Carl Pei
Carl Pei co-founded Oneplus, a young cell phone company driven by their slogan: “Never settle.” Although the idea of the smartphone is nothing new, Pei innovated by creating an enthusiast brand. He focused greatly on pricing and quality. Essentially, Pei removed the middleman and used his own e-commerce platform. Another innovation Pei pursued was investing capital into his product instead of marketing. In a Business Insider interview, he explained:
It’s more genuine and efficient to make a good product and have your customers spread the word instead of spending on banners and TV ads. That’s what we’ve always bet on.
The first Oneplus phone
Through these strategies, Oneplus has been able to offer premium phones affordable for most people. In addition to accessibility, Pei is driven by community, design, and feedback. These ideals made his customers feel valued. Oneplus, as a result, grew exponentially. In one year of its first product, the company sold almost 1 million units. Popularity was so high that customers were competing for inventory.
Although Pei gained early success, massive adoption for Oneplus was difficult. The brand primarily attracted technology enthusiasts, offered a single product, and faced a competitive industry. Eventually, Pei pivoted by expanding Oneplus’s offerings. They now provide different tiers of phones, earbuds, and smartwatches. This change, however, caused many to believe Oneplus is more motivated by money than their community.
As of October 2020, Pei left Oneplus to start a new company called NOTHING. NOTHING is similar to Oneplus in that it is branded for enthusiasts. They also seem to care more about their customers than revenue, at least for now. Their only product is a pair of wireless earbuds. Unlike competitors, NOTHING has implemented noise cancellation and 34 hours of battery life for only $99. Support for Pei’s new venture has also been strong, even though he has done little marketing.
Pei’s entrepreneurial story shows how innovation can take many shapes and forms. Although he did not invent the smartphone or wireless earbuds, his products are unique in that they took a different approach. This shows how an entrepreneur can be innovative through their process, application, and action.
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I think this is a really cool look at how even though something already exists, you can as an entrepreneur still innovate and rethink a product to make it better and more appealing to the public. Often people think of entrepreneurs as people that make new products, however they can also take an idea and improve it so much that people will prefer their product.