Zoom is the new office
Group video chats and collaboration tools have become the default way to work from home.
Group video chats and collaboration tools have become the default way to work from home.
Businesses selling collaboration tools have benefited from Corona crisis.
Zoom has become the virtual office for ‘work from home’ professionals. Zoom’s CEO Eric Huan had launched it in 2011. For the first two years he and his team in China worked on the product. They aimed to make it seamless, unlike competitors such as Google Hangout and GoToMeeting. It could also work on low speeds. It’s annual revenue was $ 331mn. Its market value is about $ 40bn.
As per Forbes: “It’s like a marathon,” Yuan says of his ambitions to connect the working world like Facebook did with consumers — which would make Zoom even bigger than Cisco. “You’re only 5 miles ahead of me, that’s okay. I’ll run faster than you, and I’ll still catch up.”
Slack, another collaboration tool’s demand surged after businesses opted from work from home. Other businesses such as event technology startup Explara is taking up software services projects.