Jared Yaman, co-founder of Boxed and now CEO of Spresso, discusses the evolution and challenges of building and pivoting companies. Yaman recounts Boxed's journey from a gaming startup to an e-commerce platform, competing with giants like Amazon and Costco, noting the difficulty of maintaining margins and the eventual Chapter 11 bankruptcy. He shares insights on transitioning to a software-focused model with Spresso, licensing e-commerce solutions to major brands. Yaman also reflects on the shift from "growth at all costs" to capital efficiency, emphasizing the importance of founder wealth and learning from past mistakes. He details Spresso's financial structure, revenue growth to $5 million ARR, and debt management strategies.
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