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What can entrepreneurs learn from the mega success?




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Employees and guests at Zoom celebrate on the Nasdaq when the company holds its IPO, Thursday, April 1

8, 2019, in New York, where the videoconferencing company is headquartered in San Jose, Calif. (AP Photo / Mark Lennihan)

ASSOCIATED PRESS

While much of the attention of IPOs this year has been on high-profile operators such as Slack, Lyft, Uber and Pinterest, the standout agreement has so far been Zoom Last week, the company launched its offer and stock rocket with 72% on its first trading day, putting the market price at nearly $ 16 billion. Now Zoom is one of the most valuable sliding companies in the world.

All this is the vision of Eric Yuan, the company's founder and CEO

Here's a backgrounder: While attending college in China in the 1980s, he starred in computer science because he admired technological entrepreneurs like Bill Gates. Takes a lot of trouble with the immigration system – and joined the engineering group at WebEx. It turned out to be random when the company wanted to revolutionize the conference market.

So in 2007, WebEx sold to Cisco and unfortunately the innovation began to save. Eric tried to push for change, but he was mostly rebuffed. In 2011, he began Zoom, and reaped a seed from a number of angels.

As it was no surprise, Eric was quite unconventional in his strategy – that is, according to Silicon Valley standards. & Nbsp; For example, he did not use lavishly (the original offices were rather modest), and there was little emphasis on sales and marketing.

Overall, the formula has been spot on. & Nbsp; Starting today, Zoom & nbsp; at 100% + and is profitable. There are also 50,000 corporate customers and 344 of them pay over $ 100,000 a year.

OK then, what is the mall for entrepreneurs? What are the lessons here that can help with your own venture? Well, let's take a look:

Customer's first : Eric is obsessed with making the best product possible. Remember he worked on the Zoom platform for two years before it was launched. He would also personally answer customer questions and reach out to every customer who was canceled.

Bottom line: Zoom has a Net Promoter Score (NPS) over 70 years.

"Zoom succeeded when many others did not," said Roy Raanani, co-founder and CEO of Chorus.ai . "When Eric started the business, he knew the video conferencing industry closely and understood that existing products did not meet user needs. He had a vision that everyone should" Meet Happy "and focused on creating a simple product experience like" Just Works ", hiring a great team like focused on implementing fundamental rights, and putting customer and employee happiness in the center of Zoom's culture. "

Viral : Conferences are inherent viral and allow the establishment of network effects that can make it difficult for competitors to attack. Granted, this is not easy to pull off, but Eric's focus on creating a strong product has been critical.

Zoom S-1 notes : "Our rapid adoption is driven by a skilled cycle of positive user experiences. Individuals usually start using our platform when a colleague or employee invites them to a Zoom meeting. When participants experience our platform and realize the benefits, they often become paying customers to unlock extra functionality. "

Big Market, Big Problem : When Eric founded Zoom, there was a lot of skepticism. Wasn't the market already won? How could he fight rivals like Microsoft, Google, WebEx and GoToMeeting?

But like any entrepreneur, Eric was convinced of his vision. He understood that there was much that could be done in the industry, which did not invest enough in new technology.

"The cardinal rule for any startup: Solve a very big problem and solve it well," said Jamie Sutherland, founder and CEO of Sonix . "Zoom did this. While there was a lot of rhetoric around the idea that video conferencing had been resolved, the reality was that it wasn't really resolved well. Everyone … literally all the people I knew were hurting with video conferencing. And when that didn't work, It is a great pain, so, pair it with a huge global market, and you have a great opportunity. "

Tom earns on technology start-up boards and can be reached on his website

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Employees and guests at Zoom celebrate at the Nasdaq when the company holds its stock exchange listing, Thursday, April 18, 2019, in New York. The videoconferencing company is headquartered in San Jose, California AP Photo / Mark Lennihan)

ASSOCIATED PRESS

Although much attention for IPOs this year has been on high-profile operators such as Slack, Lyft, Uber and Pinterest, the standout agreement has so far been Zoom. The company launched its offer and the shares rocketed by 72% on its first trading day and put the market price at nearly $ 16 billion. Now Zoom is one of the world's most valuable cloud companies.

All this is the vision of Eric Yuan, the company's founder and CEO.

Here's a backgrounder: While attending co Llege in China in the 1980s, he took the lead in computer science because he admired technological entrepreneurs like Bill Gates, and in 1997 Eric came to America – after much trouble with the immigration system – and joined engineer ng the team at WebEx. It turned out to be random when the company wanted to revolutionize the conference market.

So in 2007, WebEx sold to Cisco and unfortunately the innovation began to save. Eric tried to push for change, but he was mostly rebuffed. In 2011, he began Zoom, and reaped a seed from a number of angels.

As it was not surprising, Eric was quite unconventional in his strategy – that is, according to Silicon Valley. For example, he did not use lavishly (the original offices were rather modest), and there was little emphasis on sales and marketing.

Overall, the formula has been in place. Starting today, Zoom grows to 100% + and is profitable. There are also 50,000 corporate customers and 344 of them pay over $ 100,000 a year.

OK then, what is the mall for entrepreneurs? What are the lessons here that can help with your own venture? Well, let's take a look:

Customer's first : Eric is obsessed with making the best product possible. Remember he worked on the Zoom platform for two years before it was launched. He would also personally answer customer questions and reach out to every customer who was canceled.

Bottom line: Zoom has a Net Promoter Score (NPS) over 70 years.

"Zoom succeeded when many others did not," said Roy Raanani, co-founder and CEO of Chorus.ai. "When Eric started the business, he knew the video conferencing industry closely and understood that existing products did not meet user needs. He had a vision that everyone should" Meet Happy "and focused on creating a simple product experience like" Just Works ", hiring a great team like focused on implementing fundamental rights, and putting customer and employee happiness in the center of Zoom's culture. "

Viral : Conferences are inherent viral and allow the establishment of network effects that can make it difficult for competitors to attack. Granted, this is not easy to pull off, but Eric's focus on creating a strong product has been critical.

Zoom S-1 Notes: "Our fast adoption is driven by a virtuous cycle of positive user experiences. Individuals usually start using our platform when a colleague or employee invites them to a Zoom meeting. When participants experience our platform and realize the benefits, they often become paying customers to unlock additional functionality. "

Big Market, Big Problem : When Eric founded Zoom, there was a lot of skepticism. Wasn't the market already won? How could he fight rivals like Microsoft, Google, WebEx and GoToMeeting?

But like any entrepreneur, Eric was convinced of his vision. He understood that there was much that could be done in the industry, which did not invest enough in new technology.

"The cardinal rule for any startup: Solve a very big problem and fix it well," said Jamie Sutherland, founder and CEO of Sonix. "Zoom did this. While there was a lot of rhetoric around the idea that video conferencing had been resolved, the reality was that it wasn't really resolved well. Everyone … literally all the people I knew were hurting with video conferencing. And when that didn't work, It is a great pain. So, pair it with a huge global market and you have a great opportunity. "

Tom earns on advisory boards for technological start-up and can be reached on his website. 19659020]


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