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From failed calendar to Twitch empire: The eBay exit
31 Oct
Summary
- Founders sold their first startup, Kiko, for $258,100 on eBay.
- Kiko struggled after Google launched a competing calendar service.
- Amazon acquired Twitch, born from their next venture, for $970 million.
Justin Kan and Emmett Shear's first startup, Kiko, faced significant challenges following Google's launch of its own calendar service. Launched in August 2005, Kiko struggled to gain traction and generate revenue, especially after Google Calendar appeared in April 2006. Recognizing the difficulty in competing, the founders decided to exit the calendar market.
In an unconventional move, Kiko's domain and code were auctioned on eBay in August 2006, selling for $258,100. This sale provided the capital and opportunity for Kan and Shear to pursue new ideas. Their subsequent venture, Justin.tv, began as an experiment in live broadcasting.
Justin.tv gradually expanded its scope, eventually leading to the creation of Twitch in June 2011, a platform dedicated to live video streaming for gamers. Twitch's rapid growth and significant user base attracted Amazon's attention. In August 2014, Amazon acquired Twitch for approximately $970 million, marking a dramatic turnaround from their initial startup's struggles.
