January 16, 2014
Triangle Business Journal
ChannelAdvisor CEO Scot Wingo honored as TBJ 2013 Businessperson of the Year
Scot Wingo is a unicorn chaser.
And his firm, ChannelAdvisor (NYSE: ECOM), is a unicorn farm.
That’s one takeaway from Wingo’s speech on Thursday morning at Triangle Business Journal's 2013 Businessperson of the Year breakfast, held at The Umstead Hotel & Spa in Cary. You can view photos of the event in the accompanying gallery.
As Wingo addressed the crowd, which had some high-profile members including Red Hat (NYSE: RHT) CEO Jim Whitehurst andVantageSouth Bank CEO Scott Custer, he didn’t shy away from tough questions during the question-and-answer session.
Wingo's ecommerce software firm has a ways to go toward profitability. Through nine months of 2013, Morrisville-based ChannelAdvisor lost $12 million on $47 million in revenue, primarily because of its sales and marketing costs, which have ballooned in the last year.
Given ChannelAdvisor's $1 billion market capitalization, Wall Street seems to be tolerating the near-term losses. However, the audience posed some difficult questions, such as, with a high stock price and no profitability, are companies like ChannelAdvisor contributing to the next bubble?
“I don’t worry about ‘are we creating a bubble,’” Wingo says, adding that he likes to worry about things he can control, such as focusing on innovation. He thinks he’s in good shape. “We have got enough of a cushion that we are not putting our company at risk.”
To read more, visit: http://www.bizjournals.com/triangle/blog/2014/01/channeladvisor-ceo-and-business.html?page=all