Total of investments: $276 million
Valuation: $50 billion
What is it?
Zoom is a software company for arranging videoconferences, online meetings, and distant learning. Its simple and convenient interface enables anyone to watch and listen to other users online. If a person doesn’t want to be heard or seen, they can switch their video or mic off.
What makes it better than other programs?
The key Zoom advantage is the possibility to simultaneously invite a large number of users to the conference or webinar. For the conference, the limit is 1,000, whereas for the webinar — 10,000. However, in order to conduct such a large-scale webinar, you have to get a paid subscription.
There is also an option for conference recording which is helpful for both family gatherings and business meetings. So there is no need to note everything down because you have always an archive at hand.
Zoom first emerged on the market in 2011. Eric Yuan used to work for Cisco, where he served as a vice president for software development. He introduced a new videoconference system to the head and was refused. Then Yuan quitted Cisco to start his own business.
The major goal of the new platform was to create a system that features videoconferences, online meetings, a chat, and shared mobile work. By May 2013, the number of users had reached a million.
The idea of videoconferencing crossed Eric’s mind spontaneously. Being a student, he had to spend 10 hours to see his wife-to-be. This trip was draining which made Yuan think of the way to meet his girlfriend without wasting so much time on the road.
In 2011, Eric established a startup which attracted 40 partners. In a year, he managed to launch Zoom, and today the company has been on a roll.
Since October 2018, Yuan’s team of engineers has been working on a new product — Zoom Phone. Besides, the company introduced updated conference rooms named as Zoom Room.
As the pandemic began, Zoom started to swiftly grow. Both businesses and educational institutions had to shift to the online space. Last year, the company proceeded to develop a plan which would provide a good connection and interaction between employees and students.
The platform reached its peak in spring 2020. A huge amount of enterprises had to change their work principles and adapt them to the covid-19 conditions. Thus, Zoom became an analogue of offices and school classrooms which allowed people to keep interacting with each other.
Nowadays, Zoom is no longer a mere videoconference hosting. You can arrange negotiations, staff meetings, and lessons of any kind. Moreover, the company allows taking workshops, training, making parties and even weddings.
What do you think was the reason for Zoom’s success? Comment below 👇