This video details the journey of The Glimpse Group, a VR/AR company, from its founding to becoming NASDAQ-listed.
This video details the journey of The Glimpse Group, a VR/AR company, from its founding to becoming NASDAQ-listed. It covers the process of taking a startup public, including overcoming challenges and mastering business basics.
How has it been through the the journey of um taking the company public and and being listed? I mean, that's a That sounds challenging. Yeah, no, it it it was definitely a whirlwind. So, when we started Glimpse, the vision was always to take the company public. Again, since I grew up and learned about the previous cycle, I knew that kind of companies that would be ready to go public early would benefit from that kind of first mover advantage. And uh so, from day one, for example, we audited the company. The first year, the auditor was uh looking at us and thinking we're crazy because I think you know, first year we had $70,000 of revenue, and the audit would cost probably more than that. And the auditor was trying to trying to figure out why we're wanting to audit that kind of that business. But, it worked out very well because when the window opened in 2021, and uh we thought that we
could take advantage of the interest in immersive technologies that was just emerging, we were ready to go public. And uh within 6 months got a phone when we decided we're going to go for it. We were public in a kind of direct uh uh regular Nasdaq IPO. Uh which was pretty cool. And uh it's one of those dreams to kind of basically take something from a concept in your head to a large viable public company. Uh but, also you have the challenges of being a very early small public company and dealing with kind of uh having to explain kind of uh delays in technology, which happens all the time, uh to the public investors instead of just dealing with your your board and a and a set of investors that's supporting you. So, uh again, kind of uh everything has its pros and cons, and you have to learn to navigate those. So, kind of so, there was a uh they kind of back when they kind of metaverse
everybody was talking about that, and Facebook decided that they're going to rebrand from Facebook to metaverse to Meta. And when they announced that, obviously, it had impact on them, but everybody was looking for what else they can invest in that ties to that kind of metaverse dream. And we were the only uh pure-play uh company selling uh software solutions uh in that space. And our stock went up more than 50% that day. And initially, I wasn't even paying attention to it, and then I started getting texts from my board members saying, "What's going on with our stock?" And I called our bankers and say, "Guys, kind of you've been asking if you want to raise money or not. I think today's the opportunity." It was like around 2:00 in the afternoon. Obviously, market opens until 4:00. I said, "Well, kind of check this out. If you think you can do it, let's go raise $15 million." Uh that
that's the That's the power where it works of public excitement around public