Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #255
What's 🔥 in Enterprise IT/VC #255Gitlab - focus on community and don't go enterprise too early = 152% Net % Retention and S-1 Filing
What a huge week for product led growth, including developer first and open source! First we have Canva raising at a $40B valuation 😲 and now GitLab filing its S-1 to go public. Before I dive into both, I wanted to share a podcast I did with Blake Bartlett from OpenView on the PLG journey from Day One to later rounds. If you're founder and wondering how we at boldstart partner with PLG and developer first founders from Day 1, 🎧 to this. We dive deep into product obsession, focus on users and the value of patience... And if you're wondering how firms like OpenView evaluate PLG cos in the next rounds in companies like Calendly and Datadog, then this is the podcast for you! Also day one lessons learned from Superhuman, Snyk, Dooly and more! 🎙️👂 Listen on Spotify and show notes here. Now on to Canva 🤯 (via Forbes):
Next up is GitLab which is a MONUMENTAL IPO filing for 2 reasons - first it’s another best in class open source company like MongoDB, Confluent, and JFrog and second because it really is an explainer on what DevOps is to Wall Street, a back office IT infrastructure play which is finally seeing the light of day in the public. Of course, I expect more of these companies to go public in the future as there is no digital transformation with developers and DevOp. So let’s look at some of the metrics 🤯 And here’s the product story - one platform vs. numerous point solutions and only named competitor in the S-1 is Github, owned by Microsoft. If you look at the Manage, Plan, Create, Secure…just imagine dozens of point solutions in each category that DevOps teams stitch together to operate. This is the default method but GitLab is showing that there is still a massive market for one platform to do it all. What I ❤️ most is the S-1 primer on DevOps to the less sophisticated public equity buyers in the market.
Winning the ❤️ and 🧠 of developers to win the enterprise…
New features always drives more usage.
And here’s the value of the open source
And as I always say, focus on your North 🌠 which is your product and amazing developer experience. Here’s Gitlab’s Timeline: @gitlab #OSS project started in 2011, didn't incorporate until 2014, first $100k ARR customer 2017
Lesson: build the community, focus on the developers + amazing product/dev experience - NOT enterprise customers, patience required
Now: $233M Rev Run Rate, 152% N$R 😲 As always, 🙏🏼 for reading, and please share with your friends and colleagues! Scaling Startups
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What's 🔥 in Enterprise IT/VC #254
Saturday, September 11, 2021
What does the day one launch of an $8.5 Billion developer first company look like and why developer experience matters?
What's 🔥 in Enterprise IT/VC #253
Saturday, September 4, 2021
📈 The future of enterprise software is ☀️ - MongoDB, Asana, Okta - 🦄 or 🐲
What's 🔥 in Enterprise IT/VC #252
Saturday, August 28, 2021
❄️ and Salesforce earnings 😲 - eventually you have to grow into your valuations and performance matters
What's 🔥 in Enterprise IT/VC #251
Saturday, August 21, 2021
APIs + developer tools for the win 💪🏼: Postman and Apollo at combined $7.1B of value 🤯 - Postman's dev first flywheel
What's 🔥 in Enterprise IT/VC #250
Saturday, August 14, 2021
☁️💯, PLG + Dev First Rule, breaking down the Top 20
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