This case depicts the development of SurveyMonkey from its existence since 1999 through to 2014. The company was founded by a young computer science graduate from the University of Wisconsin-Madison, Ryan Finley. This online survey tool was launched in the market with reasonable price as an easy-to-use tool. Finley felt that it needed a partnership to gain the company’s full potential, thus he sold it to Spectrum Equity and Bain Capital Ventures in 2009.
An entrepreneur and previous Yahoo! executive, David Goldberg, hold the control as CEO and incorporated his course of actions in order to expedite the growth and expansion of the company. The primary objectives of the CEO were to recruit the professional of high expertise to build a strong management team, transform the existing technology with advancement, and to scale internationally.
After a significant success of these initiatives, SurveyMonkey made various acquisitions and start to grow its item features and product offerings to increase the company’s audience and survey templates. In 2012, SurveyMonkey completed an $800 million optional financing growth to give its employees and investors liquidity in lieu of an IPO. SurveyMonkey further enhanced its efforts to transform its survey tool to a full-blown platform.
In spite of the fact that SurveyMonkey had built itself as the predominant player in the direct-to-buyer market by 2013, it started to build an enterprise that could compete with the other established players in the developing enterprise feedback management space.
The company has marked a significant success its 15-year history, the greater part of which occurred subsequent to the 2009 acquisition, as Goldberg and his team looked forward to 2014, they confronted the critical question of how to organize the company’s tracks for expansion-international growth, enterprise, quality initiatives, platform growth- in order to accomplish a leading and prominent position.
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