The birth of a money making machine : linkedin.com
how linkedin started?
Linkedin was founded by Reid Hoffman in 2003. Hoffman earned a Master’s degree in Philosophy from Oxford University, where he was a Marshall Scholar, and a Bachelor’s degree in Symbolic Systems from Stanford University, where he graduated with distinction. At Stanford and Oxford universities he studied cognitive science, artificial intelligence and philosophy. As he says, he always had an interest in how to improve people's ecosystems, whether it's civics or education or economics.
Usually University graduates who are graduated with distinction have the first objective or plan to become a scholar, and Reid Hoffman was not an exception. But he started to change his mind, because as he says, if you become a scholar and publish in an area, only 50 people or like will read it.
Thus he worked for Apple and then Fujitsu before starting Socialnet, an early social-networking site. He didn't agree with the direction it was going, so he talked to Peter Thiel, the co-founder of PayPal, whom he knew from Stanford. He said, "Come join us. Help us at PayPal." And Reid Hoffman joined PayPal.
how linkedin started?
Linkedin was founded by Reid Hoffman in 2003. Hoffman earned a Master’s degree in Philosophy from Oxford University, where he was a Marshall Scholar, and a Bachelor’s degree in Symbolic Systems from Stanford University, where he graduated with distinction. At Stanford and Oxford universities he studied cognitive science, artificial intelligence and philosophy. As he says, he always had an interest in how to improve people's ecosystems, whether it's civics or education or economics.
Usually University graduates who are graduated with distinction have the first objective or plan to become a scholar, and Reid Hoffman was not an exception. But he started to change his mind, because as he says, if you become a scholar and publish in an area, only 50 people or like will read it.
Thus he worked for Apple and then Fujitsu before starting Socialnet, an early social-networking site. He didn't agree with the direction it was going, so he talked to Peter Thiel, the co-founder of PayPal, whom he knew from Stanford. He said, "Come join us. Help us at PayPal." And Reid Hoffman joined PayPal.
At PayPal he was responsible for all external relationships, including payments infrastructure, business development, international, government and legal. Reid was instrumental to PayPal’s acquisition by Ebay and responsible for partnerships with Intuit, Visa, MasterCard and Wells Fargo.
Hoffman all the time was aware, how the Internet could empower all these individuals to establish profiles online so that people can find them. You'd be able to use your network to get access to people to better chart your path. So he used the money from PayPal to fund LinkedIn. He basically sketched out what he thought the product would be, assembled the business model, and then started hiring people.
In fact, if anyone knows the value of connections, it's Reid Hoffman. In May 2003, the former Apple Inc. and PayPal executive launched LinkedIn out of his living room, inviting 350 of his contacts to join his network and create their own profiles. By the end of that month, LinkedIn had 4,500 members.
The company was founded by Reid Hoffman and founding team members from PayPal and Socialnet.com. The are Allen Blue, Eric Ly, Jean-Luc Vaillant, Lee Hower, Konstantin Guericke, Stephen Beitzel, David Eves, Ian McNish, Yan Pujante, and Chris Saccheri. In 2003 they got financing from Sequoia Capital, and they started to get more and more people into their service. Everyone began to realize the value.
Among the initial applications LinkedIn allowed members to display books they are reading, and allowed members to display their latest blog postings within their LinkedIn profile. In November 2010, LinkedIn allowed businesses to list products and services on company profile pages; it also permitted LinkedIn members to "recommend" products and services and write reviews. LinkedIn also supports the formation of interest groups, and as of March 24, 2011 there are 870,612 such groups whose membership reaches to 377,000. The majority of the largest groups are employment related, while a very wide range of topics are also covered. Such groups are mainly around professional and career issues, and there are currently 128,000 groups for both academic and corporate alumni.
In June 2008, Sequoia Capital, Greylock Partners, and other venture capital firms purchased a 5% stake in the company for $53 million, giving the company a post-money valuation of approximately $1 billion. As of November 3, 2011, LinkedIn operates the world’s largest professional network on the Internet with more than 135 million members in over 200 countries and territories. Fifty-nine percent of LinkedIn members are currently located outside of the United States.
In fact members from all countries and territories are allowed except members from Cuba, Iran, North Korea, Sudan, or Syria. LinkedIn says: "As such, and as a matter of corporate policy, we do not allow member accounts or access to our site from Cuba, Iran, North Korea, Sudan, or Syria.
Based on third quarter 2011 metrics, LinkedIn members are on pace to do more than four billion searches on the LinkedIn platform in 2011. According to comScore, unique visitors (including members and non-members) averaged 87.6 million in the quarter. In September, LinkedIn ranked as the 34th most visited website worldwide, according to comScore, up from 54th just one year ago. ComScore measured 7.6 billion page views in the third quarter. This includes 135m+ professionals around the world as of November 3, 2011
Total revenue advanced 126 percent year on year to $139 million. This was the eighth straight quarter of accelerating top line growth and fifth straight quarter of more than 100 percent growth. Hiring Solutions revenue was $71.0 million, increasing 160 percent compared to the year ago period. In the quarter, hiring solutions comprised 51 percent of total revenues compared to 44 percent last year.
Marketing Solutions revenue was $40.1 million, increasing 113 percent compared to the prior year. Premium Subscriptions revenues ended the quarter at $28.4 million, up 81 percent year-over-year.
Reid Hoffman and Jeff Weiner have been named the Ernst & Young National Entrepreneur Of The Year 2011 Overall Award winners. Hoffman and Weiner were recognized for utilizing their complementary gifts to work in the pursuit of a common cause, that is to connect professionals around the globe in ways never before imagined.
Hoffman all the time was aware, how the Internet could empower all these individuals to establish profiles online so that people can find them. You'd be able to use your network to get access to people to better chart your path. So he used the money from PayPal to fund LinkedIn. He basically sketched out what he thought the product would be, assembled the business model, and then started hiring people.
In fact, if anyone knows the value of connections, it's Reid Hoffman. In May 2003, the former Apple Inc. and PayPal executive launched LinkedIn out of his living room, inviting 350 of his contacts to join his network and create their own profiles. By the end of that month, LinkedIn had 4,500 members.
The company was founded by Reid Hoffman and founding team members from PayPal and Socialnet.com. The are Allen Blue, Eric Ly, Jean-Luc Vaillant, Lee Hower, Konstantin Guericke, Stephen Beitzel, David Eves, Ian McNish, Yan Pujante, and Chris Saccheri. In 2003 they got financing from Sequoia Capital, and they started to get more and more people into their service. Everyone began to realize the value.
Among the initial applications LinkedIn allowed members to display books they are reading, and allowed members to display their latest blog postings within their LinkedIn profile. In November 2010, LinkedIn allowed businesses to list products and services on company profile pages; it also permitted LinkedIn members to "recommend" products and services and write reviews. LinkedIn also supports the formation of interest groups, and as of March 24, 2011 there are 870,612 such groups whose membership reaches to 377,000. The majority of the largest groups are employment related, while a very wide range of topics are also covered. Such groups are mainly around professional and career issues, and there are currently 128,000 groups for both academic and corporate alumni.
In June 2008, Sequoia Capital, Greylock Partners, and other venture capital firms purchased a 5% stake in the company for $53 million, giving the company a post-money valuation of approximately $1 billion. As of November 3, 2011, LinkedIn operates the world’s largest professional network on the Internet with more than 135 million members in over 200 countries and territories. Fifty-nine percent of LinkedIn members are currently located outside of the United States.
In fact members from all countries and territories are allowed except members from Cuba, Iran, North Korea, Sudan, or Syria. LinkedIn says: "As such, and as a matter of corporate policy, we do not allow member accounts or access to our site from Cuba, Iran, North Korea, Sudan, or Syria.
Based on third quarter 2011 metrics, LinkedIn members are on pace to do more than four billion searches on the LinkedIn platform in 2011. According to comScore, unique visitors (including members and non-members) averaged 87.6 million in the quarter. In September, LinkedIn ranked as the 34th most visited website worldwide, according to comScore, up from 54th just one year ago. ComScore measured 7.6 billion page views in the third quarter. This includes 135m+ professionals around the world as of November 3, 2011
Total revenue advanced 126 percent year on year to $139 million. This was the eighth straight quarter of accelerating top line growth and fifth straight quarter of more than 100 percent growth. Hiring Solutions revenue was $71.0 million, increasing 160 percent compared to the year ago period. In the quarter, hiring solutions comprised 51 percent of total revenues compared to 44 percent last year.
Marketing Solutions revenue was $40.1 million, increasing 113 percent compared to the prior year. Premium Subscriptions revenues ended the quarter at $28.4 million, up 81 percent year-over-year.
Reid Hoffman and Jeff Weiner have been named the Ernst & Young National Entrepreneur Of The Year 2011 Overall Award winners. Hoffman and Weiner were recognized for utilizing their complementary gifts to work in the pursuit of a common cause, that is to connect professionals around the globe in ways never before imagined.
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