Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #291
Times like these below are what makes day one investing so awesome. BigID had its first partner and customer conference this past week in Miami and despite the doom and gloom in the world, the vibes were incredible. Guest speakers from partners like AWS, MongoDB and others talked about the future of data privacy and security while customers were sharing nuggets of wisdom on how to do even more with the BigID product. Just a reminder that it wasn’t too long ago that many did not think that privacy was a business and only when Zuck testified before Congress on the day of RSA Sandbox did BigID make it on the map as they won best startup in 2018. It also reminded me of how founders need to start small to go BIG (see post on initial BigID slides from day one) and become a true platform player. Dream @bigidsecure - first customer/partner conference - amazing energy - well done @dimitrisirota @nimrodv w/@etdurbin @Boldstartvc This is especially true today more than ever. In the last few years, day one startups raised too much capital to start and hence weren’t forced to prioritize. There is nothing like a huge correction to get founders and investors to focus on the few things that really matter. Startup darwinism has accelerated and the companies with no hope will die faster leaving the better companies with less competition and more opportunity. I was interviewed this past week by Alex Gove on the StrictlyVC Podcast about the current state of the market so please tune in if interested in what we’re seeing for next rounds and how founders should think about prioritizing. 🎙️Enjoyed the chat on @StrictlyVC - we covered lots of ground esp. the fact you need to be nuts to start a company now, true missionary founders - shoutout to @RobLoCascio @LivePerson @konstantin11 @BlockdaemonHQ - listen in, starts ⏩ 8m 35s - let's 🏗️
podcasts.apple.com/us/podcast/ass… While the public markets had an up week for once, overall the news was less than stellar as all signs are pointing to a recession. That being said, technology with real ROI can be deflationary by allowing folks to do more with less and this is best highlighted by Jamie Dimon from JPM Chase who stuck to his plan from a few months ago to spend $14.1 Billion on IT, yes $14.1 Billion. Read 🧵 for more charts and if you want full slide deck, go here. @jpmorgan had big analyst day today + for founders who are overwhelmed by doom and gloom, JPM still spending lots on core infrastructure - cloud, developers, cybersecurity to tune of $14.1 Billion Question is how will this budget and the budget of other large enterprises be affected if we move into a prolonged recession? Target also said they would continue their spend on IT but let’s check back in a few months. Bill McDermott of ServiceNow who mostly sells to large enterprises continues to be bullish by promising to double revenue by 2024 😲 and increasing the revenue target from $10B to $11B! On the flip side, Snowflake warned of lower future consumption from some customers and its shares dropped 13% in after hours trading slipping below its IPO price.
As always, 🙏🏼 for reading and please share with your friends and colleagues. Scaling Startups
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