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Transcript

  • 1. Case Study: HootSuite Inc.
  • 2. Ideation • Founded in 2008 in Vancouver, Canada by Ryan Holmes • Along with Dario Meli and David Tedman, Holmes discovered that the public needed a tool to manage multiple social media networks at once. They first named this service BrightKit • No similar product was on the market at the time. • In 2009, renamed the company HootSuite.
  • 3. Launch • HootSuite officially launched under the name BrightKit on November 28th, 2008. • HootSuite’s initial target market included individuals and organizations across the world who were facing similar problems with managing multiple social accounts. • HootSuite could be the solution for other businesses also looking to organize their own social networks. • HootSuite now they has over 9 million users around the world and are now the world’s most widely used social relationship platform.
  • 4. Strategies • The company initially allowed users to manage Facebook and Linkedin on their platform and a year after they started they added Twitter to their platform. • Original Target Market/Segments: • The original target market of HootSuite was aimed for North America • (B2B) business to business social media • Their strategies to reach the next generation of HootSuite customers include implementing a freemium model and integrating their platform for an easy to use experience on mobile, computer, and iPad.
  • 5. Revenue/Funding • Current total funding at $187 million. • In December 2009, HootSuite received $1.9 million in funding from Hearst Interactive Media and Blumberg Capital and from angel investors Social Concepts and Geoff Entress. • CEO Ryan Holmes recently said his revenues have grown 300%. • Although HootSuite has not released its current valuation, businessinsider.com values HootSuite at $221 million.
  • 6. The Bottom Line • HootSuite is the solution to a problem discovered by Holmes. • Much like Subscribr, Holmes recognized an untapped market as well as a need not being met for consumers. • One of the main takeaways for HootSuite is that entrepreneurship may not always involve inventing a new product, rather providing a solution to an old problem. • HootSuite keeps receiving series A and B funding as well as buying out competitors such as Seesmic and TwitterBar. As you can see the future is very bright for HootSuite.