Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #300
What's 🔥 in Enterprise IT/VC #300What recession? If u can't sell dev tools now, it's not the market as 💰 is there
It was a huge 💪🏼 week for cloud earnings this past week.
In other words, the cloud grew 35% YoY in constant currency. If you’re a devtools founder, there is no better sign for what’s ahead than Satya’s comments around Microsoft’s continued growth in cloud, containers, and Kubernetes (Azure Arc).
More public cloud spend means more new applications being built and deployed leading to more spend on dev tools, orchestration, security and more…which Satya highlights here.
Founders, don’t tell me recession - enterprises are continuing to aggressively build and deploy new cloud-based applications and Microsoft, despite slowing YoY growth in Azure, reiterated its forecast for a strong Q3. Bill McDermott from ServiceNow summed it up nicely from his earnings call: “The secular digital transformation tailwinds are blowing stronger than the macro crosswinds.” If you can’t get users to use and convert to buyers, then I’d say you have bigger problems like taking another look at your value proposition and product. But whatever it is, don’t tell me you can’t sell because it’s a recession whether you technically believe the definition or not 😃. Yes, I know, some of this is large cap growth due to vendor consolidation around an OK product but it’s still on you to build an amazing 🪄 product as the 💰 is there. I’d also add that it looks like these companies are still quite bullish about the future. as many are continuing to ramp sales and marketing 2-4 quarters in advance. Also notice how many are infrastructure companies. Once again, enterprises building new apps and deploying to the cloud equals more spend for devtools, infra, and cybersecurity to lock it all down. At a time when many tech companies are laying off or pausing recruitment, these enterprise software firms are hiring sales and marketing force by the hundreds.
$NOW - 600+ S&M positions
$ZS - 400+
$SNOW - 400+
$VEEV - 300+
.....
They're going for the kill perhaps! Going back to Bill McDermott, here’s more on the durability of enterprise software growth.
Yes, I’m long term bullish on the future but note there are two headwinds for startups:
As always, 🙏🏼 for reading and please share with your friends and colleagues. Scaling Startups
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