For smartphone and tablet users, a broken screen is a major source of frustration and a considerable expense. Yet for one company, it's become a goldmine.
Since it was founded in 2010, iCracked has been growing by leaps and bounds in the niche market for smartphone repairs. The startup, which offers mobile device repair and trade-in services, is now seeing breakneck growth.
Founded by high school friends AJ Forsythe and Anthony Martin, iCracked recently ranked 22nd on Inc. magazine's list of fastest-growing privately held companies, which the publication said has grown over 10,000 percent in the past three years, generating over $15 million in revenue in the process.
At that time, the startup had just over 600 technicians to perform its services throughout its coverage area. However, the CEO told CNBC in an interview that its technician headcount has grown exponentially — and is now more than 4,600. The company is aiming to have over 5,000 "iTechs" by the end of the calendar year, and to add 10,000 additional "iTechs" in 2016.
In a world where smartphone growth is projected to grow by 10 percent, according to IDC, that may not be such a tall order.
"Imagine if you live in a world where you never have to worry about your consumer electronics again, where anytime you need to insure them, sell them, have a new one delivered or have one repaired," iCracked CEO Forsythe told CNBC.
"I think the future is we're not actually a repair company.We're going to be a life cycle services company," Forsythe said.