There are billions of mobile users on the planet, and smartphones and tablets are quickly replacing PCs as the dominant computing platform. Snapchat is purpose-built for the mobile platform and offers a unique form of connection with temporary photos or videos that stir a sense of excitement and urgency. Consumers have taken notice. Since its launch in 2011, Snapchat has amassed a very large user base within a valuable demographic, Millennials and Gen Z, and engagement metrics are off the charts. Best of all, Snapchat is just getting started. As the fast-growing social network expands, as more friends and acquaintances sign up, the application becomes increasingly valuable to each of its users. We believe it could grow into one of the most successful consumer applications to date.