![]() The company floated on the New York Stock Exchange on Novemraising $187.5m and giving it an initial market capitalization of approximately $1.1 billion. Using the Netflix model as a template (after noting the success of the online rental model), they launched the textbook rental site “” in the summer of 2007 changing it to “” in December 2007. Buoyed by external investment in April 2006, the co-founders resigned from their jobs to focus on promoting Chegg on college campuses across the US and to test the business’ services. In August 2005, the three graduates launched Chegg, Inc. The business potential of the site attracted the attention of fellow students, Aayush Phumbhra and Osman Rashid, who aspired to thrust the website’s penetration to the national level. ![]() In 2001 Josh Carlson, with two other students, created a classified-ad type website for students at Iowa State University. The company name is a contraction of the words ‘chicken’ and ‘egg,’ reflecting the founders’ frustration in being unable to secure a job graduation without the necessary experience and/or education. Where Chegg also offers marketing services to large consumer product companies, it also deploys a multi-sided business model: it leverages its vast access to data to provide tailored marketing campaigns. The company further evolved into a portfolio of business models: in addition to the original product business model, Chegg has deployed a matchmaking business model to offer a breadth of digital services to students by connecting them with tutors, intern-seeking companies, as well as with various bodies offering scholarships.
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