Shutterstock: Revolutionizing Access to Creative Content Since 2003
Company profile
Company business details
Motivation to build the product
The founders were motivated by the need for accessible, high-quality visual content for businesses and individuals, recognizing a gap in the market for a comprehensive platform that could provide such resources.Problem that their product solves
Shutterstock addresses the challenge of finding and licensing high-quality images, videos, and music for various creative projects. The end users include businesses, marketers, and content creators who require professional media to enhance their work, making it essential for effective communication and branding.Their unfair advantage
Shutterstock's vast library of high-quality content and established brand recognition give it a competitive edge in the creative industry.Strategies
Pre-Launch (Product Development & MVP)
Multiple Ideas Strategy
In the early days of Shutterstock, John Oranger adopted a unique approach by running ten different companies simultaneously. This strategy allowed him to explore various ideas and identify which ones had the potential to succeed. He believed in the concept of having multiple irons in the fire, as it provided him with the flexibility to pivot quickly if one idea did not work out. This approach ultimately led to the success of Shutterstock, which became his main focus as it gained traction.
Incubation of Early Stage Companies
John Oranger, after stepping back from his role at Shutterstock, focused on incubating early-stage tech companies in Miami. He aimed to create a vibrant tech scene similar to what he experienced in New York City in 2003. This involved actively seeking out innovative ideas and passionate founders, particularly in sectors like fintech and telemedicine, where he believed significant opportunities existed. He made two to three investments a week, emphasizing the importance of nurturing local talent while also looking globally for the best ideas.
Launch Stage
Self-Generated Content Marketing
To overcome the initial marketplace challenge of Shutterstock, John Oranger took matters into his own hands by creating the product he needed. He started taking his own photographs to populate the platform, which not only provided the necessary content but also showcased the product's value. This self-generated content marketing strategy was crucial in attracting other photographers to join the platform, thus kickstarting the network effect that fueled Shutterstock's growth.
Focus on Telemedicine and Fintech
At Pareto Holdings, John Oranger identified telemedicine and fintech as key areas for investment. He recognized the behavioral shifts caused by COVID-19, which opened up new opportunities for startups in these sectors. By brainstorming with entrepreneurs and exploring innovative applications of technology, he aimed to support companies that could effectively address the changing needs of consumers in healthcare and finance. This strategy involved not only financial backing but also providing strategic guidance to help these startups scale.
Growth Stage
Marketplace Expansion
As Shutterstock began to grow, John Oranger recognized the need to expand the platform's offerings beyond his own photographs. He opened the platform to other photographers, transforming it into a marketplace. This strategic move allowed Shutterstock to scale rapidly by leveraging the contributions of a diverse range of creators, which significantly increased the volume of available content and attracted more customers.
Learn more about Shutterstock
In Conversation with Jon Oringer (Shutterstock): From Startup to IPO and Beyond. The Journey
