The company reports that “we generate over 90% of our revenue from self-serve channels”. Let’s jump in.ĭropbox has a magical business model and the data in the S-1 proves it. Anyone who concludes otherwise doesn’t understand the difference between cash flow and GAAP and the power of negative churn. In short, Dropbox is a cash machine and possesses a magical business model. To be clear, I am not an investor in the company and don’t own any shares (as far as I know!) So, when the Dropbox S-1 came out yesterday, I was excited to read through it and see what I could learn. And a few of my former students joined the company early and became key executives over the years.
We also teach an early stage case on Dropbox to all first year students at HBS. I have taught a Stanford Business School case on Dropbox in my HBS class on Launching Technology Ventures for many years regarding their scaling their sales and marketing operation. I know I am weird but S-1s are loaded with great nuggets of insights about business models, company performance and have fascinating stories embedded in the sometimes turgid prose.ĭropbox has been one of my favorite startups for many years.
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