Zoom is a video conferencing and calling software that has recently become even more popular than Skype. People like it for its wide functionality and reliable connection. During a pandemic, when most people do not leave their homes, video conferencing is becoming more and more popular. Zoom founder Eric Yuan has transformed his startup into the largest IT company in just eight years, making billions of dollars.
Not exactly an American success story
Eric is the founder and CEO of Zoom. Before that, he was a corporate vice president at Cisco, where he was responsible for software development. Eric is a true inventor: in addition to Zoom, he has 11 issued patents and 20 pending registrations. This is where his success story began. As a student, Eric regularly made the 10-hour trip to visit his girlfriend (who is now his wife). He hated his travels and was constantly thinking about how he could see his girlfriend without these exhausting travels. Ultimately, this was the impetus for the creation of Zoom. Eric decided to move to the USA in the 90s. He knew that the Internet would revolutionize everything, but China, at that time was practically undeveloped. The first time he applied for an American visa, he was refused. He continued to apply over and over again for two years and finally got his visa on the ninth try. He came to Silicon Valley in 1997 and joined WebEx, which was growing rapidly at the time. In 2007, it acquired Cisco, and Eric became corporate vice president of engineering in charge of collaboration software. Gradually, he understood what exactly people want to see: a stable connection, the ability to see and hear each other, even at a great distance.
The appearance of Zoom
In 2011, Eric realized that it was time to bring to life an idea that he had been thinking about during his student years. More than 40 fellow engineers followed him and joined his startup. As a result, the Zoom platform appeared in 2012. Nearly 8 years later, the company has hosted more than 40 billion video conferencing and its client base includes well-known Fortune 500 companies, which speaks of the success of the organization. Zoom provides both corporations and individuals with the ability to make audio and video calls. They are not limited by geography, so employees can communicate and work collaboratively with each other from absolutely anywhere on the planet. All you need is an internet connection and installed software. Zoom has a surprisingly wide range of uses. It is used by developers to co-write code, doctors to diagnose patients, teachers to teach classes, lawyers to consult and even interview witnesses, and actors to conduct virtual rehearsals.
Amazing growth in company capital
Over the past three months, the Yuan has added $ 4 billion to its net worth. How did he do it? Video conferencing software usage has grown by 1,900% since December. It’s all about quarantine – many employees were transferred to remote work. Schoolchildren and students began to study by videoconferencing. Many individual entrepreneurs, who previously provided advice in person, also switched to the online format. Eric is currently ranked 192 on the list of the 500 richest people in the world. It should be noted that until 2020 he was not even on this list. True, the growing popularity of the program has more than advantages. Thanks to this, the US authorities became interested in Zoom. In particular, they are curious about the security protocols used in the program. However, Eric himself replied that confidentiality comes first and is the priority of the company. He said he was working around the clock so that hospitals and universities could stay connected and function as before.
Tips from Eric Yuan
Eric was once asked what five things he would have said to himself in the past before starting a startup.
Here’s what he said:
- While running a business is long and difficult, it is also fun and exciting. Don’t be afraid to start something and follow your dream.
- You don’t need to hire the people who are the most skilled on paper. Instead, it is better to give preference to those who are motivated and able to learn quickly and independently.
- Your company culture is the most important thing. Everything else flows from it.
- If your employees are unhappy, nothing else in the company will go well.
- Find investors who are attracted not only by your annual reports but by the idea itself.
