He Sold His First Company For $15B, But His Second Is Even Bigger

He Sold His First Company For $15B, But His Second Is Even Bigger

Author

Callum Booker
May 19, 2023

Read time: 3 minutes

GM! It's Friday, May 19th - Today we're covering the story behind a serial entrepreneur that sold his first company for $15B and thinks his new business could be even bigger.

Let's dig in!

FEATURE

He Sold His First Company For $15B, But His Second Is Even Bigger

Amnon Shashua founded OrCam in 2010 when his aunt began losing her eyesight and wished for a product that could help her live an independent lifestyle.

Today, OrCam has raised over $130M and is valued at over $1B.

Let’s trace their path to success.

So, What’s the Business?

OrCam’s mission is to enable people with visual impairments to navigate the world with complete confidence. Here are the three products OrCam sells.

  • OrCam MyEye ($3,500): This smart-camera device can be tacked onto the stem of glasses and will dictate to the user via an ear piece what is written in front of them. The MyEye can also scan barcodes, but more importantly, it can even recognize faces to help users know who they are interacting with.

  • OrCam Read ($1,990): The OrCam Read is about the size of a highlighter and uses a laser targeting system and AI tech to scan just about any type of document. Once scanning is complete, the OrCam Read will dictate the passage to the user who can adjust playback speed.

  • OrCam Learn ($55/month): This is OrCam’s only device that uses a subscription model since it relies on AI tech that is continually updated. The device operates similarly to the OrCam Read but can also analyze passages to evaluate user’s comprehension and provide positive feedback as well as constructive criticism through its advanced AI language system.

Through their subscription model and direct to consumer products, OrCam is profitable with an annual revenue of approximately $100M.

OrCam’s other co-founder, Ziv Aviram, had previously created Mobileye, an autonomous vehicle technology, that was sold to Intel for $15B in 2017. Despite Mobileye’s wild success, Aviram believes that OrCam has greater growth potential. He’s working on further integrating OrCam products with AI systems so that they can function as personal assistants with mass market appeal.

How They Win

1) Real Value - OrCam created a product people can’t live without

A large part of OrCam’s success lies in the fact that they created a product that actually works and greatly improves the lives of the visually impaired who will pay a premium to regain autonomy.

An independent study recruited a group of legally blind people to complete a 10 item functionality test composed of various activities like reading the newspaper, counting money, and shopping in grocery stores. The average participant functionality score rose from 2.5 to 9.5 after introducing the visual aids and receiving a 90 minute training session.

While the study was not conducted by OrCam, a substantial portion of the test group went on to purchase the product for daily use.

2) Develop High A Trust Marketing Plan - Always market your success stories

OrCam promoted their brand by posting viral videos of users giving heartfelt testimonials on how the product changed their lives.

They utilized marketing resources to feature stories such as Blind Man Proposes Using OrCam MyEye and Blind 10-Year-Old Learns to Read on cable shows like Steve Harvey On Watch and Dr. Phil to reach millions of potential consumers.

TOGETHER WITH VENHUB

How Robotics Pioneers Are Inventing The Future Of Retail

Venhub is leveraging robotics and automation to reinvent the retail store.

This is bigger than self-checkout. They’re patenting a 100% automated retail solution with autonomous restocking and inventory management, touchless transactions, and a seamless shopping experience.

Venhub’s $654B market opportunity.

Using automation, VenHub's unique business model makes it possible for stores to stay open 24/7 while also reducing costs and creating a one-of-a-kind shopping experience.

For store owners, that’s:

  • 5X higher margins

  • 98% faster to build

  • A more sustainable operation

Venhub's technology can easily adapt to new retail opportunities, such as pharmacies, storage lockers, and more. This versatility makes Venhub an ideal solution for entrepreneurs looking to enter the convenience store market.

Venhub has multiple potential revenue streams, including store sales, store operations, and tech licensing. That’s a lot when you consider that the convenience store market alone is $654B.

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