From Startup to Market Leader (Warp Speed)
With proliferation of mobile broadband and ever more powerful smartphones, adoption of new products and services are occurring at lightning speeds. WhatsApp was able to reach 400 million users in just 4 years post its launch while Snapchat in just 2 years since its launch reached 60 million snaps per day. Because of the rapid pace of adoption, potential competitors of WhatsApp and Snapchat could not respond quickly enough and allowed both companies to create sizable barriers to entry for any potential fast followers from even entering the market while significantly blunting potential competition from incumbent technology powerhouses. The position that WhatsApp achieved translated directly into its $19 billion acquisition by Facebook. In today’s consumer market, startups are no longer constrained by reach nor the pace of awareness, with the right idea and execution, the opportunity exists for innovative companies to define their industry and be a driving force in our connected economy.