The brilliant founder Magnus Wanberg (37 years old) started by admitting that he had no prerequisite to succeed as a Norwegian supplier of consumer electronics.
During the ups and downs, he stuck to the fact that a paper-sense digital notebook was something he himself had missed and that it would solve a problem. The writing pad can convert handwritten notes into digital text.
The explosive growth has made Remarkable a Gazelle, and now the company has won the DN Choice for Gazelle Innovation of the Year.
From a Renaissance villa at the top of Grünerløkka, Magnus Wanberg (37) has built a technology company that is now worth several billion kroner.
The paper texture digital notebook has opened up a whole new market where they themselves have sat down with the console.
Not in my wildest fantasies which I thought would be so great.
– When I go back now and look at the offerings of the old investors, we are beyond the level we dreamed of. Profit target in 2023, we have already reached it in 2020.
For fast-growing tech companies, deficits are more the rule than the exception. High-priced tech stocks received quite a bit of buzz on stock exchanges last month.
The brilliant entrepreneur makes no secret of what he thinks about pricing for some of the most flying tech companies.
– When the most hysterical evaluations appear, there is speculation. It is not rational.
Biggest success since Tandberg
DN editor Amund Djuve was impressed by the way Remarkable fought the tablet dominance of tech giants like Apple.
– This is Norway’s first major success in consumer electronics since Tandberg Radio in the middle of the last century. They have found a niche and created a product in a market that is mainly dominated by some of the largest companies in the world.
Djoff was particularly impressed by the growth rate.
– In 2020, they more than tripled their revenue compared to the previous year to 1.2 billion NOK and also achieved positive results earlier than many would have imagined for a company at this point in this market.
Competitors copy
The company keeps cards near its chest and has yet to say what the growth curve was like last year.
Remarkable believes they’ve identified a $100 billion market for digital laptops, taking only one percent off so far. The goal is to take the same stance that Kindle has taken on a tablet.
– We still think we’re at the beginning of something. This market in addition to the Ipad and tablets. In all humility, it is not certain that we will take the market completely. There are some competitors who have done what they can to imitate us. They’re following, but we’re going at our own pace, says Wanberg, who still owns 32 percent of the stock.
startup project
After working as a consultant at Boston Consulting Group, Wanberg started his entrepreneurial venture at the age of 28.
I wanted to start a technology company and I had some visions. Had this and some other ideas.
Wanberg was fascinated by the feeling of paper, and wanted to unite the notebook with the possibilities in the digital universe. The whiteboard should make the user think better and be stripped of distractions like social media, apps, push notifications, and email.
Remarkable’s notepad features a paper-feeling surface. (Photo: Mart Christensen)
In 2016, 4 million NOK of seed capital was injected into the entrepreneurship project.
When the American prestige fund Spark, which discovered Twitter, became an investor two years ago, the company was worth a billion. Since then, stocks have pointed straight to the sky with massive growth and profits. It also gives a new height to the drop.
– We’ve moved the frame of reference all the way. One can be afraid to look into the future in such large numbers.
Launching Remarkable Version 2 was quite a feat, even though it looked reasonably dark at first.
– We fired the same day we went into lockdown. The new product has given us a huge leap, but the innovation process is not only about product and technology. We have also made a quantum leap with the brand, for example on the website, but we have also developed the business model with the subscription service on top that provides better workflow.
Work toward bankruptcy date
Along the way, they worked in a tight streak and really got the feeling of the box getting close to empty.
– When you have a history of bankruptcy, there is a slightly different atmosphere when you go to China to negotiate than when you have NOK 500 million in venture capital. Then you know what discipline is.
It is not excluded that they go to the market to raise money.
– Then you reach faster, it’s like gasoline on fire. If we get a good deal, that’s interesting.
Potential capital increase is pure issues. The big sale is not relevant now even if stakeholders knock on the door.
We receive continuous inquiries from financial and strategic investors. Microsoft, Logitech, Google and Amazon are up to date. Because in Norway they are exploding in it. But we did not start a great company to sell the company, but to manufacture these products.
We had to use Yellow Pages
After Remarkable 2 came to market, it wasn’t the lack of liquidity, but the lack of components that was the biggest challenge. In the search for chips, they had to use creative methods to prioritize key component manufacturers.
The writing board consists of hundreds of components. We had to reach the level of the top manager and fight the constant battles to be among the chosen who received charges. And we had to use the Yellow Pages around the world to find those responsible. Then we told the story that we were an exciting tech company in solid growth and asked if they’d join.
The note board is based on many standard components, but there are also some components in the surface that are self-developed and patented. In addition, there is its own software that makes nanotechnology and processing technology play together.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.
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