You’ve Heard of These Internet Startups, But Check Out What They’ve Done Lately
What makes a successful startup? This question is not an easy one to answer; otherwise, we would all be doing it. The companies below have all set a good example for entrepreneurs to follow.
This section looks at five startups that have seen significant increases in revenue over the past year. Each one has tapped into their market and managed to secure users in the ever-changing world of online services. These firms will have to continue to evolve if they want to stay ahead, but for at least the time being they are doing just fine.
Chegg
Business:Online textbook rental
Location:Santa Clara, California
The textbook market is estimated at $5 billion, and Chegg has positioned themselves to grab their fair share. Chegg allows students from 6,400 colleges to rent textbooks from a virtual bookstore. The library contains over 4 million books and the company is looking to generate $130 million in revenue this year, up from $25 million last year. Renting textbooks is a low cost option for students who are already faced with high costs around campus. As textbook rentals become more popular, it is already evident that campus bookstores will take the biggest hit from services like this. Of course, with products like the Kindle and Ipad gaining popularity, it is only a matter of time before downloadable textbooks put a stronghold on the market.
Angie’s List
Business: Provides user reviews of local services.
Location: Indianapolis, Indiana
Angie’s List, a site that offers recommendations and reviews of contractors, has been around since 1995, gaining about 1 million subscribers since then. It seems counterintuitive that users would pay for advice in this age of Google, Bing, Yahoo, and now Facebook Questions, but Angie’s List subscribers pay about $50 a year for advice on contractors and other local services. Traffic has more than doubled in the past year and revenue is likely to grow 15% this year, showing that there is a market out there willing to pay for reliable, quality advice on certain topics. Apply this ideology to other advice driven businesses and you could see another successful startup.
Zygna
Business: Social Gaming
Location:San Francisco, California
Anyone who has been on social networking sites knows about social gaming, and Zynga has put itself on a pedestal by claiming over 50 million daily active users. Zynga is looking to bring in $500 million in revenue this year, up from $200 million last year. The virtual goods that are sold through these platforms are gaining in popularity and provide a high-margin business that greatly increases revenue. As long as people continue to spend a majority of their time on social networking sites, the future looks good for companies like Zynga.
Business: Social networking site focused on professionals
Location: Mountain View, California
LinkedIn, a social networking site for professionals, has grown to more than 75 million members in over 200 countries. Due to the state of the current job market, traffic has been increasing steadily in the past year. The company’s premium subscription model and paid job postings is also set to grow significantly with revenue estimated above $200 million, up from $110 million last year. Subscriptions will most likely continue to increase as recent college graduates and other young professionals realize that networking is key to job searching, and having a professional profile is better than a “social” profile on sites like Facebook.
Gilt Groupe
Business:Online private sales of luxury and fashion brands
Location:New York, New York
Who doesn’t want that luxury brand for 50 to 70% off? Gilt Groupe takes excess inventory from luxury goods and sells them in a members only e-commerce site. E-commerce is still gaining on the overall U.S. retail market, which is a good sign for sites like Gilt Groupe. The company is looking to reach $400 to $500 million in revenue this year, up from $170 million last year. The “members only” model gives its users a feeling of exclusiveness as they scoop up the best deals available. Add to the fact that people are looking for the best retail deal out there, but still want luxury brands, and Gilt Groupe has a solid market to tap into.
Go here to see the full article: http://www.entreprenant.us/?p=435
About the Author
Chris is an adrenaline junkie who gets a rush from smart business ideas, accelerated work environments, steep mountains, and deep oceans. Chris has been involved with two start-ups including a non-profit that allowed disabled women to return to the work environment by sewing handbags and then selling them online and in their local community. Currently, Chris is focused on keeping up with and tracking the trends of emerging social media; although he is worried that it may be approaching some major obstacles in the upcoming years. Always down for an adventure, and a Scientist at heart, he has spent time in Puerto Rico to conduct research in the El Yunque Rainforest and the corals reefs in La Parguera. When he is not dreaming up the next big thing, you can find him at home in the mountains getting first tracks, or out in the ocean reeling in a few keepers. Chris obtained his MBA in 2009.
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