Mark Zuckerberg acquired the photo-sharing application, Instagram, for $1 billion in cash and Facebook-stocks in April, 2012. Back then Instagram had only 13 employees and none of them lost their jobs, including the founders Kevin Systrom and Mike Krieger.
Instagram is a free photo-sharing service and social network that was launched in October 6, 2010. The service allows users to take a photo, add simple effects, and then share it with other Instagram users connected to the social network.
Instagram has now over 150 million monthly active users and users have now shared a total of 16 billion photos.
Marc Zuckerberg said in a statement back in 2012 that they had for years been working to build the best possible way to share photos with friends and family and that’s why they decided to acquire Instagram. Facebook had now gotten the opportunity to work closely with the team at Instagram to offer better ways to share great mobile photos with people based on their interests.ALSO READ: YouTube dealing out IPod Nano to attract visitors.
On March 5, 2010, Baseline Ventures gave Krieger and Systrom $500,000 in funding to further their development of Instagram before launching it in October 6, the same year.
Kevin Systrom is a software engineer who worked for Google where he spent two years working on Gmail, Google Reader and other Google-products. He was born in Holliston, Massachusetts on December 30, 1983 and is a Stanford University graduate.
It was after he left Google where he co-founded the photo-sharing application Instagram and according to the American news, Systrom alone netted over $400 million in cash and Facebook-stocks.
Michel “Mike” Krieger had left his birth place Sao Paolo, Brazil, where he was born on March 4, 1986, and moved to California in 2004 to study Symbolic Systems at Stanford University. It was at Stanford where Systrom and Krieger met each other and from there magic happened.
The idea of making an application where you can take pictures with your smartphone, edit it and share it with your network is not an advanced idea, so one can think “why didn’t I come up with that idea?”
Or maybe you did come up with the same idea, the difference between you who came up with the idea, Krieger and Systrom is that Systrom and Krieger implemented that idea, they made it work.
You see, there are thousands of million or billion dollar ideas out there that people come up with every single day. The reason why they don’t become successful and rich is because they stop at the idea and nothing else happens. And it could be multiple reasons to why that happens:
- Afraid of being criticized.
- Don’t have the funds to implement the idea.
- Don’t have the time or just don’t want to.
If you can get past all three of these points you could be the next Michel Krieger or Kevin Systrom.