CEO Stephen Stokols and the rest of the team at the upstart tech company FreedomPop have been facing a pretty tense week of rumors. For the past few days we have seen numerous rumors make it to headline that imply the impending sale of FreedomPop. According to reports by Recode, the team has fielded offers as high as several hundred millions of dollars for the company. However, even if these offers were true there is going to be no way to verify it. Instead of selling their company, FreedomPop took a page out of ‘Silicon Valley’ and decided to keep their independence.
CEO Stephen Stokols was unashamed to admit that he was inspired by the HBO television show ‘Silicon Valley’. The show focuses on a group of programmers who turn down a $100 million dollar paycheck in exchange for keeping control of the company and growing it themselves. It is this bravado that Stokols wants to emulate and he is going to need as much of it as he gain. Stokols has an 18 month growth plan in place in order to try and turn FreedomPop into a billion dollar business.
The freemium mobile carrier company is focusing on growing their customer service abilities while also increasing their retail outreach. Right now the company is turning the corner on over 1 million global subscribers and the next step is to put the product in ‘big box stores’ everywhere. Thanks to a $30 million Series B investment from Partech Ventures, this goal is closer than ever to becoming a reality.
FreedomPop focuses on selling excess services rather than charging for data, like phone companies typically do. Customers on the FreedomPop program are granted a limited amount of free minutes, data, and text. FreedomPop makes their money by upselling, collecting overage charges, and making use of additional plans.