Pandora dials up success with a nimble business model

Pandora, which recorded its first profitable quarter at the close of last year, avoided the startup graveyard by making frequent adjustments to its business model and instilling loyalty among customers and staff. Although the company could bring in $100 million this year, its success was no foregone conclusion in 2004 when founder Tim Westergren landed $9 million in venture backing -- with his 348th pitch.

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