You need to be willing to sacrifice short term profit gains to protect your customer," he said.The founders of some of today's most major companies did exactly that between 2008 and 2010.Yahoo veterans Jan Koum and Brian Acton created encrypted messaging app WhatsApp in 2009 as a way for people around the world to message each other quickly.The app gained popularity in countries that do not have access to the same cell network capabilities as the U.S. because it can operate on Wi-Fi.Facebook purchased the app, which now has more than 2 billion global users, for a jaw-dropping $19 billion in 2014.College friends Iqram Magdon-Ismail and Andrew Kortina launched digital payment app Venmo in 2009 as a way for peers to exchange cash digitally and without lofty transfer fees.Payment processor Braintree bought Venmo for $26 milllion in 2012, and digital payment giant PayPal then acquired Braintree for $300 million in 2013.Entrepreneur Andrew Mason founded Groupon, a website that promotes companies by offering deals on their products and services to consumers, in the middle of the 2008 recession. Encouraged by their newfound success, the brothers moved on to increasingly ambitious projects, including the first-ever full-length animated feature film, If you’re like most people and you need a little extra inspiration right now, look to the countless resilient and innovative companies that not only Annisha is the Senior Content Marketing Manager at Looka. (Ashlee Espinal / CNBC / Groupon)Evan Sharp, Pinterest co-founder and chief product officer, poses for a photo beside a wall of pegs symbolizing the company logo at Pinterest headquarters in San Francisco. (AP Photo/Matt Rourke)In this photo illustration, the Venmo logo is seen displayed on an Android mobile phone.
"Lin said there is "never a perfect time to start a company," and it's important to "allocate resources" from the outset.The Credit Karma founder also said there have been many times over the years during which his company had to choose between doing the right thing for its members or increasing its bottom line, and it always chose its members.
And the U.S. economy is no stranger to recessions, having experienced an estimated 47 of them since 1790.
"With discounts, incentives and product discovery, Groupon provided a way for companies to get exposure and consumers to ease back into discretionary spending. Enter your account email below to recieve reset instructions Enter a new password below to access your account In fact, many entrepreneurs who saw opportunities and took risks during hard economic times have ended up creating some of the most instantly-recognizable brand names we know and love today.Here are just a few big-name businesses that you probably never knew were founded during recessions.Legend has it that founder Reed Hastings was motivated to start an online DVD rental by mail service after incurring a $40 late fee from Blockbuster for failing to return his copy of Appollo 13 in a timely manner.
The recession in the late 1930s … When she's not writing about branding, design, and entrepreneurship you can find her either writing poetry on Instagram @annishalashand or somewhere in the woods. ©2020 FOX News Network, LLC.
Ken Lin founded personal finance company Credit Karma in the middle of the 2008 recession. "This is an unprecedented time and all Americans are being impacted — some more severely than others. Top Companies Started During A Recession.
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