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In a recent discussion on The Diary of a CEO podcast hosted by Steven Bartlett, Snap’s CEO Evan Spiegel emphasized the importance of creativity in entrepreneurship. At just 34, Spiegel shared his belief that nurturing creativity is crucial, particularly in today’s AI-driven landscape. He described it as an “X factor” that can set successful entrepreneurs apart from the rest.
Spiegel suggested that aspiring entrepreneurs should cultivate their creative abilities, though he clarified that this doesn’t necessarily have to involve developing applications like Snapchat. Instead, he believes that creativity is inherent to all individuals and often gets sidelined as people age due to fears of self-expression or lack of practice.
“We are all born with a creative instinct,” he explained. “Over time, however, many of us stop engaging with that creativity, but it’s a skill that can be rediscovered.” He encouraged individuals to push beyond their comfort zones to avoid stifling their innate abilities.
In terms of fostering creativity, Spiegel noted that experiences such as engaging in the arts are valuable. He cited his 14-year-old son, Flynn, who enjoys drawing; although Flynn does not plan to pursue a career in art, Spiegel views this activity as essential for exercising creativity. “Drawing helps him express his thoughts visually, which is a valuable skill,” he remarked.
Spiegel’s journey into the tech industry began while he was still a student at Stanford, where he co-founded Snapchat in 2011. He eventually left school in 2012 to devote his efforts entirely to the platform, which blossomed into a billion-dollar enterprise. In 2016, the company rebranded itself as Snap to reflect its diversification into new products such as video-sunglasses.
The company went public in March 2017, boasting a market capitalization of approximately $33 billion. At the time, this valuation was akin to brands like Marriott and Target. Currently, Snap’s market cap stands at roughly $16 billion, comparable to that of Best Buy and Domino’s.
Despite fluctuations in market value, Snap continues to grow its user base. Reports indicate a 9% increase in daily active users in the past year, totaling 453 million, illustrating the platform’s resilience and popularity amidst a competitive landscape.
In contrast, giants like Meta boast significantly higher market valuations, with Meta valued at $1.5 trillion as of the latest figures. This comparison underscores the varied trajectories within the tech industry, highlighting the importance of creativity and adaptability in navigating these challenging waters.
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