makes people like him special because I'm really fascinating with these types of personalities and I'm fascinating with how people can learn so much information so quickly.

2:24.7

It's just really fascinating to me. So let me know. Give it a listen. His name's Brett Adcock. Let's start the show.

2:30.7

All right. Dude, let's just get right into it. The reason you're interesting to me is because you're incredibly successful.

2:36.7

I imagine you're worth hundreds of millions of dollars, but you go all in on stuff. So you told me with this new company figure, you financed it for the first year and you put up most all of your money and do it.

2:51.7

I was like, what's your asset allocation for your personal portfolio? And you're like, well, I own Archer stock, which I took public, I own a house, and then I put some huge amount of money, which if you want, you could say into my company figure.

3:06.7

And I'm going all in on them and I just go hard. I go all in. Is that right?

3:10.7

Yeah, this has really been had a necessity. My career, when I started better, I couldn't get anybody to invest in the business for the first like almost like three years.

3:23.7

So I basically put all my savings into the company took no salary for three or four years.

3:28.7

How much savings did you have year 25?

3:31.7

I think I had like close to $200,000. I put into the business. And then, you know, I didn't take any salary for three years. I've meant like had to pay for my own health care food rent. I was living in Manhattan.

3:45.7

So in 2015, things got so bad that I had to borrow, I think it was $50,000 to pay for rent and survive. I had like credit card debt. I was, yeah, I was probably in the red like negative $100,000 prior to the acquisition of Henry.

...

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