According to Whitney Wolfe Herd, founder and CEO of Bumble, anyone can start a side activity and turn it into a thriving business.
“You can monetize anything,” said Wolfe Herd, who turned Bumble into a business that is now worth more than $ 7 billion, to CNBC Make It in 2019.
To begin with, “find out what you’re passionate about,” she said, “and if you’re really good at it, there’s a way to turn it into a business.”
For example, “maybe you’re an amazing cook – start a cooking blog, then start charging for recipes. It depends on what your talents are, whatever they are”.
Kevin O’Leary also recommends looking for a secondary activity that you are passionate about and that highlights your talents and for which there is demand – sell “a good or service that you have imagined and [are] very good, “he previously told CNBC Make It.
Some of the most popular activities at the moment include tutoring, curriculum writing and social media management, to name a few.
“I think anyone can make money from something they’re good at,” says Wolfe Herd.
Wolfe Herd launched Bumble in 2014, after leaving Tinder, where he was vice president of marketing. She initially wanted to create a social media platform aimed at teenage girls, where they could only communicate through praise. But with her knowledge in the dating space and experience in marketing, she ended up creating Bumble, a dating app that allowed women to take the first step, which at the time defied previous dating standards.
In 2016, Bumble started monetizing its app, offering options for in-app purchases. Today, Bumble offers these features and more, ranging from $ 5.99 to subscriptions up to $ 199.99. According to its IPO process, Bumble had revenue of $ 376.6 million in the first nine months of 2020, with a net loss of $ 84.1 million. During the 2019 period, Bumble had revenue of $ 362.6 million and a net profit of $ 68.6 million.
In his initial public offering, Bumble raised $ 2.2 billion from investors and, in turn, made Wolfe Herd one of the youngest billionaires at age 31.
“You have to start somewhere,” said Wolf Herd. “Just find your passion and lean towards it.”
-Report of Sarah Berger
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