FreedomPop Foregoes Sale
FreedomPop is one of the biggest up and coming mobile ‘freemium’ carriers on the market and that made them a popular company to aim to buy. For the past few weeks, as reported by Recode, FreedomPop has been waffling back and forth on the idea as to whether or not they should sell their company while the product was still hot. CEO Stephen Stokols finally opted not to sell the company and the reasoning behind his decision may surprise you.
Stephen Stokols is an unabashed fan of the techy HBO show ‘Silicon Valley’. The program is about a group of coders that stumble upon the ultimate product, ‘Pied Piper’. The first episode has the group foregoing a $100 million dollar paycheck and instead focusing on developing the product themselves, staying independent. Stokols said that he was inspired by the show and that he will keep FreedomPop independent.
Of course it also helps when a group of European venture capitalists want to back your product. Partech Ventures, in association with DCM Capital and Mangrove Capital, have combined to push $30 million dollars toward Stokols and the rest of the crew at FreedomPop in order to help develop their product. According to Stokols, there is still quite a bit of work to do.
The team at FreedomPop admitted that their customer service has not been up to par and this is a problem that routinely effects these start up companies that find such quick success. Acknowledging that they have a problem with customers at point fo contact can go a long way toward actually fixing the issues. Until then the freemium carrier will have trouble growing, and growing is what the team wants to do. Right now Stokols has his eyes set on getting FreedomPop into big box retail stores all over the country.