Digital Social Hour: Renji Bijoy on Crowdfunding Secrets to Raise Millions in Days | DSH #1209
Released on February 28, 2025
Host: Sean Kelly
Guest: Renji Bijoy
Podcast: Digital Social Hour
Episode Title: Crowdfunding Secrets: Raise Millions in Days
Introduction
In this compelling episode of Digital Social Hour, host Sean Kelly engages in an insightful conversation with Renji Bijoy, a trailblazing entrepreneur from Austin. Renji shares his remarkable journey in leveraging crowdfunding to raise over $20 million for his company, Immersed. The discussion delves deep into the nuances of successful crowdfunding, the evolving landscape of venture capital, the pivotal role of social media, and Renji’s visionary outlook on the future of technology, including AR, VR, and humanoid robotics.
Renji Bijoy's Crowdfunding Success
Renji recounts his strategic approach to crowdfunding, which enabled him to raise substantial capital swiftly. Instead of conventional venture capital avenues, Renji harnessed the power of retail investors—his loyal user base and followers who genuinely believed in his product.
Renji (00:58): “If we wanted to raise more venture capital, probably would have been better to move out to San Francisco or something. But I think for us, because we have sort of this army of retail investors, our users, our followers that really love our product, it's really empowered us to get the word out there.”
He highlights the rapid fundraising milestones:
- $2 million in two days
- $8 million in two weeks
- Over $20 million to date
Renji attributes this success to building a product that users cherished, allowing for organic and enthusiastic financial support.
Building a Product People Love
A cornerstone of Renji’s crowdfunding triumph was developing a product that resonated deeply with users. Unlike many who pitch mere ideas, Renji focused on delivering a tangible, high-quality product.
Renji (03:28): “I think the main thing is having something of substance. I think a lot of people try to crowdfund with an idea on a napkin, but they haven't proven themselves yet.”
His company, Immersed, stands out in the AR/VR space by offering a highly functional headset designed for productivity, bridging the gap between work and virtual environments.
Renji (19:47): “Our visor is 6 ounces, very, very lightweight and it's higher resolution than Apple's headset. And so that's coming out this year and actually a couple of months here.”
Timing and Market Conditions
Renji emphasizes the importance of market timing in his crowdfunding success. Initially, entering the VR space was challenging due to the saturation and failures of numerous startups. However, the COVID-19 pandemic shifted the demand towards remote work solutions, positioning Immersed advantageously.
Renji (03:39): “When Covid hit, everyone started working from home. And everyone was like, oh, crap. Well, I can't really bring my computer screens from the office back home. So I found this kind of headset thing. Can I use that for screens? And very quickly, we became one of the top apps.”
This serendipitous alignment between his product offering and market needs catalyzed the viral growth and financial backing from everyday investors.
Crowdfunding vs. Venture Capital
Renji draws a clear distinction between crowdfunding and venture capital (VC), advocating for the former as a more empowering and less restrictive funding model.
Renji (06:00): “The main thing is you need to have a genuine desire to build a product that people love. And if you don't do that, I wouldn't recommend crowdfunding. It's going to flop.”
He critiques the traditional VC path for often diluting founder control and imposing unfavorable terms, contrasting it with the autonomy and community-driven support inherent in crowdfunding.
Renji (08:35): “I saw this chart. If you ever watch the All In podcast, for example, Chamath, Jason Calacanis, all these guys, they showed this chart that showed that in 2022 is kind of the peak of VC. 2023, it chopped down to like a 10th of what venture capital was able to pull off in previous years, and then 2024 even less.”
The Shift in the Investment Landscape
Renji discusses the declining influence and viability of traditional venture capital, suggesting a paradigm shift towards more democratized funding sources like crowdfunding.
Renji (08:35): “I really don't think it's the future. I just don't think that these venture capital firms are going to be able to convince high net worth individuals to keep putting money into their funds because the returns are just not making sense.”
He envisions crowdfunding as a catalyst for empowering everyday investors to participate in high-growth opportunities without the barriers previously imposed by VCs.
The Power of Social Media
A significant factor in Renji’s fundraising and company growth was the strategic use of social media. Platforms like Instagram allowed him to build and engage a dedicated following, crucial for his crowdfunding campaigns.
Renji (14:22): “For us, the vast majority of the $20 million that we raised to date was from Instagram. I had, like, maybe 2,000 followers. When we raised $2 million in two days, it was just people from, like, my high school and then our customers who followed me on Instagram.”
This grassroots support not only facilitated rapid fundraising but also enhanced brand loyalty and viral marketing.
Operating Lean and Building Long-Term Value
Renji underscores the importance of maintaining a lean operational structure while focusing on building substantial long-term value rather than succumbing to short-term financial pressures.
Renji (18:46): “We could take the Apple approach of build the device for 1500 bucks and then sell it for $2000 more than that. So $3500 bucks for an Apple headset. And then we take the $2,000 profit margin.”
He advocates for reinvesting capital to scale the business sustainably, avoiding the pitfalls of rapid overspending that often doom startups financed by traditional venture capital.
Future of Technology: AR, VR, Humanoid Robotics, AI
Renji articulates a forward-thinking vision that intertwines AR, VR, and AI to pioneer advancements in humanoid robotics. He believes these technologies will synergize to revolutionize industries and everyday life.
Renji (47:21): “The future is going to be probably like two or three years. But think about Uber, for example, if Tesla Robo taxis end up becoming a thing, what happens to all the Uber drivers?”
He predicts the emergence of remote physical labor jobs facilitated by VR headsets, enabling tasks like construction on Mars to be performed by humanoid robots controlled remotely by humans.
Renji (51:20): “Who’s going to go do all the jobs that no one wants to do? Who wants to go do construction on Mars and things like that? No one wants to risk their life. Send a humanoid robot.”
Renji’s company, Immersed, is positioning itself at the intersection of these technologies to capitalize on the impending advancements and labor market shifts.
Building Relationships and Game Theory
Renji emphasizes the strategic importance of maintaining strong professional relationships and leveraging game theory to navigate the competitive landscape. He draws parallels with industry giants like Elon Musk and Steve Jobs, who exhibited both technical prowess and strategic acumen.
Renji (43:46): “So if you really care about winning in the end, what matters more is the game theory behind essentially swallowing my pride. If my goal is to win in the end, then I need to take some, call it short term losses for the sake of the win in the end.”
He recounts instances where maintaining amicable relationships with former colleagues and competitors facilitated future collaborations and funding opportunities, exemplifying the long-term benefits of strategic humility.
The Importance of Strategy and Vision
Drawing inspiration from Steve Jobs and other visionary leaders, Renji highlights the critical role of strategic planning and the ability to anticipate market trends.
Renji (35:14): “They invented the whole industry. And it's so crazy. Like even by the time they ended up getting acquired by Amazon for $1 billion, I'm guessing it was a 10x multiples.”
He advocates for orthogonal competition—focusing on niches that incumbents are not incentivized to pursue—and iterating meticulously to build proprietary technology that sets his company apart.
Closing Thoughts: Authenticity and Future of Content Creation
In concluding the discussion, Renji reflects on the evolving media landscape, emphasizing the significance of authenticity and genuine human connections in content creation.
Renji (57:36): “Forget what everyone else thinks. It's okay if you have your own perspective. Just make sure that, look, we're all here for, you know, max 80 to 100 years, who gives a crap of like what my image looks like? I really need to care about you as an individual and then hopefully you care about what I truly believe too.”
He envisions a future where content creators prioritize real conversations and authentic interactions over artificial intelligence-generated content, fostering deeper connections with their audiences.
Notable Quotes
- Renji (06:00): “You need to have a genuine desire to build a product that people love. And if you don't do that, I wouldn't recommend crowdfunding. It's going to flop.”
- Renji (08:35): “I really don't think it's the future. I just don't think that these venture capital firms are going to be able to convince high net worth individuals to keep putting money into their funds because the returns are just not making sense.”
- Renji (14:22): “For us, the vast majority of the $20 million that we raised to date was from Instagram. I had, like, maybe 2,000 followers.”
- Renji (35:14): “They invented the whole industry. And it's so crazy. Like even by the time they ended up getting acquired by Amazon for $1 billion...”
- Renji (43:46): “So if you really care about winning in the end, what matters more is the game theory behind essentially swallowing my pride.”
- Renji (57:36): “Forget what everyone else thinks. It's okay if you have your own perspective.”
Conclusion
Renji Bijoy’s segment on Digital Social Hour offers a masterclass in navigating the modern entrepreneurial landscape. Through strategic crowdfunding, unwavering focus on product excellence, and leveraging social media, Renji has not only secured substantial funding but also positioned his company for future technological breakthroughs. His insights into the diminishing role of traditional venture capital, combined with his visionary approach to integrating AR, VR, and AI, provide invaluable guidance for aspiring entrepreneurs and tech enthusiasts alike. As the conversation wraps up, Renji’s emphasis on authenticity, strategic relationships, and foresight resonates as a testament to building sustainable and impactful businesses in an ever-evolving world.
Connect with Renji Bijoy:
- Website: visors.com
- Social Media: Instagram | Twitter
Don’t Miss Out on Renji’s Crowdfunding Campaign:
Support Immersed’s future innovations and be part of the next big leap in technology by participating in their crowdfunding campaign. Visit crowdfund.immersed.com to learn more and invest today.
This summary is intended to provide a comprehensive overview of the podcast episode for those who have not listened to it. For the full experience, tune into Digital Social Hour with Sean Kelly.