Peloton cofounder John Foley says 400 investors turned down his idea of an Internet-connected fitness bike. Now he has to convince public investors of the same thing. 'We're on the first out of the first inning of where we want to take this business,' he says.
early seven years ago, Peloton CEO and cofounder John Foley climbed onto an indoor exercise bike and pedaled along to a video of an instructor leading a remote cycling class. The video was choppy, filmed in the back of Foley’s “busted” studio, he wrote in an email to his earliest backers. No matter.
“We always assumed that going public would be a step along the way of getting to where we want to go,” Foley, 48, told. “We still believe we’re on the first out of the first inning of where we want to take this business.” “He’s very resilient,” says Foley’s brother-in-law John Pleasants, CEO of Brava, a Silicon Valley-based startup that makes. “If you’ve heard him tell the story of Peloton, he was kicked down to the ground year after year after year. He’s got a lot of scars on his back from building this.”
“I like to think that I’m not afraid of manufacturing because I worked at a midnight shift for six years in a manufacturing plant,” Foley says. “The hardware component of what we do, you know, we don’'t shy away from.”
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