Zoom: A Technology Startup Success
Eric was a freshman in college, just beginning to think about his impact on the world. He heard a talk given by Bill Gates about the Internet, and it sparked an idea – one born out of frustration from having to take a 10-hour train ride to visit his girlfriend. The idea gave birth to a plan of action. With perseverance, he got a job that exposed him to the idea of using the Internet to facilitate video conferencing. He worked in that field and learned from customers that they weren’t happy with his company’s products. He saw an opportunity to make something better. He decided to strike out on his own to create a better solution. He launched his own technology startup company facing withering competition, working day and night to improve his product. His company grew slowly, adding customers and outpacing his competition. Then, in a literal blink of the eye, his company became one of the most successful companies in the world. On one day in March of 2020, his app was downloaded 2.13 million times. He added 2.13 million customers in one day! Now the company he started – which you and I know as “Zoom” – has a market value of $42 billion and is ranked second by Glassdoor as one of the best places to work.
We can learn several things from Eric Yuan, the founder of technology startup Zoom.
- He had an idea.
- His introduced intentionality to his idea – he made an effort to get started.
- He developed a plan of action – he got exposure to the industry he was interested in.
- He paid attention – he learned where there was need and how it was being met.
- He listened to his customers and made adjustments.
- He took a risk.
- He worked tirelessly.
- He overcame obstacles.
- He’s constantly improving and evolving his product.
I keep a quote taped to my computer screen. It reads “Successful leaders see the opportunities in every difficulty rather than the difficulty in every opportunity. Resilient people view problems as challenges and opportunities for growth rather than as threats.”
We are in a time of unprecedented change. Life looks different. We can either see the change as a threat or we can see it as an opportunity. Are you a small business owner? You CAN adapt and overcome. Consider what you can stop doing that isn’t working anymore. What can you start doing that will meet your customer’s needs in the current climate? Your customers can be your best source of information on how to pivot in your business. Ask them. They will tell you. Look also at what your competitors are doing and not doing. Are there things you can do better than them?
For those that have lost jobs or find themselves wondering how long their job will last or if it will ever be fulfilling, dig into the soil of your soul. What ideas have you had and how can you turn them into reality? Perhaps you can take what you know and do it better than your employer or think like Yuan and get moving on a technology startup.
Here are five things Eric Yuan said he wish someone would have told him before he launched technology startup Zoom:
- Although the start-up journey is long and tough, it’s also fun and exciting. Don’t be afraid to start — just go for it!
- You don’t need to hire the people who are the most qualified on paper; instead you should hire those with self-motivation and a self-learning mentality.
- Your company’s culture is the #1 most important thing to get right. Everything else flows from there. It’s all about the people.
- If your employees are not happy, nothing else at your company will go well.
- Find the investors who want to invest in you, not only in your business.
Texas Technology Startup Lawyer
Opportunity is out there. How can you seize a part of it? Contact Greg Richards to learn more about how you can turn your technology ideas into a business reality.