Would-be tech entrepreneurs today are focused on developing the next big thing. Unfortunately, their ideas rarely become mainstream for a variety of reasons. It can be because the technology is too expensive, the idea was poorly implemented, or even because the consumers are not yet ready for it. However, Angelo Sotira has proven that a good idea can withstand the test of time, as long as you know how to target your audiences properly.
He is the founder of deviantART, a highly successful artists’ community on the internet. Founded in 2000, it is the predecessor to social media as we know it today. Before Facebook, in fact, even before MySpace and Friendster, it was encouraging online communities to create user-generated content. Artists, referred to as “deviants” on the site, sign up for free getting an account, blog and personal profile page. They use their profiles to chat, message and comment on one another’s art. The only real difference between social networking sites and deviantART, is that the latter has a highly targeted audience.
The key factors that have helped deviantART withstand the challenges and changes in the industry over the last decade are:
• Loyal Community – deviantART was able to grow successfully because it has a loyal base of artists who refer their friends and showcase their work. A significant number of artists also become paying members to get access to various virtual goods on the website.
• Different monetization schemes – the site has multiple revenue streams including subscription, advertisement, and a virtual currency system. When the ad market sank during the recession, the company was able to remain financially healthy.
• Strategic partnerships – the site has partnered with other tech firms to provide better features and functionalities to its users. In addition, the partnership with Microstock allows members to purchase images for their own artworks. Also, deviantART also accepted a $3.5 million investment from DivX.
Although Angelo Sotira never attended college, his business instincts are sharp and spot on. Success for this entrepreneur is being nimble and knowing when to evolve.
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