How did an Australian startup become a case study in a business studies textbook?
It’s not often you can claim to be the literal textbook example of anything. But that all changed for Envato this year, following the publication of one of the key texts that Victorian secondary school students now use in their business management studies.
If you were to look at the cover Key Concepts in VCE Business Management Units 1 & 2, you wouldn’t necessarily expect to find Envato inside. However, according to co-author Stephen Chapman, the company was a perfect example for the “Establish a Business” unit.
“Envato’s experiences reinforce the theoretical concepts discussed in the ‘Legal and Financial Considerations’ chapter. Students are exposed to the ‘real world’ workings of a business in order for them to understand how a business operates in reality.”
The textbook examines Envato’s humble start in a Sydney-basement and the company’s subsequent journey to becoming one of Australia’s most successful tech startups, with more than $750 million USD paid out to its creative community during this time.
“The discussion as to Envato’s early beginnings and the financial requirements – a starting budget of $90,000 and the use of a credit card – provides a sense of realism,” continued Chapman. “The case study provides students with a clear understanding that there are different methods used to raise finance for the establishment of a business.”
“I particularly liked how the case study showed the transition to other sources of funding as the business expanded as well as the payment methods for its contributors.”
A recent survey conducted by publisher Jacaranda of teachers who use the textbook in their classes found that many found the case studies to be one of the key reasons the book was such a success in their classrooms. Envato was a good fit for this because, as Chapman pointed out, the company’s success story contains all the ingredients to make it not just relevant, but inspiring too.
“It’s a contemporary business that students can relate to. It contains a human aspect – Cyan and Collis’ goals and aspirations – that help create an engaging narrative, that’s highlighted by the growth and development of the business over time.”
So next time someone asks you for a textbook example of how to be flexible and responsive when establishing a business, look no further than Envato!