Enjoy
Enjoy is an electronic nicotine delivery system (vape) company that helps users quit smoking through vaping.
Why It Works
The company positioned itself as the 'least bad actor' in the vaping industry, focusing on smoking cessation rather than appeal to youth culture.
Revenue & Traction
The company was brought out of bankruptcy for a valuation of $60 million and was later sold for approximately $2.2 billion.
Founding Story
The founder had personal connections to the product as friends successfully used it to quit smoking, prompting interest in the company.
Business Playbook
Enjoy's strategy included spending heavily on regulatory approval to position itself favorably in the market and aligning with smoking cessation efforts.
Why this works now
Adult smokers seeking alternatives to traditional cigarettes are a primary target for Enjoy. The company capitalizes on the FDA’s regulatory framework that permits electronic nicotine delivery systems as a smoking cessation tool. Initially, Enjoy utilized targeted advertising on forums like r/smoking to reach potential customers looking to quit. A significant risk involves navigating stringent state regulations that vary widely, which can complicate product distribution and marketing strategies.
Additional Information
The investment yielded a significant return, highlighting the potential in regulatory plays within the vaping industry.
Source
Podcast: My First Million
Episode: How Scott Galloway Turned $8M into $120M Through Investing
Creation Date: May 16, 2025
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