Think of an entrepreneurial firm that has been successfully launched in the last 10 years. What opportunity did the founder(s) recognize as valuable? Using the tools in the textbook (business model canvas, customer empathy maps, patterns, etc.), analyze and describe the approach to market, the value proposition, and various revenue streams that are the basis of the firm’s success. Provide citations to back up your explanation (in other words, provide evidence that what you posit is objectively supported).
Snapchat denotes a camera company that has undergone massive growth in recent years (Gallagher, 2018). Snapchat is a company founded by Evan Spiegel, Reggie Brown and Bobby Murphy in the year 2011. Reggie had an idea of how good it would be if a person could send photos to another, which would disappear after a while. In 2011, Snapchat was born after the three came up with an application and named it Pictaboo (Edwards, 2017). The name was changed to Snapchat later on in 2011. By mid-2012, the application had gathered approximately 20 million daily users (del Castillo, 2012). Snapchat was initially focused on sending snaps from person to person. It was later on improved to several other tasks such as sending short videos, messaging and live video chatting.
As new features were added to the application, the company experienced rapid growth. The features include Snapchat stories and the ability to add filters on the photos taken on the application. Snapchat is an application that targets smartphone users. These features have enabled Snapchat to change online communication. For instance, Snapchat allows the sending of photos to friends. However, the main feature is that the photos disappear forever after the receiver views them (Gallagher, 2018). The recent studies and reports have shown that the app is used mostly by the millennials. With the frequent use of the app by millions of young people, there has been a unique use of terminology to the app’s features from snap to stories. As a commercial entity, Snapchat makes money through snap ads, sponsored lenses, sponsored Geolifter, and Snapchat discover.
del Castillo, M. (2012, October 27). The app with self-destructing messages launches on Android. Upstart Business Journal.
Edwards, J. (2017, February 3). The alleged betrayal described in these photos, texts, and emails cost Snapchat $158 million. Business Insider.
Gallagher, B. (2018, February 16). How Snapchat Gained Success By Going Viral At High Schools Across Los Angeles. Forbes.
by EssayRoyal, Dec. 6, 2019, 8:49 p.m.