Evernote case analysis
Prof. Baba Prasad
1. Provide a historical context of Evernote—what were its origins? What does it do? How did it grow? Evernote was founded by Stephen Pachikov in 2004. Later along with Phil Lebin they joined forces and formed Evernote with Lebin taking over as CEO and Pachikov taking more of a board role. Evernote launched its first product in 2008. Let’s go into a deeper role to find out more information about the company’s major brains. Steven Pachikov
Born in Vartashen, Azerbaijan attended Novosibirsk State University followed by Tbilisi State University (Georgia). Finally it was at Moscow State University where he received an honorary master's degree in economic applications of mathematical methods. He received his PhD in fuzzy logic from the USSR Academy of Sciences. He worked at paragraph international, a company that dealt with handwriting software. In 1992 he opened the US branch of ParaGraph in Silicon Valley, where he created and distributed software called Calligrapher for handwritten input on tablets and touchscreens. From 1997 to 1998 he served as vice president and established a Pen Internet division of Silicon Graphics. Pachikov is a co-founder and board-member of a company which provides optical character recognition (OCR) and handwriting recognition to Lockheed Martin which packages processing machines for the US Postal Service. In 2002, he founded and became chief architect of the application, services, and vision behind the Evernote line of services. By 2004 Evernote was formed using the vast knowledge he had acquired through the years. Phil lebin
Phil lebin was a Russian born American entrepreneur. Born in Russia moved to the US by the age of 8. He graduated Bronx science in 1989. He had already created two successful startups in the past and later sold them. First was a company called core street which was sold in 2009 and the other was engine 5 which was sold in 2000 for 26 million $ .In 2007 he formed a team and was going to form a company called ribbon allowed users to capture and retrieve information. Later when he found Evernote he joined forces and the company was formed with certain modifications which included a change in name.
Evernotes symbol and significance
So what does the symbol signify?
It shows us a picture of elephant .The reason why an elephant is because they are animals with excellent memory and can’t forget things. That is ideally the same purpose that Evernote tends to stand for. It basically organizes people’s information so that they can easily remember things. What does the product offer?
It helps users to capture, identify and search through texts. First, it helped users to make notes say for meetings, grocery lists, website URLs (with the help of the chrome web clipper), create remainders etc. Second, it helped the users to search thought written documents and texts with the help of an inbuilt search engine. Third it uses the cloud computing system which means they could access their data from anyplace or any computer through the internet .The data stored was extremely secure. Third, for foreign languages it even provided translation services which helped them to understand the texts better.
How did the business model work?
Evernote is a readily available app which is easily available on all platforms ranging from the windows mac OS to iPhone & android apps. Users could easily download the app from the app store. They operated on the freemium model means they offered two kinds of services one the free services which provides the basic features and the other the premium or the paid service. Both had its advantages while the free service could store up to 60mb of data whereas the paid service could store up to 1gb of data loaded with extra features like better customer support etc. 90% of Evernotes revenue came from their premium customers .They began to broaden their business by going global, they were extremely successful...
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