The long anticipated Box S1, a key milestone in the company’s path to an IPO, provides deep insight into Box’s business model and progress in signing up enterprise accounts. Box has certainly had some success, but it needs to ramp up its strategy a bit to see profitability on the horizon. Key to Box’s long-term success is that it convert free users to paid, reducing its cost of sales and marketing while driving revenue growth. Since a lot of free consumer-class online file sharing and collaboration solutions are available, Box’s best chance at converting users to paid accounts is to identify those using Box in business settings who can appreciate the value in leveraging Box’s sharing, collaboration, and ease of use to accelerate business processes. Box also needs to make some key investments in order to speed IT adoption and acceptance, and accelerate sales.