You only have to look back a couple of years and some of the biggest companies in the world, the ones you couldn’t be without and the ones which you use daily such as Snapchat, Airbnb or Uber, Slack, Deliveroo or Spotify, they did not exist. How did you get by? How did you listen to music and call a cab? Where did you stay when you went on holiday? The world has changed, and it’s changed quickly. These companies and all very inspiring and each has something that you can take from them to help your company succeed:
Snapchat has taught us that it is okay to think outside the box with an idea or a new business. In 2014, researchers from the University of Washington and Seattle Pacific University designed a user survey to help understand how and why the application was being used, they found that Snapchat’s success is not due to its security properties, but because the users found the application to be fun. Snapchat has also shown traditional business owners that they need to watch out for these invasions in their markets too.
Airbnb has worked for a couple of simple reasons, one it offers a more cost-effective option than staying in a hotel, and with people getting a reasonable price and the service they expect from it, they are likely to leave a useful review which means that other people will be keen to stay there too. The other thing that Airbnb does is to solve problems and offer unique solutions. For example, it provides a solution for spare rooms, these are difficult to rent out for the long term and often get wasted, now more and more people are staying in strangers’ spare rooms so they can visit a new city at a lower cost. It’s a win-win for everyone.
The lesson you can learn from Uber is to meet specific needs. While taxis and other car services already existed, the fact that you can request an Uber from anywhere, ride in it with style and convenience and then enjoy hassle-free payment options. Despite all the scare-stories Uber also does offer an aspect of safety and basically, it offered of something we never had on something we have had for years. We accepted taxis for what they were and never thought we needed anything else until Uber came along.
According to Hussein Kanji, whose firm Hoxton Ventures has invested in Deliveroo, the company’s success is because they have given people what they wanted, and the growth was customer driven. He said: “It met a classic untapped need. ”
“The company also recognized that this demand was global, and it expanded internationally quickly. All of this attracted the attention of great investors, which gave it the resources to make the flywheel work even faster. The lesson for all start-ups is not to be afraid of scaling. ”
The food industry is booming, and more and more companies are tapping into this. Catering company Taylor Shaw says that young people deserve – and need – the best food for their wellbeing and this belief and thought has led to the success of many food companies today.