Raw Notes from GrowthHackers article “LinkedIn Growth Engine: The Never Ending Viral Loop”:
- In 2002, Reid Hoffman gathered a team of old SocialNet and PayPal colleagues.
- Hoffman and team were all set to build a new, lasting professional network based on indentity and connections.
- After 6 months, LinkedIn got launched on 5th May 2003.
- After 1st week - 12.5k users
- After 4 months - 50k users
- After 1 year - 500k users
- After 3 years, in 2006, they achieved profitability
- After 8 years, in 2011, LinkedIn became a publicly traded company
Stats after 11 years (2014)
- $18 billion market cap
- 225 million users
- 200+ countries
- 4800 employees
Stats as of 2021
- 740 million users
- 200+ countries
- 15,800 employees
- 33 offices
Initial Challenges
- Recent economic downturn (dot-com winter)
- Difficulties in defining the core concepts of the company - a social network or something else?
How they overcame
- Hoffman invited Silicon Valley’s successful friends and connections which quickly increased the appeal of LinkedIn.
- Eventually, it became a must-have app for up and coming Valley workers to get connected with potential investors and advisors.