Zoom is a creation of Eric Yuan. He previously worked at Cisco with WebEx – a video-conferences platform.
The company's customers were disappointed with the quality of service. That's why Yuan, along with roughly 40 colleagues, quit Cisco to create his own company.
To fund the project, Yuan managed to collect roughly $250,000 from his friends. The project was initially named Saasbee. The goal was to compete with the powerhouses of video-conferencing, such as Skype or Hangouts. After one year, Saasbee was rebranded to Zoom. The key to Zoom's success was its lightweight, reliable and functional design, even with a bad internet connection. It was the key factor in Zoom's growth strategy, and it gave it an upper hand in the fight for market share.
The public release of Zoom was in 2019, and the COVID-19 pandemic hit in 2020. Users were forced to work remotely from their homes, leading to an increased demand for video conferencing. This was where Zoom's growth strategy really paid off. Their daily downloads jumped 30 times during the outbreak. Zoom user acquisition just boomed then. They reported that they surpassed 200 million users by March 2020, compared to just 10 million in December 2019.
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