For some, a start-up is all about raising huge sums of money and then selling with that business to make some profit. But there are some who have a vision of how their start-up will impact the world for better. For them longevity of their business is of prime importance.
Martin-Rawls Meehan, the owner of a sleep technology start-up Reverie, certainly falls in the latter category. In a world where half the world’s wealth is controlled by millionaires, it is very difficult for new businesses to succeed. But Meehan’s start-up now generates over US$ 100mn a year in revenue and that too without the help of venture capital.
Let’s see how he accomplished this enormous feat.
Increased Productivity with the help of Sleep technology
Reverie, Meehan’s start-up, is helping people with improving their sleep cycle. Urban lifestyle is very demanding and people have to often prioritize their work over their well-being. Meehan says that sleep is very important for a healthy mind and body. Without proper sleep, one can’t expect to be both healthy and at their functional best.
Research shows that sleep is more advantageous for our physical and mental well-being than nutrition or exercise is. So essentially when you lose sleep for work you are essentially compromising your health.
Reverie aims to help people sleep better with their innovative sleep technology. Meehan’s project has been aided by the increased awareness in urban spheres regarding the importance of good sleep.
What Reverie has to Offer
Reverie fulfils its dream of helping people sleep better by offering two major services. First is a program that coaches about how to improve your sleep and the second is physical products which aide in deep and resting sleep.
The true measure of a company’s success is not how much money it makes but its user reviews. In Reverie’s case, it is quite evident their services are well received by the users. Meehan has been told by a lot of people that their bed is excellent and has been really helpful. But at the same time, it has also left people vulnerable while travelling as the bed can’t be carried everywhere.
Fending off the Tech Giants
Every business needs to raise money from outside for the growth of the enterprise. Reverie hasn’t opened themselves for investment from venture capital yet but they might have to do just that at a later point of time.
Meehan says that it is not necessary for a start-up to raise money from VC but the giants in the technology sphere like Google and Apple forces its hands. If you have a innovative idea to sell these tech giants will look to take you to trial to force you out of business as this is more easier than buying out your start-up.
Trials of this magnitude can be financially unsustainable for start-ups. Hence, Meehan suggests that it is very important to have the backing of a strong legal structure around your product. Reverie, for example, has patented over seventy of its intellectual properties.