Lijit Networks – Boulder, CO
When it was founded in 2006, Lijit Networks offered free search tools that websites could use to provide search capabilities within their own site. They built a strong customer base accumulating user base of more 12,000 online publishers and bloggers in the first three years. Sounds like a smashing success, right? It was, just not at making money. In 2009, after several failed attempts at using display advertising to generate revenue, CEO Todd Vernon was faced with a tough decision, find a way to reinvent Lijit into a profitable business, or watch his company die.
Vernon started by completing changing the direction of the company. By letting go the original vision which could not be monetized, he was able to reposition Lijit as a value-added partner in the mid-size online publishing market who delivers products that facilitate channel ad delivery and offer insight into audience analytics.
The result? The company increased revenue from $60k in 2009 to $2.8m in 2010. On track to top $10m in revenue by 2012, Lijit serves an average of 100 million ad transactions per day and boasts a publisher network of more than 40 million sites.