Tuesday, 25 June 2013

Dropbox CEO, 24yrs old, shares screenshot of the moment $950,000 was wired to his bank account after deal with venture capitalists .

  • Dropbox CEO Drew Houston digs up an image of his bank account
  • Statement shows the first $1.2 millions he secured in funding for his company
  • Houston is now worth $400 million

  • It's an eye-watering amount of money, but the CEO of Dropbox, Drew Houston, 30, decided to share the balance of his bulging bank account during a speech to graduating students.
    He displayed a screenshot of his bank account, showing the moment when he reaped the benefits of Dropbox's first-ever funding round - a cool $1.2 million from Sequoia Capital in 2007.

    Perhaps he was giving the graduands of his alma mater, MIT something to aim for?
    Bank of opportunity: The seed money given by venture capitalists for Drew Houston's Dropbox company. Six years on he is worth $400 million
    Bank of opportunity: The seed money given by venture capitalists for Drew Houston's Dropbox company. Six years on he is worth $400 million

    'For a 24-year-old, this is Christmas--and opening your present is hitting refresh over and over on bankofamerica.com and watching your company's checking account go from $60 dollars to $1.2 million dollars.
    At first, I was ecstatic--that number has two commas in it! I took a screenshot--but then I was sick to my stomach. Someday these guys are going to want this back.

     
    What the hell have I gotten myself into?'
    Putting things into perspective, after the huge deposit is made, among Houston's first purchases is a $17.35 purchase at Radio Shack.
    Commencement speech: Founder/CEO of Dropbox Drew Houston spoke to graduates at MIT. He told them they they were the sum of the five closest people they hung around with
    Commencement speech: Founder/CEO of Dropbox Drew Houston spoke to graduates at MIT. He told them they they were the sum of the five closest people they hung around with

    Great idea: The website allows users to create a special folder on each of their computers, which Dropbox then synchronizes so that it appears to be the same folder (with the same contents) regardless of which computer is used to view it
    Great idea: The website allows users to create a special folder on each of their computers, which Dropbox then synchronizes so that it appears to be the same folder (with the same contents) regardless of which computer is used to view it

    During his commencement speech, Mr Houston spoke of how valuable his time at MIT was in pushing him to creative Dropbox.
    'They say that you're the average of the 5 people you spend the most time with.
    Think about that for a minute: who would be in your circle of 5? I have some good news: MIT is one of the best places in the world to start building that circle. If I hadn't come here, I wouldn't have met Adam, I wouldn't have met my amazing co-founder, Arash, and there would be no Dropbox.
    One thing I've learned is surrounding yourself with inspiring people is now just as important as being talented or working hard. Your circle pushes you to be better, just as Adam pushed me.'
    Just a few years ago, Mr Houston was named one of the most promising players aged under 30 by various business publications such as Forbes.
    Glad to be back: Drew Houston (center), gave the speech at his Alma Mater, MIT to this years graduating class
    Glad to be back: Drew Houston (center), gave the speech at his Alma Mater, MIT to this years graduating class

    The company he founded, Dropbox, has been called one of the 20 best startups of Silicon Valley.
    Dropbox is a free service that lets you bring your photos, documents and videos anywhere and share them easily.
    The Dropbox allows users to create a special folder on each of their computers, which Dropbox then synchronizes so that it appears to be the same folder (with the same contents) regardless of which computer is used to view it.
    Mr Houston came up with the idea after repeatedly forgetting his USB flash drive while he was a student at MIT.
    After graduating from MIT and founding Dropbox in 2007, he secured seed funding from a startup accelerator, Y Combinator, and launched Dropbox on stage at TechCrunch Disrupt in 2008.
    Houston worked on a few other startups before striking gold with Dropbox.
    He said the premise behind Dropbox was to make life easier. Certainly, he no longer has to worry about where his next meal is coming from as he is estimated to be valued at $400 million.

    No comments:

    Google Search

    linkwithin

    Related Posts Plugin for WordPress, Blogger...