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Big companies love to elaborate on formulating business plans, analyzing competition, searching for investors, and so on. However, 37signals, a software company with neither budget nor advertising, few staff and salespersons, does just the opposite and is thriving with a huge profit. It provides fewer products but earns more than its competitors. Even though the company had fewer than sixty employees, they brought in millions in profit every year. Maybe you’re shaking your head and don’t believe a word, but this is not fake news.
37signals, now known as Basecamp, is a private-owned Internet application company based in Chicago. Its small team develops simple and specialized software, and has launched several software with millions of users. The company’s valuation once reached hundreds of billions of dollars at its peak.
37signals is exceptional in many aspects. For example, its business philosophy is to reject growth, meetings, and boards of directors. Its employees are spread out in 32 different cities on two continents, doing home office and communicating through online group chat. Nonetheless, after two economic recessions, a burst bubble, and several business-model shifts, to everyone’s surprise, the company remains profitable.
You must be curious: How can such a small company that runs counter to the traditional business model make it? What kind of business model makes them stand out in the intense competition of the Internet industry? Today’s bookey Rework will answer these questions.
