The idea that failed could be the foundation of the idea that would succeed. Study the results, reframe the concept, remain consistent, and dream BIG!
The founders of Pinterest are Evan Sharp, Paul Sciarra, and Ben Silbermann. The idea for Pinterest came from a previous app called Tote, developed by Ben Silberman and Paul Sciarra as a digital alternative for print catalogs. Tote experienced business difficulties, which were mainly caused by problems with mobile payments.
However, Tote users were gathering big collections of their favorite things and sharing them with other users. Silberman noticed the behavior and moved the company’s focus to establishing Pinterest, which allowed users to make collections of various products and share them with one another.
Pinterest’s development started in December 2009, and in March 2010 the website unveiled its prototype as a closed beta. The website received 10,000 visitors nine months after it went live.
The website reached 25 million unique monthly users by the end of August 2012, making it the quickest independent social networking platform to 20 million members.
With more than 200 million users, Pinterest is currently valued at $12 billion.