Keith Loris

Early education and career

Keith Loris obtained a Bachelor of Science degree in Biology from Vassar College in 1979 and a Master degree in computer science from New York University in 1986. While at NYU, Loris worked as a research scientist at the Computation Neuroscience Labs designing models that accurately express the visual processing of primates. After graduating NYU, Keith Loris was hired by NYNEX Image Recognition Systems Corporation and within a few years became vice president of technology, acquiring 2 patents in neural networks and lexical analysis (Patent 4,876,731 and 5,239,593). By 1991, Loris was hired by Xerox Corporations as vice president of technology. While at Xerox, Loris received an additional patent (5,642,435) as he led a team of 150 people developing new imaging technologies in neural networks. Loris took this experience to ServiceSoft Corporation where, as the Vice President of Marketing & Business Development, he successfully helped turn around a struggling, 14 person software developer, which led to its purchase by Kana.

Softlock

In 1998, Keith Loris joined as Chief Executive Officer of a small start-up that was based out of Rochester, New York. The company had patented software that secured copyright protection allowing companies to securely sell their content electronically. Prior to Softlock’s business model, competitors had tried two different strategies: distribute less valuable content in hopes of attracting enough customers to create ad revenue or use password protected websites that have a subscription fee. Softlock was unique because it had copyright protection, payment processing and product distribution all within the software. Furthermore, Softlock charged no Fees for its software or marketing services and relied strictly on commission. As CEO, Keith Loris partnered with Simon & Schuster to release Stephen King's 66 page horror story as an e-book Riding the Bullet. This was the first time a mass marketed novel was released strictly in electronic form. The short story sold for $2.50 per copy and within 24 hours there were 200,000 orders processed. Softlock’s model allowed its partners to link their website to Softlock’s to purchase the book without the buyer having to leave the partner's site. Independent companies earn 20 percent commission while Softlock earns 30 to 35 percent commission for every e-book sold. Softlock’s software allowed users to send a copy of the "SoftLocked" content to others, however, only the first few pages of a book, or minutes of a song or movie, were unlocked. By having independent websites link to Softlock’s website and allowing users send copies to others, Softlock leveraged viral marketing to sell their products. Loris raised $15 million and turned a company with a share price of $0.89 into one with an average of $6.65 (at one point it sold for $21.875). In May 2000, Keith Loris left Softlock.