Vimeo Inc, which was founded in 2004, is a video software solution company that offers a full range of video tools via a software-as-a-service model. We are aware that all industries at one point or another are faced with a difficult time. Such a situation at Vimeo brought out an innovative idea from an employee.
The Innovative idea:
Just a couple of years ago, the company Vimeo was losing money with annual sales of less than $40 million. At that time, Anjali Sud had just joined the company. She was the Director of Marketing at that time. When found this downtrend situation in the company, she decided to act. Anjali Sub came up with an innovative idea to provide a single-stop platform for businesses to record, edit, store, and distribute videos. Her strategy was to change the company’s focus away from entertainment to entrepreneurs. In 2020, Anjali Sud’s idea was accepted by the management and she was assigned a small team to test her idea.
The idea worked and Vimeo reported sales growth of 54% year over year and net subscriber growth of 25% quarter over quarter. Later Vimeo named Anjali Sud the CEO of the company due to her contribution.
This story is a beautiful example of business model innovation. It also depicts how a simple strategy change from a business perspective can help a business grow leaps and bounds. Want to read more inspiring stories like this? We have seen numerous examples where ideas changed the fortunes of organizations. Be it BASF’s successful intrapreneurship program Chemovator, ITC’s e-choupal initiative, Nitin Prajanpe’s experiments at Hindustan Unilever, or Deutsche Telekom’s UQBATE program. Subscribe to our blog where we publish two innovation-related stories every week.
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