Going public in the wake of Facebook: How Shutterstock made it, popped and survived the rollercoaster
When Shutterstock CEO Jon Oringer was in High School, he taught guitar. Never mind he didn’t actually play guitar. So, go figure, when he decided to take his company public, he not only did it without any experience, but in the wake of the botched Facebook IPO.
Shutterstock hit the public market in October with 4.5 million shares of common stock at $17 per share. But by the end of the day it surged 27 percent to close at $21.66. The results impressed us enough that we decided to tell the company's story through – what else? – the cheesiest Shutterstock photos we could find. It’s off its highs, but has spent its life above its opening price and is now trading above $23 per share. Out of the dozen companies Oringer's started, it’s the only one to go public. His story is one of many testaments to why people don't give up at this game.
Oringer recently traveled from New York to San Francisco, where he and I met near the Golden Gate Bridge, which is the most popular San Francisco picture on Shutterstock. He talked about why he continued to pursue an IPO when other tech companies were pulling out due to market volatility, why he believes that more entrepreneurs should not only birth their tech start-ups in New York but continue to grow them there, and shared some valuable advice for entrepreneurs, some of which runs against the conventional wisdom spouted by top techies in Silicon Valley.