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Monica Langley's interview with Box Inc. co-founders Aaron Levie and Dylan Smith- the travails of founders distracted by a long IPO process and changing market sentiment
04/24/2015
Levie and Smith describe their experience going through the IPO process- the distractions, the 10% discount demanded by TPG private equity which they hesitantly agreed to, investor complaints, changing market sentiment, board discussion and disagreement whether or not to proceed with the IPO. After repeated dilutions of their holdings as new venture capital investors were brought in, and with the IPO offering, the founders stakes shrink significantly. Levie found himself losing his keys, having two cups of coffee one in each hand, and with with poor eating habits, as he appeared to be profoundly unsettled by the whole process. Market sentiment changed with one analyst calling the company "a house of horrors." Box Inc. has consistently pushed for higher revenues with large marketing expenses which lead to consistent losses. IBM, Google, Microsoft, and Amazon are also competing in the same space, making investors nervous about the company's future prospects.
Grouped Articles
Rich, but Not Silicon Valley Rich for Founders of Box
Wall Street Journal 04.24.2015
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