Please respect outstanding entrepreneurial achievements
By boris, June 29, 2017
Blue Apron went public today. It was not the easiest road for them as they had to cut the originally proposed price range of $15-17 to $10 and closed the first day just around that at $10.01. As one can imagine, the media commentary was not pretty, calling the IPO a disappointment, the stock stale out of the box, and lamenting that the stock forgot to pop.
What I missed in most of this commentary was the fact that Matt Salzberg and his team had created a company with over $800m in revenues and a $2b valuation in a short 5 (!) years. This is an incredible entrepreneurial achievement that very, very few founders ever get to. Zulily suffered from a similar negative narrative: when it got sold to QVC for $2.4b, some people called the exit disappointing given that the company was once valued at over $7b in the public markets.
You don’t have to love the product, you don’t have to like the business model, and you definitely don’t have to buy the stock – but I hope that you appreciate the incredible entrepreneurial achievement in your analysis of a company that just went public and perhaps mention it in a phrase or two.