Yelp was launched in 2004 by two young and energetic entrepreneurs Jeremy Stoppelman & David Galbraith, who used to work for PayPal. Initially the company was successful in raising cumulative seed capital of $17 million through different sources like Mission Street, Bessemer Venture Partners, Benchmark Capital, Laguna Beach (private investor) and DAG Ventures.
Yelp allows its user to do research about different local businesses. It further allows the user to go through different unbiased reviews (updated by common people). Yelp can also be used to look into lists and information about events. Moreover, Yelpers are allowed to chat with each other. Yelp is allowing different businesses to advertise themselves through its paid ad services (It’s been Yelp’s sole revenue source). Any business can make its entry into Yelp’s database and upload pictures as well.
According to Yelp’s official website, approximately 84 million unique people have visited Yelp and written over 33 million reviews in the third quarter of 2012. iPhone, BlackBerry and Android Apps are available for smartphone users to download and get in touch with yelp anywhere, anytime.
Yelp is expanding its business internationally with fast pace and up till now it has successfully invaded and captured several markets in the recent years. Yelp’s international market list includes countries like Australia, Austria, Belgium, Canada, Denmark, Finland, Sweden, Switzerland, United Kingdom and many more.
Jeremy Stoppelman has been acting as a Yelp’s Director and Chief Executive Officer since 2005. He has attended Harvard Business School and University of Illinois. He holds a bachelor’s degree in Computer Engineering from the latter institution.
Watch the following video and find out more about Yelp:
- Why was yelp started?
- What were the constraints behind Yelp’s expansion in Australia?
- How does yelp get their data up to date?
- What is the importance of review on Yelp?
- Is a Yelp user allowed to upload video of his/her business in addition to reviews and photos?
- What is the strategy behind review writing and updating?
- What is the value preposition for person using Yelp?
- Does Yelp offer check-ins?
Video: CEO Jeremy Stoppelman speaks about Yelp
(Released in 2011)