Aaron Levie, chief executive of cloud computing services company Box, which conducted an initial public offering in January that raised more than $500 million, with employees Evelyn Shaw, left, and Rosetta Phan at offices in Los Altos, Calif. Levie and his company are nearing a make-or-break point others in this generation of young companies are also likely to soon face: Find a way to cut those losses and stay ahead of deep-pocketed competition or disappear. Photograph: Matt Edge/The New York Times

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