How Waze navigated the Google Maps crisis
AI Summary
- Introduction: Overview of the initial success of Way in providing turn-by-turn navigation.
- Challenges: In 2010, Google launched its turn-by-turn navigation, creating significant competition.
- Industry experts and investors predicted doom for Way.
- Differences in Use Cases:
- Way targeted daily commuters, aiming for frequent use (twice daily for commutes).
- Google Maps was used less frequently, primarily when needed.
- Investor Sentiment: Many investors advised selling the company when it was valued at $20-30 million.
- Turning Point:
- Way remained resilient and ultimately became successful.
- Google acquired Way later due to its unique focus.
- Unexpected Investment: Microsoft’s interest in acquiring maps led to an unexpected investment in Way, helping it to turn around its fortune.