Startups are known for high failure rates. However, startups can also experience huge success. For example, in Suzanne’s blog post, she wrote about Snapchat’s recent rejection of Facebook’s $3 billion offer to purchase the app. For an app that was only launched in 2011, the success Snapchat has experienced has been tremendous. In fact, according to Suzanne’s post, there may be “a correlation between decline in teen [Facebook] users and an increase in Snapchat users”.
Snapchat is a prime example of a startup’s success by using the lean startup model. Because Snapchat is a mobile app, it is easy to gain constant feedback from reviews on app markets as well as regularly release updates that improve user experience. This allows Snapchat to ensure they are constantly catering to user needs and implementing improvements suggested by their own consumers instead of theoretical improvements that, perhaps, their marketing department came up with.
It is also evident how innovation and risk-taking has been beneficial. According to a Forbes article, people called Snapchat a “terrible idea” prior to its release however, belief in the idea and willingness to take a risk has paid off for Snapchat with millions of photos being shared daily.