{"id":44686,"date":"2023-10-20T15:37:43","date_gmt":"2023-10-20T15:37:43","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/melbourne-tech-giant-envato-celebrates-its-10th-birthday-with-a-new-1-billion-goal-startupsmart\/"},"modified":"2023-10-20T15:37:43","modified_gmt":"2023-10-20T15:37:43","slug":"melbourne-tech-giant-envato-celebrates-its-10th-birthday-with-a-new-1-billion-goal-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/melbourne-tech-giant-envato-celebrates-its-10th-birthday-with-a-new-1-billion-goal-startupsmart\/","title":{"rendered":"Melbourne tech giant Envato celebrates its 10th birthday with a new $1 billion goal – StartupSmart"},"content":{"rendered":"
\"Envato<\/div>\n

When Cyan Ta\u2019eed and her partner Collis launched Envato in 2006, iPhones and Facebook weren\u2019t around yet and startups were virtually unheard of in Australia.<\/p>\n

\u201cBack when we started and we said we were launching an online business, people would say \u2018what?\u2019\u201d Ta\u2019eed tells StartupSmart.<\/em><\/p>\n

\u201cIt was not the fashionable thing to do \u2013 it was considerably bizarre.\u201d<\/p>\n

Ten years on<\/h3>\n

Now, 10 years later, Envato is a leading Australian tech company, with the online creative community now boasting 7 million members and one of the most visited marketplaces in the world.<\/p>\n

In its decade of existence Envato has generated $400 million in earnings for its members<\/a>, led the way in terms of tech diversity<\/a> and grown into a tech giant worth more than $50 million.<\/a><\/p>\n

And Envato  is celebrating its 10th<\/sup> birthday with a new goal: to generate $1 billion in earnings for this online community across the next 10 years.<\/p>\n

\u201cWhatever it takes in order to do that, we will gear all of our strategies and goals around community earnings,\u201d Ta\u2019eed says.<\/p>\n

\u201cWhen the community succeeds, we as a business succeed.\u201d<\/p>\n

Reflecting on launching Envato 10 years ago, Ta\u2019eed says the startup community was unrecognisable when she and her partner Collis came up with the idea.<\/p>\n

\u201cThere\u2019s a lot more funding now \u2013 there are accelerators and there is so much more to equip you in your entrepreneurial journey,\u201d she says.<\/p>\n

But the advantage of launching a tech company at that time was there was more of an \u201copen playing field”, she says.<\/p>\n

\u201cThere was so much land to grab at that point in time,\u201d Ta\u2019eed says.<\/p>\n

\u201cNow we would have to do it in a completely different way. We wouldn\u2019t have the opportunity to bootstrap it in such a saturated market.\u201d<\/p>\n

Disrupting the way forward<\/h3>\n

Ta\u2019eed says that one of the biggest drivers behind Envato\u2019s sustained success is the founding team\u2019s ability to continually diversify their product offering.<\/p>\n

\u201cIt wasn\u2019t down to strategy, it was down to quite an organic excitement around launching new things,\u201d she says.<\/p>\n

\u201cWe personally felt we would like people to be able to buy and sell all of these other things.\u201d<\/p>\n

This approach helped the startup dodge some major bullets while the digital world transformed rapidly around them, she says.<\/p>\n

\u201cWe were also selling Flash when we started,\u201d Ta\u2019eed says.<\/p>\n

\u201cWe had one competitor who was focusing solely on Flash. We were still larger than they were but we were having this existential crisis on whether we should focus on Flash.\u201d<\/p>\n

They eventually decided to diversify their offering and when Flash met its demise the competitor disappeared while Envato thrived.<\/p>\n

Now this focus on R&D is a core part of Envato\u2019s operations.<\/p>\n

\u201cWe launch a couple of different smaller startups within the business at any given time,\u201d Ta\u2019eed says.<\/p>\n

\u201cSome of them don\u2019t take, some of them do.\u201d<\/p>\n

Most recently she says the company has taken a big risk with the launch of Envato Elements, a platform offering unlimited downloads of graphic templates, fonts and assets for a monthly subscription.<\/p>\n

\u201cIn effect it\u2019s a little bit disruptive to our own platform,\u201d Ta\u2019eed says.<\/p>\n

\u201cIt\u2019s really important to not be thinking about how you can grow but how you can be disrupted and to strategically disrupt yourself from time to time.\u201d<\/p>\n

Follow StartupSmart on<\/em> Facebook,<\/em> Twitter, <\/em>LinkedIn <\/em>and <\/em>SoundCloud.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

When Cyan Ta\u2019eed and her partner Collis launched Envato in 2006, iPhones and Facebook weren\u2019t around yet and startups were<\/p>\n","protected":false},"author":1,"featured_media":59128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,21,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/44686"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=44686"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/44686\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/59128"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=44686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=44686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=44686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}