Inc. Uncensored: Music Streaming, Legal Molly and Pancakes
This week, writers and an editor discuss Spotify’s wildly successful direct listing, and why MDMA may soon be approved as a pharmaceutical medicine.
PHOTO CREDIT: Getty Images
This week, staff writer Zo Henry explores why Spotify elected to go public in a direct listing--eschewing Wall Street underwriters and the more traditional IPO. On Tuesday, Spotify shares opened well above their reference price at $165.90 apiece for a $29.5 billion valuation, and closed slightly lower at $149.01. Could this unusual approach inspire the next wave of technology startups looking to tap the public markets?
Then, staff writer Will Yackowicz discusses one entrepreneur's journey to turn "Molly" into a $100 million pharmaceutical medicine. Since 1986, Rick Doblin has been lobbying to get MDMA-assisted psychotherapy approved as a treatment for post-traumatic stress disorder, with phase 3 clinical trials set for this summer.
Finally, staff writer Emily Canal dissects how Joel Clark, CEO at the Park City, Utah-based startup Kodiak Cakes, was able to turn his fledgling pancake mix brand into one of the largest such brands in the U.S.--despite nearly going bankrupt. As Clark told her: "I kept that tiny fire of passion inside of me and kept thinking, I have to keep going and figure out how to make this work."