After Drew Houston casually dismissed all competition at TechCrunch Disrupt, I wrote about Dropbox's declining prospects.
After years of investment and exploration, syncing files is still the only thing Dropbox does well. Steve Jobs knew this: he famously told Houston (while trying to acquire it) that his company was "a feature and not a product." As Dropbox rocketed to 400 million users, Jobs’ viewpoint was easy to dismiss. But as its rivals caught up, and Dropbox began casting about for its next act, Jobs has come to look more prescient. Dropbox’s consumer products are losing their luster, and their business products lag well behind their competitors.