How I Built This with Guy Raz How I Built Resilience: Jeremy Stoppelman of Yelp
Oct 1, 2020
Jeremy Stoppelman, the founder and CEO of Yelp, shares insights on navigating the turbulent waters of the pandemic. He reveals how his leadership team prepared for a 'nuclear winter' and the proactive steps they took to support struggling businesses. Stoppelman discusses new initiatives promoting visibility for Black and Latinx-owned businesses amid social unrest. He also dives into the challenges of managing negative reviews and emphasizes the importance of effective communication in leadership during crises. Resilience, innovation, and community support take center stage.
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Early Pandemic Response
- Yelp's leadership anticipated the negative impact of the pandemic on restaurants early on, drawing from observations of the situation in China.
- They prepared for various scenarios, including a "nuclear winter," and ultimately provided $32 million in relief to restaurants.
Surviving the Downturn
- Yelp faced a significant drop in ad revenue during the initial stages of the pandemic.
- Despite planning for a worst-case "nuclear winter" scenario, Yelp's diversified business model helped it survive the downturn.
Furloughs and Returns
- Jeremy Stoppelman found the decision to furlough employees during the pandemic to be personally challenging.
- Despite this, Yelp was able to bring back a majority of furloughed employees after four months.
