Facebook has just announced that they will acquire Instagram for $1B. I am sure you all know facebook but in case you never heard of Instagram bear in mind this is probably because it only exists for 6 months!
Yes, this is how much it took Kevin Systrom & Mike Krieger clearly 2 passionate entrepreneurs who launched this cool photo sharing app last October. It is indeed impressive to see a start-up reaching the billion mark up in such a short time, moreover becoming facebook’s biggest acquisition yet (…or ever) which by the way… had indeed started as a photo sharing app as well!
So, what made Mark Zuckerberg put his hand so deep in his pocket buying a company that don’t even have a plan on how to generate revenue, days before facebook goes public? What else? The amazing penetration rates Instagram has reached so far. Unquestionably, people’s interest and engagement with a product is the most valuable asset a start up can own!
Now, does that mean that “the stakes” are now higher for your own venture? Should you consider the Instagram case as a benchmark? Well, it is of course advisable to keep your goals in ambitious levels BUT on the other hand never forget how much it took the world’s most valuable technology company – Apple – to become a sustainable business itself!
Both stories have nevertheless something in common: True passion to succeed! Whether it will take 6 months or a decade for your company to succeed you will never know. But whether you are determined to succeed is something you can decide for yourself! Apparently, that’s all that matters… (see how instagram had to redefine itself)