With Instagram’s recent sale to Facebook for over $1 billion, more app developers are realizing that they, too, can reach the same level of success. Here are three apps on the launching pad that have the potential to be the next big thing.
Path first came out in 2010 without much fanfare. Most people poked fun at the idea of another social network, and even worse, one that only allows users to share with a limited number of friends. With Facebook and Twitter at full capacity, privacy and sharing with a smaller group is becoming more appealing to users – and venture capitalists worldwide. According to Path’s chief executive Dave Morin, more than 2 million people have signed up for the service and the company’s value is now pushing towards $250 million.
Only two years after its release, this virtual pin board app is now the third most-popular social media site after Facebook and Twitter. Its value is nearing the billion-dollar mark, and experts like Bill Nguyen, the founder of Color Labs, says it could soon be “as valuable as any tech company.”
The concept of this app is simple: it’s a file-sharing service allowing users to store digital files across a multiple devices. Steve Jobs tried to acquire the company in 2009, but failed and introduced the Apple iCloud instead. Despite this, Dropbox and its investors managed to raise $250 million in new funding that puts the company’s value at $4 billion dollars.