How Pandora Survived More Than 300 VC Rejections And Running Out Of Money

Most entrepreneurs pay lip-service to “tenacity,” but few have any idea what it really means.

Pandora’s Tim Westergren does.

Founded in 1999 by Tim Westergren, Pandora was able to raise some money right before the dotcom bubble burst. Once that money ran out, however, Pandora struggled to raise more cash and “spent over two and a half years essentially broke.”

Westergren’s pitch to over 300 VCs during that period fell on deaf ears, as investors were extremely cautious about their commitments after the dotcom crash, and the music industry online was in disarray.

To compensate for the lack of funds, Westergren worked for free and convinced others to do the same. Watch Tim Westergren’s story on how he kept Pandora above water.

(We shot this interview with Tim last summer. Given the spectacular success of Pandora’s IPO, it seemed relevant to re-run it today).

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Produced By: Kamelia Angelova & William Wei

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