lem·ma /ˈlemə/ — a small result proved on the way to a larger one. Find the right one and everything after it gets easier.

Founder-led growth strategy for companies at an inflection point.

A San Francisco growth strategy firm. We partner with founders and leadership teams to turn ambitious goals into clear priorities, executable systems, and measurable results — across positioning, acquisition, brand, partnerships, and AI-enabled operations.

Small change, outsized result. A well-chosen shift compounds through everything downstream of it. Most of the work is being right about which shift.

The premise

Growth is a combination problem.

No single channel, campaign, or tactic produces outsized growth on its own. We orchestrate the whole go-to-market — positioning, acquisition, product, brand, partnerships, pricing, and the operations underneath — and find the combination that compounds for your business.

Media investment

$450M+ in ad spend managed — across Meta, Google, Apple Search Ads, TikTok, LinkedIn, and whatever else the mix calls for.

Markets

B2B and B2C — enterprise, SaaS, marketplace, and consumer businesses.

Engagements

Senior-led and selective — scoped around one problem at a time.

Where we enter

Call us when one of these is true.

We work with founders and leadership teams at inflection points — where the opportunity is clear but the path to capturing it isn't yet. Outside of those moments, you probably don't need us.

Demand is outrunning your ability to deliver it.

The product works, but the market can't yet see what it's worth.

A go-to-market motion needs to be built, or reset from scratch.

Growth has become everyone's job, which means it's no one's.

Focus areas

Six places growth usually gets stuck.

Most companies at an inflection point don't need more activity. They need to know which of these is currently holding the rest back — and what to do about it this quarter.

Product–market fit and go-to-market

Sharpen who you're for, what you're worth to them, and how you reach them repeatably.

Acquisition and unit economics

Data-driven user acquisition, conversion, retention, and the math that tells you when to spend.

Brand positioning and creative strategy

A differentiated story, plus a creative testing system that keeps producing after we leave.

Partnerships and distribution

Channel, reseller, and platform partnerships that open growth you can't buy on an auction.

AI-enabled growth operations

Applying AI to growth workflows, reporting, and decisions — where it earns its place, not everywhere.

Fundraising narrative and metrics

The numbers investors will test, and a story your traction actually supports.

The approach

Most growth problems are not marketing problems.

They are clarity, sequencing, ownership, or operating-system problems that happen to show up in the growth numbers. So we start with a diagnosis, not a deliverable — the constraint is rarely where the symptom appears. We find it, test the smallest honest version of the fix, and only then spend behind it. What you keep at the end is a system your team can run and a number that moved, not a deck.

How engagements start

Start with the decision, not the retainer.

The first conversation is just a conversation. What follows is a fixed scope for a fixed fee with an end date — not a retainer that renews by default. We'd rather tell you the problem is smaller than you thought than sell you a longer engagement.

01

The conversation

Sixty minutes with the founder or leadership team. You describe the goal and what's in the way; we tell you plainly whether we're the right people for it.

02

The diagnostic

A structured review of your numbers, your funnel, and how your team sees the bottleneck — often independently, because where the answers differ is the finding.

03

The engagement

A scoped sprint against one named problem, with defined deliverables, a fixed fee, and a decision point at the end. Extend only if there's a reason to.

On the name

Different starting points, the same deeper truth.

Butterfly Lemma captures the idea that complex things often share a hidden underlying structure — and that people coming from very different backgrounds, viewpoints, and disciplines can still arrive at the same deeper truth.

I also love the butterfly itself. It suggests transformation, and it echoes Ray Bradbury's butterfly: a small change creating outsized impact. I've seen that with students, where one intervention changes a trajectory, and with organizations, where one strategic shift unlocks growth.

There's a personal reason too. The lemma was first proved by Hans Zassenhaus, a student of Emil Artin — one of my favorite mathematicians, and someone whose Armenian roots make the connection especially meaningful to me.

Mihran Vardanyan · Founder · San Francisco

A B
The butterfly lemma, drawn. Two structures, A and B, and the two shaded wings that the proof shows are equivalent. The shape is where the name comes from.

What would you fix first?

Tell us the growth problem you'd solve today if you could only pick one. If we're not the right fit, we'll say so and point you to someone who is.

We work primarily through trusted introductions and take on a limited number of companies at a time.

Based inSan Francisco · Working globally
Working withFounders and leadership teams
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