Finally, Venmo started in the 2009 recession.
— Jon Erlichman (@JonErlichman) August 6, 2022
Founders Andrew and Iqram had been college roommates.
They initially planned a music startup…
…text a band to get an emailed mp3 of their latest concert.
But pivoted to payments when Iqram visited Andrew and forgot his wallet. pic.twitter.com/QSWGoX4PCi
Square started during the Great Recession in 2009.
— Jon Erlichman (@JonErlichman) August 6, 2022
Entrepreneur Jim McKelvey was also an accomplished glassblower.
But he couldn’t accept American Express sales due to high fees.
His former intern Jack Dorsey had since co-founded Twitter.
They teamed up to find a solution. pic.twitter.com/dyhF9ElxBd
Uber started during the 2009 recession.
— Jon Erlichman (@JonErlichman) August 6, 2022
Travis Kalanick and Garrett Camp came up with the idea at a conference in Paris.
The initial idea was more of a limo timeshare service.
But both wanted to disrupt the taxi business in San Francisco.
“UberCab” rolled out in SF in 2010. pic.twitter.com/dPbWWzIHb7
Mailchimp began in the 2001 recession.
— Jon Erlichman (@JonErlichman) August 6, 2022
Ben and Dan had a web design firm.
They’d used severance from their dotcom jobs to launch.
They found clients wanted to reach customers via email.
Chestnut used code from a failed e-greeting card product to start.
The first logo: pic.twitter.com/li7aXDd3SN
Electronic Arts launched during the 1982 recession.
— Jon Erlichman (@JonErlichman) August 6, 2022
Trip Hawkins was an early Apple employee.
But he saw his future in games.
He personally funded EA for the first six months
He was going to call it Amazin’ Software, but wanted to recognize software as an art form. pic.twitter.com/IrrgVZPVTK
Genzyme launched in the recession year of 1981.
— Jon Erlichman (@JonErlichman) August 6, 2022
It was part of a long journey to develop a treatment for Gaucher disease.
Its first office was an old clothing warehouse, next to the Tufts Medical School in Boston.
Sanofi acquired Genzyme in 2011 for more than $20 billion. pic.twitter.com/PTzeuQYupR
Amgen launched during the 1980 recession in a cramped office, next to an evangelical church.
— Jon Erlichman (@JonErlichman) August 6, 2022
It would grow to become one of the most successful biotech companies. pic.twitter.com/pDIdU834OX
IHOP started during the 1958 recession.
— Jon Erlichman (@JonErlichman) August 6, 2022
Al Lapin had a coffee cart business, when he saw McDonald’s growth.
He thought…instead of burgers, why not pancakes!
Along with brother Jerry, they launched with $25,000.
A Cordon Bleu Chef was hired to create unusual pancakes. pic.twitter.com/s6lgc6XT0u
During a recession in 1957, Jim and Jane Henson started their business.
— Jon Erlichman (@JonErlichman) August 6, 2022
They named it Muppets, Inc…
…which is a combination of the words “marionette” and “puppet.”
It was later renamed The Jim Henson Company. pic.twitter.com/8xJD7IEeas
Denny’s got started during the 1953 recession, initially as a donut shop.
— Jon Erlichman (@JonErlichman) August 6, 2022
It was originally called Danny’s, not Denny’s. pic.twitter.com/HkdM8n59I5
Vernon Rudolph started Krispy Kreme in the 1937 recession.
— Jon Erlichman (@JonErlichman) August 6, 2022
He acquired a secret donut recipe, but used up his money to get started.
A grocer lent him ingredients.
He made a delivery rack in the back of his car.
And people started showing up for hot donuts even with no store. pic.twitter.com/UfzIelhoeD
Allstate started in 1931, during the Great Depression.
— Jon Erlichman (@JonErlichman) August 6, 2022
It was part of Sears.
Sears’ President was pitched by his neighbor, an insurance broker
The idea was to sell insurance through Sears’ catalog to save on broker commissions.
The name was based on a car tire Sears sold. pic.twitter.com/4V4DzwOce6
Disney started in the 1923 recession.
— Jon Erlichman (@JonErlichman) August 6, 2022
Walt began the year in Kansas City.
His animation business went bankrupt.
He moved to California.
He couldn’t find a job.
So he returned to cartoons.
He launched a studio in his uncle’s garage.
He got his first contract in October. pic.twitter.com/FWXhcEtxX1
