Masayoshi Son, long known as a free-spending benefactor who encouraged startup founders to pursue their dreams, had a different message for entrepreneurs last week: Your dreams had better be profitable. Public investors aren’t going to tolerate gimmicks, like super-voting rights or complicated share structures that privilege founders over other stakeholders, the chief executive officer of Japan’s SoftBank Group Corp. told company leaders gathered for a private three-day event in the Langham resort in Pasadena, Calif., according to a person who attended the event. Profitability should be a short-term goal, he said.
Business must focus on good governance, getting in shape years before they consider going public, Son said at the event, where singer John Legend performed and a four-legged robot from portfolio company Boston Dynamics stalked across the hotel’s lawn, according to the person, who asked not to be identified because the meeting was private.
