For nearly 20 years, Equiom has helped dozens of clients design, build and operate digital products and services. We have worked across healthcare, financial services, transportation,core web technologies, information security and more. We have helped startups scale and successfully exit. We have helped industry leaders extend their market share. We have helped build products from the ground up and we have helped operate digital services used by millions. During that time, we have mainly served our clients with a focus on technical strategy and software engineering. As we near our third decade in business, we are excited to announce that we are expanding our capabilities to provide full end to end product development services, what we call Product as a Service. Below is a reintroduction to Equiom and our vision for the future of product development.
It is true that in many ways, the cost of developing and launching new digital products and services has never been lower. AWS and Azure, new development languages and frameworks, expanded options for customer distribution and near endless SaaS based capabilities have all given companies big and small an ability to build and deploy new digital products and services faster and cheaper than ever.
However, at the same time, customer expectations, the speed of innovation and change in the marketplace and the complexity of supporting these products at scale have all accelerated. It may be cheap and easy to launch, but the cost and complexity required to scale is still very high.
The speed of digital innovation and the cost and complexity required to keep up has contributed to the rapid decrease in the lifespan of large companies. In 1964, the average tenure of an S&P 500 company was 33 years. By 2027, it is expected to drop to 12 years*. As the products and services individuals and businesses use increasingly become digital, staying competitive increasingly will be based on an ability to design, build and operate digital products that generate measurable results and ultimately contribute sustainable, high margin revenue.
As the products and services individuals and businesses use increasingly become digital, staying competitive increasingly will be based on an ability to design, build and operate digital products that generate measurable results and ultimately contribute sustainable, high margin revenue.
Traditionally, there have been two ways to face this challenge. Hire product development and engineering talent onto your team or work with a top tier consulting firm to help you stay innovative and navigate an increasingly digital world. The cost of talent continues to go up, and in a post Covid-19 world, the complexities of managing and supporting digital talent continue to increase. Working with large scale consultancies comes with its own complexities and the industry has seen a rise in on demand knowledge workers providing a greater choice and flexibility for businesses looking for solutions to digital challenges and opportunities.
At Equiom, we have watched and participated in this evolution. We have served some of the largest companies over the last 20 years and built numerous technology startups, several of which went on to successful exits. We have operated large scale teams inside scaled and scaling businesses and we have built new digital products based on nothing but a white board session. After nearly 20 years, we felt it was time to reflect on our experience and update our strategy for the world of 2020 and beyond in product development.
20 years ago, Salesforce launched and set off a revolution towards Software as a Service. Today, they are the reigning champion of this space with a market cap of over $150M and nearly 50K global employees. They succeeded because they gave companies a choice between the expensive and risky path of building a custom CRM, or buying and installing massive on-premise solution that required tremendous levels of care and feeding. We feel that the future of product development itself will look no different. Based on that view, in order to serve our clients and more fully assist them design, build and operate digital products and services that produce measurable results, we have are excited to introduce Product as a Service.
Product as a Service means we bring together everything you need to design, build and operate a digital product or service. We are a holistic partner, not just a partial solution and service provider delivering aspects of the product development process. We deliver an end to end product development capability, working independent or in partnership with your team. We are designed to be easy to engage, deploy and maintain within your business. We are meant to be scalable based on your organizations needs and aspirations. We also constantly work to bring solutions to your organization, not just costs and complexity. Finally, our internal measure of success is not based on how much in billings we collect, but on delivering a material and measurable result to your business.
We want to give leaders of digital businesses a new choice in the market for how they solve digital problems for their business and customers. While the costs and complexities of building and scaling digital products goes up, and the risks of betting on new and unproven capabilities remains high, we provide a lower risk, simpler to launch and easier to engage partner. We want to help you rapidly respond to market demands, ramp up your team to meet new opportunities and expand the capabilities of your team as you scale.
We have made the investments needed in talent and partners to bring this offering together and it represents two decades of learning and iteration on what we have found works best for designing, building and scaling digital products.
As your business navigates an intense and often disorienting start to the 2020s, and as you chart your own path forward for how your company will innovate and compete, we hope you give us a call to learn about how we might help serve your company and your end customers to build and improve new digital products and services.