If you haven’t heard of Arash Ferdowsi and Drew Houston, that’s okay. You might know their company, Dropbox. Dropbox is a cloud-based file hosting and sharing service created by Arash Ferdowsi and Drew Houston, ages 34 and 3, respectively.
Arash and Drew, both of whom are Massachusetts Institute of Technology graduates, founded Evenflow in 2007 as a startup company, before changing its name to Dropbox in 2008. The company has seen massive user growth from its inception, starting at 1 million registered users in 2009 to now 500 million users as of 2019. As of now, Dropbox is valued at $12 billion but has been struggling to show any growth. I believe this is largely due in part to its massive competitor, Google Drive. Personally, I use Google Drive as I have always used Google products and applications. Drive allows me to not only show my files across multiple devices, but I am able to conveniently insert some of those files in other applications that I use frequently, such as Google Docs and Sheets. According to forbes.com, Dropbox has struggled to turn in profit at all since its inception. In fact, it has yet to turn a profit, but some articles believe they may finally have positive profits within the next few years.
As entreprenuers they will have to think how to exceed in a particular area ahead of google. It is going to be interesting to see if they are able to do that or continually fall behind. Also very interesting how after changing the name of the company it grew increasingly. I guess that shows how important your brand is.