Who is Eric Yuan?
He is the founder of Zoom IPO. Inspired by Bill Gates while he was in Japan, later in time, Yuan applied for a work visa nine times until he was accepted to work in the US to enhance technology and change the world. His most important philosophy is about happiness, and how to pursue and sustain it.
What’s something about IPOs that most people wouldn’t think of?
The work and the cultural changes required can be greater than what people realize. The first audit for public disclosure can delay IPO timing. Second, some public culture policies can be a culture shock to tech companies that are used to being transparent with their employees.
What’s one of the most beneficial moves for a first time founder or beginner in their career to make?
You should always find the right partner and group of people, those that believe in you before the business. They will be with you in the good and bad times because the tough times is when you would need a true partner.
Why did devices come first, but now, it’s bring your own software?
It went from bring your own device to bring your own app. When bringing your own device, you had full control on what was installed. They knew you had to hook them and deliver value, which rewired the way people thought about business applications.
Why did Zoom allow users to experience their full product for up to 40 minute meetings?
Eric knew from the stats that the most productive business meetings were 45 minutes long, which is why 40 is was the magic number. If he cut users off before their meeting was over, that would not help conversion, but once the users had full experience, they were sold.
Is it a good idea for people to serve SMBs before moving enterprise businesses?
Yes, it's a great strategy. When selling to SMBs, you end up spending a lot of time focusing on the end user. If you cannot convince an individual to buy your product, then the product isn't good enough.
Eventually once you are ready to move mid-market and above, you will have to learn how to sell to the CIO, and to integrate their opinion into the platforms being used.
What has Zoom showed in the markets?
Markets care about profitability. The key driver to help Zoom deliver results is by making sure the customers are still happy. If the customers are happy, then the employees, investors, and partners will be happy. Also, making sure Zoom is attracting the right people is equally important.