The Great Recession, which began in 2008, was a time of economic uncertainty and financial instability for many businesses. However, there were a few companies that emerged from this period stronger than ever. Here are ten of the most successful businesses that were started during the last recession:
- Airbnb: Founded in 2008, Airbnb is a vacation rental platform that allows people to rent out their homes or apartments to travelers. During the recession, many people were struggling to make ends meet and looking for ways to supplement their income. Airbnb provided a solution by allowing homeowners to make money by renting out their spare rooms or entire homes.
- Uber: Uber was founded in 2009 as a ride-hailing service that allowed people to order rides using their smartphones. During the recession, many people were looking for ways to save money and cut costs, and Uber provided a more affordable alternative to traditional taxis.
- WhatsApp: Founded in 2009, WhatsApp is a messaging app that allows users to send messages, photos, and videos to each other for free. During the recession, people were looking for ways to save money on their phone bills, and WhatsApp provided a cost-effective way to stay in touch with friends and family.
- Groupon: Groupon was founded in 2008 as a daily deal website that offered discounts on local goods and services. During the recession, many people were looking for ways to save money, and Groupon provided a way to get discounts on everything from restaurants to spa treatments.
- Square: Square was founded in 2009 as a mobile payment platform that allowed small businesses to accept credit card payments using their smartphones. During the recession, many small businesses were struggling to stay afloat, and Square provided a way for them to increase their revenue by accepting credit card payments.
- Slack: Slack was founded in 2009 as a messaging app for teams to communicate and collaborate on projects. During the recession, many businesses were cutting back on expenses and trying to do more with less. Slack provided a way for teams to stay connected and work together more efficiently.
- Venmo: Venmo was founded in 2009 as a peer-to-peer payment app that allowed people to send money to each other for free. During the recession, people were looking for ways to save money and cut costs, and Venmo provided a way to split bills and share expenses with friends and family.
- Pinterest: Pinterest was founded in 2009 as a social media platform that allowed users to save and share images and ideas with each other. During the recession, many people were looking for ways to save money and find creative solutions to everyday problems. Pinterest provided a way to discover new ideas and inspiration.
- Hulu: Hulu was founded in 2007 as a streaming service that allowed users to watch TV shows and movies online. During the recession, many people were cutting back on entertainment expenses and looking for more affordable ways to watch their favorite shows. Hulu provided a way to watch TV shows and movies without having to pay for cable or satellite TV.
- Warby Parker: Warby Parker was founded in 2010 as an online eyewear retailer that sold stylish and affordable glasses. During the recession, many people were looking for ways to save money on healthcare expenses, and Warby Parker provided a way to buy high-quality glasses at a lower cost.
In conclusion, the last recession was a challenging time for many businesses, but it also provided an opportunity for innovative companies to emerge and thrive. These ten businesses are examples of companies that were able to identify and capitalize on the needs and desires of consumers during a difficult economic period.