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A founder who raised $225 million is scary transparent: My (revenueless) startup won't make any money until we do $20 billion in sales

Published by Business Insider on Tue, 21 Jul 2015

From the beginning, Jet CEO MarcLore has preached a gospel of transparency.His startup promises to sell everyday products for prices that are 10-to-15% lower than competitors offer. It will accomplish this by forgoing all profits on the goods it sellsinstead, it pledges to only make money from a$50 annual membership fee shoppers must pay in order to participate.Internally, Lore posts every board meeting presentation online for his employees to view. He also talks openly about employee stock options and has a public pay-scale system; employees aren't able to negotiate salaries.Lore'stransparency extends to Jet's investors, too.The site, which launched Tuesday, has raised $225 million from investors at a $600 million valuation. Next week, the company plans tolaunch anapp called JetStream that will give investors real-time, detailed access to all of its financial information.For the rest of us, Lore's already laid out the road mappretty concretely:He says Jet's model will lose money until it sells $20 billion in products per year. Lore says the site should hit that landmark in 2020.In the meantime, Lore plans to spend $100 million on marketingin the next year, and The Wall Street Journal reportsthat he's planning to raise even more funding, at a $3 billion valuation."The pressures on top-line," Lore toldBusiness Insider during a phone call Tuesday morning. "We know that in order to get break even, we need to get to $20 billion, so the pressures on there. And the pressures on every month to reduce thepercentage of operating loss.We have this big negative right now and weneed to get it down to zero in five years."He laughs."There's plenty of pressure."SEE ALSO:These artists are making thousands of dollars ' and their livings ' off of TumblrJoin the conversation about this storyNOW WATCH: Here's the incredible story behind the guy who was just sentenced to life for creating the 'eBay for drugs
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