Great Evan-gelist… invented the App of the future! Snapchat, with its white ghost-shaped logo, is the temporary photo and video messaging company, which is very popular among millennials. What is exciting in this story is not the App itself but how a simple college assignment was transformed into a USD 19billion worth company? This is the story of Evan Thomas Spiegel, co-founder and CEO of one of the largest and fastest-growing social networks on the Internet.
Despite Snapchat‘s phenomenal global success, the first version of the app was a flop! Picaboo, which failed to get off the ground, was rebranded Snapchat with a few more features. Today, at 25, Spiegel runs a multibillion dollar corporation with hundreds of employees and which has more than 130 million daily active users, chiefly millennials. Son of successful lawyers, John W. Spiegel and Melissa Ann Thomas, Evan is nowadays known to be the world’s youngest billionaire who will be remembered for turning down a USD 3billion offer from Facebook! “There are very few people in the world who get to build a business like this,” he told Forbes at the time. “I think trading that for some short-term gain isn’t very interesting.” Another college dropout like Bill Gates, Steve Jobs or Mark Zuckerberg, Evan quitted Stanford University just a few credits short of earning his degree. He was more concerned about completely focusing on Snapchat and its growing success than graduating!
Working the system
Spiegel clearly believes that understanding the patterns behind things and making them work in one’s favour can be more rewarding when it comes to business. When speaking to young people wishing to become entrepreneurs, he stated that: “Life isn’t fair and it’s not about working harder; it’s about working the system.” He also advised them to dare create something that you don’t want to sell.
So far, Evan has been “working the system” quite well, in his professional and private life as well, by dating Australian supermodel Miranda Kerr (ex-wife of Hollywood superstar, Orlando Bloom)! So, how is the kid-turned-celebrity-CEO going to work the system and transform Snapchat into a sustainable and profitable business? Well, it doesn’t seem like Mission Impossible for this enigmatic and resourceful young man whose “Mission Impossible style detonation technology” promises to bring a lot more than “ephemeral” image sharing! Stay tuned!
Consequently, Evan Spiegel strongly believes in Snapchat’s business model. He often claims that : “There is real value in sharing moments that don’t live forever.” It would be interesting to see if he succeeds in transforming an App into a sustainable business. Well, we now hope that he lives up to the challenge of building something that will ultimately “live forever”!
Snapchat: Sustainable business model or fad? Post your comments below!