Vidcon 2010: What Is YouTube’s Future?
Early 2005, three bachelors in their 20’s were hanging out and chatting about a party they’d gone to the night before. They took some video footage at the party and hoped to share it with friends but didn’t know how to get it online. With their simple concept of online video-sharing, Chad Hurley, Steve Chen and Jawed Karim founded Youtube with an $11.5 million investment by Sequoia Capital in November 2005. Youtube is a perfect example of economist Joseph Schumpeter’s definition of entrepreneurship: new products, new production methods, new markets, and new forms of organization. Although online videos existed before Youtube, there has never been a huge video-sharing site like Youtube taken to the international stage. Videos on Youtube can be uploaded and watched by anyone at anytime. Thus, Youtube’s market is basically anyone who has access internet. Youtube is also characterized by its innovation, amount and speed of wealth creation. On October 9th, 2006, Google acquired YouTube for a $1.65 billion deal. Currently in the year 2010, the Google-owned YouTube has collected a revenue of 450 million dollars, as reported by The New York Times. Youtube is THE entrepreneurial company that is earning bountiful profits fast.
http://www.entrepreneur.com/worklife/successstories/ebusinessprofiles/article168764.html
Definition of Entrepreneurship: