From A Newsletter to A Tech Industry Game Changer

Hi,

Welcome to the #4 edition of Internet Money Stories 💰

Every Friday, I share the story of an entrepreneur who made it big on the internet.

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Ryan Hoover is the founder of Product Hunt, a platform that lets people discover and share new products.

The story of Ryan Hoover and Product Hunt is an inspiring tale of how a simple idea turned into a thriving community and platform for product enthusiasts.

Ryan Hoover grew up in a tech-savvy family and developed a passion for technology and startups from a young age.

He graduated from the University of Oregon with a degree in Entrepreneurship.

The Birth of Product Hunt:

Product Hunt was founded by Ryan Hoover in November 2013.

Inspired by his fascination with discovering new products and the lack of a centralized platform for such discoveries, Hoover launched a simple email newsletter.

The newsletter was sent to a small group of friends and contacts, featuring interesting and innovative products he had come across.

Re-birth of Product Hunt:

Recognizing the potential of his idea, Hoover started to think beyond the email list.

He teamed up with Nathan Bashaw, a designer and developer, and in August 2014, Product Hunt was relaunched as a website where users could submit and upvote new products in various categories.

Community Building and Growth:

The core of Product Hunt's success lies in its community.

The platform's gamified system of upvotes and comments fueled engagement, and it became a go-to destination for product launches.

Product Hunt's popularity continued to soar, attracting attention from the tech industry and media.

VCs and angel investors started paying attention to products that gained traction on the platform, leading to increased exposure and funding opportunities for startups.

Expansion and Acquisitions:

As Product Hunt gained more prominence, it expanded its offerings.

The company introduced features like "Ship," which allowed makers to showcase their products before they were fully launched, and "Collections," which curated products around specific themes.

In 2016, Product Hunt was acquired by AngelList, a platform that connects startups with investors.

This acquisition provided Product Hunt with the resources and support needed for further growth.

After the acquisition by AngelList, Product Hunt continued to introduce new features and enhancements.

It expanded into mobile apps, offered a paid subscription model called "Product Hunt Pro," and experimented with various ways to monetize the platform while keeping the community at its core.

Thank you for reading.

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See you next Friday,

Armaan 🤝