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• Snap Inc. is a camera company.
• We believe that reinventing the camera represents our greatest opportunity to improve the way that people live and communicate. Our products empower people to express themselves, live in the moment, learn about the world, and have fun together.
• In the way that the flashing cursor became the starting point for most products on desktop computers, we believe that the camera screen will be the starting point for most products on smartphones. This is because images created by smartphone cameras contain more context and richer information than other forms of input like text entered on a keyboard. This means that we are willing to take risks in an attempt to create innovative and different camera products that are better able to reflect and improve our life experiences.
• Our strategy is to invest in product innovation and take risks to improve our camera platform. We do this in an effort to drive user engagement, which we can then monetize through advertising. We use the revenue we generate to fund future product innovation to grow our business.

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• Snapchat Parent Snap Inc. Files for IPO
• Snapchat creator files for a $3 billion IPO
• Snap files for its IPO, revealing surging sales growth and huge losses

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• Our mission is to make the world more open and connected.
• People use Facebook to stay connected with their friends and family, to discover what is going on in the world around them, and to share and express what matters to them to the people they care about.
• Growth in use of Facebook through our mobile products, where we do not currently display ads, as a substitute for use on personal computers may negatively affect our revenue and financial results.
• We may not be successful in our efforts to grow and further monetize the Facebook Platform.
• Unfavorable media coverage could negatively affect our business.
• We currently generate significant revenue as a result of our relationship with Zynga, and, if we are unable to successfully maintain this relationship, our financial results could be harmed.

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• Facebook Sets Historic IPO
• Facebook Files for an I.P.O.
• Facebook files for IPO, plans to raise $5 billion with stock sale

IPO

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• The first personal computers were sold principally by mail order to hobbyists. However, with the growth in the number of computer retail stores since 1976, most personal computers have been distributed through retail outlets, reflecting the economics of distributing and servicing a moderate cost product to a highly diverse market.
• The Company believes that the introduction of higher priced and more complex personal computers, such as the Apple III, may require the Company to expand its distribution channels or establish additional marketing arrangements, such as a direct . sales force. Certain of these steps could involve significant investments and additional costs. See "Use of Proceeds". In addition, the development of an experienced and expanded marketing organization will require the addition of qualified personnel, who are in great demand.
• Apple, Radio Shack arid Commodore are believed to be the principal manufacturers of personal computers with system prices below $5,000, which category includes most Apple II systems. The Company believes that it has the second largest installed base of such systems in the United States. Apple experiences competition for its higher priced systems (which include the Apple III) from a number of concerns including Radio Shack, Cromemco Incorporated, North Star Computers, Inc., Ohio Scientific, Inc. and Vector Graphics Inc.

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• Flashback to Apple’s 1980 IPO
• Apple IPO makes instant millionaires, December 12, 1980
• Apple, Inc. stock IPO created 300 millionaires 33 years ago today

IPO

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• Google is not a conventional company. We do not intend to become one. Throughout Google’s evolution as a privately held company, we have managed Google differently. We have also emphasized an atmosphere of creativity and challenge, which has helped us provide unbiased, accurate and free access to information for those who rely on us around the world.
• Now the time has come for the company to move to public ownership. This change will bring important benefits for our employees, for our present and future shareholders, for our customers, and most of all for Google users. But the standard structure of public ownership may jeopardize the independence and focused objectivity that have been most important in Google’s past success and that we consider most fundamental for its future. Therefore, we have designed a corporate structure that will protect Google’s ability to innovate and retain its most distinctive characteristics. We are confident that, in the long run, this will bring Google and its shareholders, old and new, the greatest economic returns. We want to clearly explain our plans and the reasoning and values behind them. We are delighted you are considering an investment in Google and are reading this letter.
• Sergey and I intend to write you a letter like this one every year in our annual report. We’ll take turns writing the letter so you’ll hear directly from each of us. We ask that you read this letter in conjunction with the rest of this prospectus.
• We will not shy away from high-risk, high-reward projects because of short term earnings pressure. Some of our past bets have gone extraordinarily well, and others have not. Because we recognize the pursuit of such projects as the key to our long term success, we will continue to seek them out. For example, we would fund projects that have a 10% chance of earning a billion dollars over the long term. Do not be surprised if we place smaller bets in areas that seem very speculative or even strange. As the ratio of reward to risk increases, we will accept projects further outside our normal areas, especially when the initial investment is small.
• Don’t be evil. We believe strongly that in the long term, we will be better served—as shareholders and in all other ways—by a company that does good things for the world even if we forgo some short term gains. This is an important aspect of our culture and is broadly shared within the company.

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• Google sets $2.7 billion IPO
• Google files for unusual $2.7 billion IPO
• Web Leader Google Files To Go Public in Unusual IPO

IPO

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• Microsoft designs, develops, markets, and supports a product line of systems and applications microcomputer software for business and professional use.
• The Company’s products are available on 8-bit, 16-bit and 32-bit microcomputers domestically and internationally, including IBM, Tandy, Apple (Macintosh and Apple II series), COMPAQ, Olivetti, AT&T, Zenith, Wang, Hewlett-Packard, DEC, Siemens, Philips, Mitsubishi, and NEC.
• Microsoft develops most of its software products internally using proprietary development tools and methodology. As of December 31, 1985 the Company employed 271 persons in software product development.
• In November 1985, Microsoft began shipping Microsoft Windows, a graphical operating environment which runs on the Microsoft MS-DOS operating system. As an extension of MS-DOS, Microsoft Windows manages such hardware as the keyboard, screen, and printer.

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• 30 years ago: A look back at Microsoft’s IPO
• Microsoft’s IPO, 25 years ago, and what happened after that
• Looking back: Microsoft IPO, March 1986

IPO

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• Twitter is a global platform for public self-expression and conversation in real time. By developing a fundamentally new way for people to create, distribute and discover content, we have democratized content creation and distribution, enabling any voice to echo around the world instantly and unfiltered.
• Our platform is unique in its simplicity: Tweets are limited to 140 characters of text. This constraint makes it easy for anyone to quickly create, distribute and discover content that is consistent across our platform and optimized for mobile devices. As a result, Tweets drive a high velocity of information exchange that makes Twitter uniquely “live.” We aim to become an indispensable daily companion to live human experiences.
• Twitter continues the evolution of content creation, distribution and discovery by combining the following four elements at scale to create a global platform for public self-expression and conversation in real time. We believe Twitter can be the content creation, distribution and discovery platform for the Internet and evolving mobile ecosystem.
• If we fail to grow our user base, or if user engagement or the number of paid engagements with our pay-for-performance Promoted Products, which we refer to as ad engagements, on our platform decline, our revenue, business and operating results may be harmed;

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• Twitter files for IPO – CNN Tech
• Twitter Files For $1 Billion IPO, Will List As TWTR
• Twitter Files for IPO, Shows $317M in Revenue

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• Yelp connects people with great local businesses.
• Our platform features more than 22 million reviews of almost every type of local business, from restaurants, boutiques and salons to dentists, mechanics, plumbers and more. These reviews are written by people using Yelp to share their everyday local business experiences, giving voice to consumers and bringing “word of mouth” online.
• The information these reviews provide is valuable for consumers and businesses alike. Approximately 61 million unique visitors used our website, and our mobile application was used on more than 5 million unique mobile devices, on a monthly average basis during the quarter ended September 30, 2011. Businesses, both small and large, use our platform to engage with consumers at the critical moment when they are deciding where to spend their money.
• Our business revolves around three key constituencies: the contributors who write reviews, the consumers who read them and the local businesses that they describe.

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• Yelp Files For IPO To Raise $100 Million
• Yelp Files for I.P.O.
• Yelp files US$100 million IPO

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• We are the world’s largest professional network on the Internet with more than 90 million members in over 200 countries and territories. Through our proprietary platform, members are able to create, manage and share their professional identity online, build and engage with their professional network, access shared knowledge and insights, and find business opportunities, enabling them to be more productive and successful.
• We believe we are the most extensive, accurate and accessible network focused on professionals. We believe we are creating significant value for professionals, enterprises and professional organizations worldwide by connecting talent with opportunity at massive scale. We believe that our members and the enterprises and professional organizations that use our platform are only beginning to leverage the power and potential of our network and its underlying database of professional information.
• Our mission is to connect the world’s professionals to make them more productive and successful. Our members come first. We believe that prioritizing the needs of our members is the most effective, and ultimately the most profitable, way to accomplish our mission and to create long-term value for all of our stakeholders. We will continue to concentrate on opportunities we believe are in the best interests of our members. Our long-term approach enables us to invest, innovate and pioneer in unexplored segments of our industry to increase the value proposition of our proprietary platform and extensive data.

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• LinkedIn Files For IPO; Revenue $161 Million For The First Nine Months Of 2010
• LinkedIn files for IPO, reveals sales of $161 million
• LinkedIn files for its IPO

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• PayPal enables any business or consumer with email to send and receive online payments securely, conveniently and cost-effectively. Our network builds on the existing financial infrastructure of bank accounts and credit cards to create a global payment system. We deliver a product well suited for small businesses, online merchants, individuals and others currently underserved by traditional payment mechanisms.
• We seek to become the global standard for online payments
• The small business market presents us with a potentially significant opportunity.

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• PayPal files for an IPO
• PayPal Files for an IPO, Testing a Frosty Market
• PayPal IPO: Best first day

IPO

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• Amazon.com is the leading online retailer of books. Since opening for business as "Earth's Biggest Bookstore" in July 1995, the Amazon.com bookstore has quickly become one of the most widely known, used and cited commerce sites on the Web. By offering customers an authoritative selection of more than 2.5 million titles, as well as competitive pricing and outstanding customer service, Amazon.com believes it has achieved a preeminent position among online retailers.
• Customers enter the Amazon.com bookstore through the Company's Web site and, in addition to ordering books, can conduct targeted searches, browse from among highlighted selections, bestsellers and other features, read and post reviews, register for personalized services, participate in promotions and check order status. Customers simply click on a button to add books to their virtual shopping baskets. Customers can add and subtract books from their shopping baskets as they browse, prior to making a final purchase decision, just as in a physical store. To execute orders, customers click on the buy button and are prompted to supply shipping and credit card details. Customers are offered a variety of delivery services, including overnight and various international shipping options, as well as gift-wrapping.
• Amazon.com was founded to capitalize on the opportunity for online book retailing. The Company believes that the retail book industry is particularly suited to online retailing for many compelling reasons. An online bookseller has virtually unlimited online shelf space and can offer customers a vast selection through an efficient search and retrieval interface. This is particularly valuable in the book market because the extraordinary number of different items precludes even the largest physical bookstore from economically stocking more than a small minority of available titles. In addition, by serving a large and global market through centralized distribution and operations, online booksellers can realize significant structural cost advantages relative to traditional booksellers. Furthermore, unlike with clothing or other personal products, consumers can make educated book purchase decisions using online information. Books can be selected and sampled effectively through online synopses, excerpts and reviews and have consistent quality across different retailers. In addition, the demographic overlap between frequent book buyers and Internet users is high. Further, online bookselling has the potential to eliminate or mitigate critical inefficiencies and problems faced by book publishers.

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• Amazon.com Files for IPO, Valuing Firm at $300 Million
• 1 Stock that Turned $3,000 into Over $1 Million
• Amazon's Stock IPO and Fun Facts

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• We are focused on building beautiful products that make the world’s daily habits inspiring and entertaining. With hundreds of Search partners, a world-class mail platform, three industry-leading verticals (News, Sports and Finance), a growing video content offering, the photo resources of Flickr and the social reach of Tumblr, we play an important role in the digital lives of our more than 800 million monthly users on Yahoo Properties.

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• Yahoo! IPO Soars in First Day, But Honeymoon May Not Last
• Yahoo IPO closes at $33 after $43 peak
• Yahoo! Inc. Completes Initial Public Offering Of 2,600,000 Shares Of Common Stock At $13.00 Per Share

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• Salesforce.com is the leading provider of application services that allow organizations to easily share customer information on demand. We provide a comprehensive customer relationship management, or CRM, service to businesses of all sizes and industries worldwide. By designing and developing our service to be a low-cost, easy-to-use application that is delivered through a standard Web browser, we substantially reduce many of the traditional expenses and complexities of enterprise software implementations. As a result, our customers incur less risk and lower upfront costs. Our service helps customers more effectively manage critical operations including: sales force automation; customer service and support; marketing automation; document management; analytics; and custom application development.
• We believe that the CRM applications market, which was approximately $7.1 billion in 2002 according to a July 2003 report by IDC, is one of the first to benefit from on-demand application services. CRM applications are intended to enable businesses to automate sales, customer service and support and marketing.
• Our objective is to be the leading provider of on-demand application services for businesses worldwide.

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• Salesforce.com files for IPO
• Salesforce.com files $115 million IPO
• Salesforce.com files for an IPO

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• Our mission is to make organizations more productive, competitive and collaborative by connecting people and their most important information. We believe our platform can become the cloud-based content layer that spans organizations, applications and devices to enable users to get work done more efficiently—when, where and how they want.
• Trends such as Cloud, Mobility and the Proliferation of Data are Changing How People Work

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• 'Go Cloud!' Box Files For $250 Million IPO, Warns Not To Expect Profits
• Box Will Go Public At Two-Thirds The Valuation It Had Last Summer
• Box Files For $250M IPO On Full-Year Revenue Of $124M, Net Loss Of $168M

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• We continue to innovate and develop new server and desktop solutions and offer additional services that enhance the value of our current offerings. For example, the introduction of our VMware Infrastructure 3 product suite in 2006 expanded our offerings to include new capabilities in high availability, resource management and backup and recovery.
• We may also pursue the acquisition of companies with complementary products and technologies that we believe will enhance our suite of offerings.

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• EMC's VMware files for $100 million IPO
• EMC’s VMware files for IPO of up to $100 million
• VMware files prospectus for IPO

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• We believe the future of communications will be written in software, by the developers of the world — our customers. By empowering them, our mission is to fuel the future of communications.
• Twilio's mission is to fuel the future of communications. We enable developers to build, scale and operate real-time communications within software applications.

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• Communications Startup Twilio Files for IPO
• Twilio is going public, lifting the tech IPO drought
• ‘Unicorn’ startup Twilio files for $100 million IPO

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• Our mission is to make it easy to do business anywhere.
• Our founders started our company to champion small businesses, in the belief that the Internet would level the playing field by enabling small enterprises to leverage innovation and technology to grow and compete more effectively in the domestic and global economies. Our decisions are guided by how they serve our mission over the long-term, not by the pursuit of short-term gains.

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• China's Alibaba files for landmark IPO
• Alibaba Files IPO in the U.S.
• Alibaba files to sell up to $24.3 billion in stock, biggest US IPO ever

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• Our mission is to enrich people’s lives by enabling them to enjoy music they know and discover music they’ll love, anytime, anywhere. People connect with music on a fundamentally personal and deeply emotional level. Whether it’s a song someone first heard ten years ago or one they’ve just discovered, if they connect with that music on our service, a strong bond is forged at that moment with Pandora. Just as we value music, we also hold a deep respect for those who create it. We celebrate and hold dear the individuals who have chosen to make music, from megastars to talented new and emerging artists.
• We make the Pandora service available through a variety of distribution channels. In addition to streaming our service to traditional computers, we have developed Pandora applications for smartphones, such as Android phones, Blackberry phones and the iPhone, and partnered with the makers of over 200 consumer electronics devices, including Alpine, Panasonic, Pioneer, Samsung and Sony. We have also developed relationships

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• Oakland music site files for IPO of up to $100 million
• With 80 Million Users, Pandora Files To Go Public
• Pandora Files For IPO

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• Before Groupon, there was The Point—a website launched in November 2007 after my former employer and one of my co-founders, Eric Lefkofsky, asked me to leave graduate school so we could start a business. The Point is a social action platform that lets anyone organize a campaign asking others to give money or take action as a group, but only once a "tipping point" of people agree to participate.
• I started The Point to empower the little guy and solve the world's unsolvable problems. A year later, I started Groupon to get Eric to stop bugging me to find a business model. Groupon, which started as a side project in November 2008, applied The Point's technology to group buying. By January 2009, its popularity soaring, we had fully shifted our attention to Groupon.
• Groupon is a local e-commerce marketplace that connects merchants to consumers by offering goods and services at a discount. Traditionally, local merchants have tried to reach consumers and generate sales through a variety of methods, including the yellow pages, direct mail, newspaper, radio, television and online advertisements, promotions and the occasional guy dancing on a street corner in a gorilla suit. By bringing the brick and mortar world of local commerce onto the internet, Groupon is creating a new way for local merchants to attract customers and sell goods and services. We provide consumers with savings and help them discover what to do, eat, see and buy in the places where they live and work.

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• Groupon files for IPO, hopes to raise $750 million
• Groupon IPO: It’s Here!
• Fast growing Groupon files for $750 million IPO despite $522 million deficit

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• We started Square in February 2009 to enable anyone with a mobile device to accept card payments, anywhere, anytime. While we found early success providing easy access to card payments, commerce extends beyond payments.
• We work to democratize commerce—leveling the playing field for sellers of all sizes. Our focus on technology and design allows us to create products and services that are accessible, intuitive, and easy-to-use. We set attractive and transparent pricing, and we accept approximately 95% of sellers who seek to process payments with Square. We provide a free software app with our affordable (often free) hardware to turn mobile devices into powerful POS solutions in minutes. Our insights into our sellers’ businesses have allowed us to develop services that are applicable to businesses of all types and sizes, from Square Analytics to digital receipts. We also continue to add advanced software features that tailor our POS solution to specific types of sellers, such as open tickets for bars and restaurants and inventory management for retailers.

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• Square files for an IPO
• Financial services start-up Square files for IPO
• Square files for its long-awaited IPO

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• Our mission is to reimagine commerce in ways that build a more fulfilling and lasting world. We are building a human, authentic and community-centric global and local marketplace. We are committed to using the power of business to create a better world through our platform, our members, our employees and the communities we serve.
• Make it easy to find and buy unique goods from real people every day, on any platform, online and offline, anywhere in the world.
• Help creative entrepreneurs start, responsibly scale and enjoy their businesses with Etsy.
• Communicate the power of human connection whenever anyone experiences Etsy.

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• Etsy Files for IPO
• Etsy files for IPO
• Etsy files for handcrafted IPO

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• We founded Zynga in 2007 with the mission of connecting the world through games. We believed play—like search, share and shop—would become one of the core activities on the internet.
• Play is one of life’s big macros—it’s an activity people love to do and do often. Zynga was founded on a deeply held passion for games that family and friends play together—connecting, collaborating, gifting, bragging, nurturing, admiring and sometimes just doing silly stuff together. Reality is, we all wish we had more time to play together.
• To put the play macro in perspective, games have become the second most popular internet activity based on time spent, and have even surpassed email. We’ve turned our rapidly growing base of smartphones and tablets into play devices. In fact, games are now the most popular category of apps on smartphones and represent nearly half of the time spent. But, Zynga has a lot of hard work, innovation and growth ahead of us to create a future where social gaming becomes a daily habit for nearly everyone.
• Games should be free. Free games are more social because they’re more accessible to everyone. We’ve also found them to be more profitable. We have created a new kind of customer relationship with new economics—free first, high satisfaction, pay optional. This model aligns shareholder value with delivering the best player experience.

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• Virtual Farms, Rich Harvest
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• Social Gaming Giant Zynga Files For $1 Billion IPO