How does Snapchat, a business which has basically no assets, no revenue, and does not follow a business model canvas become so successful? Likewise to its competitor Facebook, Snapchat was founded by a college student whom introduced the app initially to college students before it popularized to the general public.
Just recently they’ve received an offer of 3-billion dollars from Facebook and 4 billion from Google to buy out their company, only to decline their offer. Some are questioning the decision of the greenhorn CEO. But what is with the craze of Snapchat? What differentiates it from the rest of social media apps? Well first off, the ideology behind it is new, fresh, and appealing which is why it’s so well liked by the social mass. “It’s everything Facebook isn’t.” The idea is based off of not leaving behind any traces information behind. Personally I don’t doubt the decision-making of 23-year-old Evan Spiegel. For a business to thrive, the CEO needs a strong sense of ambition as well as a high level of risk taking. With such a great mindset and a strong passion for change, I personally believe that Snapchat has the potential of being the new Facebook