Seed to Harvest NJOY's Journey: From $1B Val to Bankruptcy to $2.75 Billion Dollar Exit | What It Takes Ep 1
In this special series of 'What It Takes,' Paige and analyst Chinwuba interview founders who have sold their companies for more than $1B. Our first episode features Mark Weiss and Jeff Weiss, the founders of NJOY, a billion-dollar e-cigarette company. They dive into the entrepreneurial journey, starting from their upbringing in a family of lawyers and athletes to the unique inception of NJOY after discovering electronic cigarettes through a mentor.
Mark explains the challenges NJOY faced, including the legal battles with the FDA, which they successfully overcame, allowing them to pioneer in the e-cigarette market. Jeff shares insights into the company's significant pivots, financial struggles, and eventual recovery post-bankruptcy.
They also discuss substantial investments from prominent figures like Peter Thiel and Sean Parker, navigating regulatory hurdles, and NJOY's eventual acquisition by Altria.
The episode highlights lessons learned, the importance of adaptability, and reflects on the rewarding yet turbulent journey of building a groundbreaking company.
Connect with Paige and Chinwuba 🌱💜
Behind Genius Ventures blog | https://www.behindgeniusventures.com/
Personal Blog | https://paigefinndoherty.com/
Twitter | https://twitter.com/paigefinnn
Linkedin | https://www.linkedin.com/in/chinwubaezesike/
00:00 Introduction to the Series and Guests
00:32 Growing Up in a Big Family
02:36 The Birth of NJOY
06:08 Early Challenges and Breakthroughs
12:50 Legal Battles with the FDA
20:48 Financing and Growth
23:16 The Rise of NJOY
24:13 Challenges Leading to Bankruptcy
25:23 The Pivot to Flavors and Nicotine Salts
27:08 The Bankruptcy and Downsizing
28:09 The Struggle with Investors and Market Share
30:42 Emotional and Strategic Reflections
33:15 Reemergence and Fresh Start
39:24 Acquisition by Altria
42:54 Lessons Learned and Final Thoughts