Carl Pei shared how he created Nothing: from idea to raising investment

Karl Pei, co-founder of OnePlus, shared the story behind the creation of his new smartphone brand, Nothing. Despite his experience and success with OnePlus, Pei had to face a number of challenges, including finding investors to launch the company.

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Why smartphones?

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Pei explained that the team decided to focus on smartphone manufacturing because it was an area where they already had experience. According to him:

• The scale of the smartphone industry is huge: about a billion devices are sold annually.
• Smartphones have become a key device, replacing PCs and laptops as the primary tool for work, communication, and entertainment.

He noted that success in creating smartphones will enable making money from software and services by using the devices as a platform for software distribution.

He said that the success in creating smartphones will enable making money from software and services by using the devices as a platform for software distribution.

Difficulties in attracting investment

Pay admitted that he had no experience in fundraising and had to learn it «from scratch».

• Advice on not giving a presentation: An acquaintance once advised him not to use the standard «pitch deck» – a set of slides explaining the company’s vision. Instead, Pei was advised to talk directly to investors.
• Self-criticism: Pei later admitted that his presentation was indeed weak and abandoning it was the right decision.

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Rumors of a tie-up with Essential

In early 2021, there were rumors that Pei’s new project might be called Essential, as he acquired the rights to the brand. As a reminder, Essential was founded by Andy Rubin, the creator of Android, but never achieved success.

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The Path to Success for Nothing

Despite initial difficulties, Nothing managed to enter the market with a unique design and concept that helped the brand stand out in the saturated smartphone industry. Pei has proven that even in a highly competitive market, there is room for new ideas and bold solutions.

He has proven that even in a highly competitive market, there is room for new ideas and bold solutions.