SCVNGR has found the road to innovation and entrepreneurial success.
SCVNGR is a start-up company that allows users to create and share scavenger hunts through a phone application. Companies and Universities can also create their own hunts and make them available to the public, who in turn can earn points and real life rewards.
What makes it an entreprenurial company?
Amount and speed of of wealth creation: They created a large amount of wealth in a short time frame.SCVNGR earned over $1 million in revenue in its first full year in business.
Risk: It has $4 million in venture capital funding from Google. Venture capital is provided to high-risk start-up companies. In additon, the company currently has 500 000 users, which is a significantly small portion of their market, and poses a relatively high risk as more established companies could drive them out of business.
Innovation: The company is run by Seth Priebatsch, a 21 year old innovator who dedicates all his time to improving his products. By the age of 12, he had already started his first company and is now dedicated to innovation within his new company, SCVNGR. The company has successly found a way to earn profits from phone applications, in addition to their initial purchasing cost.