Company case study
Nanogram Devices
A startup that made a huge impact with a revolutionary product
Nanogram Devices: Founded by Jason Lemkin, Nanogram Devices was a startup that developed implantable batteries using nano materials. It came up on My First Million in the episode "How I Reverse Engineered A $100 Million Exit - Jason Lemkin" (aired April 10, 2024).
At a glance
| Podcast | My First Million |
|---|---|
| Hosted by | Sam Parr and Shaan Puri |
| Episode | How I Reverse Engineered A $100 Million Exit - Jason Lemkin |
| Aired | April 10, 2024 |
| Revenue and traction | Nanogram Devices raised $9 million in seed funding and sold for $50 million after just 12 and a half months of operation. |
| Category | E-commerce |
Figures and claims are as told on the episode, summarized from the transcript. Check the date: they describe the company at the time it aired.
What the episode said
How I Reverse Engineered A $100 Million Exit - Jason Lemkin · aired April 10, 2024 · hosted by Sam Parr and Shaan Puri
Why it works
The business succeeded due to its innovative approach and the timely market need for advanced battery technology. The ability to create a groundbreaking product in a niche market gave them a competitive edge.
Founding story
Jason Lemkin started Nanogram Devices following a downturn in the internet boom. Despite knowing little about the technology, he and his team managed to create a product that attracted significant attention and led to a successful buyout within a year.
The playbook
1. Set up a landing page describing your version of Nanogram Devices - A startup that made a huge impact with a revolutionary product to gauge interest. 2. Run small-scale ads to drive traffic to your landing page and collect email signups. 3. Reach out to people who signed up to understand their specific needs. 4. Build your initial offering based on the feedback from potential customers. 5. Launch with a limited-time founding member discount to create urgency.
Also mentioned
Jason Lemkin emphasized the importance of having a scalable model, suggesting that every company should aim for a revenue per employee ratio of $300,000 to $400,000 to ensure long-term sustainability. He also mentioned the significance of being prepared for international markets and the necessity of localizing products for different regions.