Shalom Life | June 03, 2014

Startup Club: Snapchat

Snapchat, currently valued at $4 billion, is the most talked about social platform of 2013; the company is reportedly undertaking their next round of investments later this week

By: Daniel Koren

Published: October 30th, 2013 in Business » World

Over the past few decades, a growing number of small businesses involved in various industries have popped up around the world meeting the needs of an ever-growing, ever-changing market.

Jewish businessmen and innovators continue to excel throughout these industries, displaying their prowess as creative, forward-thinking entrepreneurs, and tapping into continuously developing markets with 'startup' companies.

In a bid to recognize these decorated entrepreneurs for their ongoing contributions and advancements to these fields, Shalom Life is pleased to present: Startup Club, highlighting the best and the brightest of Jewish entrepreneurs who continue to provide our community with new, influential and innovative ideas that will forever change the way we interact with the world, and with one another.

Follow our lead and we’ll follow yours – send us tips or suggestions via email, comment below or tweet us @ShalomLife, in our mission to celebrate the most visionary of Jewish entrepreneurs.

Business: Snapchat

Based Out Of: Los Angeles, California

Entrepreneur(s): Evan Spiegel, Bobby Murphy

Industry: Social Media


Facebook. Twitter. LinkedIn. Pinterest. Instagram.

Snapchat.

In a mere two years since its creation, Snapchat has quickly risen to the forefront of creative social media outlets, being pegged as this year's social media kingpin. In an increasingly public world, and as Facebook continues to develop new amendments that loosen privacy rules, teens and young folk alike are, smartly, and surprisingly, turning to mediums like Snapchat for its discretion and privacy.

Brandishing a mantra unlike any other social media platform out there (self-deleting messages a.k.a ephemeral media) Snapchat is a prime example of how far the Internet has grown recently, notably for businesses and professionals. Alienated by marketing campaigns, advertisements, rules, and negative responses to their photos, status updates and videos, the young generation have been in need of a new social media platform that allows them to do or say what they please, without any repercussions.

Snapchat is precisely that platform.

“We really thought there was an opportunity to do something around self expression,” said Evan Spiegel, the company's co-founder and CEO.

Today, Facebook, the behemoth of all social media outlets, attests that approximately 350 million photos are uploaded per day to the site.

At this September's Techcrunch Disrupt in San Francisco, Spiegel confirmed that they see the same number of 'snaps' (photos and videos) per day, uploaded by Snapchat's over 100 million users (a 1,750% increase in daily 'snap' sharing since last year).

That's an impressive feat considering they've only been around since July 2011 for iPhones, and October of last year for Androids.

Ironically, users on Instagram, which was purchased by Facebook for a billion dollars last year, share only 55 million photos per day.

"I think in general, we’re going a totally different direction than traditional social media, so I’m not sure we view them [Instagram] as a direct competitor,” Spiegel said during an interview with TechCrunch. "I think if anything we want to make sure people still have those spaces to create and save really pretty photos or things they’re really proud of. And I want to support the growth of those companies that like to do that."

Zuckerberg, looking to capitalize on Snapchat's success, attempted to purchase the company from the 23-year-old Spiegel with a similar offer of a billion dollars, which Spiegel declined. Since then, Zuckerberg developed Facebook's own version of Snapchat, called Poke, which has failed to attract even a fraction of their users.

It's also interesting to note that, just like Zuckerberg, Spiegel and co. faced a lawsuit from their own Winklevoss twins: alleged co-founder Reggie Brown, who claims he has not received proper accreditation for coming up with the idea for Snapchat.

It's a story as old as time...... or as old as Facebook. Whatever.


Continue reading on page 2!

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