Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #267
What's 🔥 in Enterprise IT/VC #267The Rise of a D2E (Developer2Enterprise) Juggernaut - MongoDB
I just got back from Miami 🛫🌴…again…as I had the opportunity to attend the first ever offsite for Blockdaemon ( a core crypto infrastructure comapny +the 1 place for institutions to access all crypto). While the future is fully distributed, nothing replaces a few days in person with a focused group on a mission. I was blown away by the quality of the people, the engagement, camaraderie, and focus. If you’re a founder with a distributed team my strong suggestion is to plan an annual get together and have smaller IRL team breakouts throughout the year. Snyk, also a portfolio company, has done an amazing job making this an annual tradition as they continue growing fast but having folks feel like they are 1 team. GM @BlockdaemonHQ!
🙏🏼 for inviting me to join your 1st offsite to share perspectives from day 1 - u know you're growing fast when >1/2 co has been there < 6 mos!
❤️ the collaboration, passion, energy, + roadmap to be the "1 place for institutions to access all crypto"
WAGMI Now on to the regularly scheduled programming! It’s been another crazy and volatile week in enterprise VC/founder land and the big thing on my my mind is inflation and the specter of rising interest rates next year. What this means is that the flight to quality for investors will even be more focused in the coming years. So let’s work backwards on what a quality infrastructure company looks like in the public markets as The Street will continue to reward growth. On Monday, MongoDB blew out its Q3 numbers and was up 18% in after hours trading. What GTM lessons can be learned from MongoDB if you’re an open source and infra founder? While trying not to simplify things too much, it’s pretty clear that MongoDB used the classic open source playbook by focusing on developers, building its community, increasing its downloads for on-prem, and only over time built its D2E (dev2enterprise) motion which based on conversations with some friends over there is still getting refined. What accelerated its growth post IPO was launching Atlas, its SaaS version, which now accounts for over 58% of its revenue. As you know, I always like to preach “patience” when it comes to building community and not going after enterprise too early. One way to think about it is to ask yourself 2 questions when launching your first OSS product as product and GTM go hand in hand. “What is your initial wedge or insertion point?” “What is your plan to expand?” Here’s how Dev Ittycheria, President and CEO, explains it on the most recent earnings call:
First, focus on your user and in the case of OSS, build a killer product that developers ❤️.
Second, go after net new workloads, not replacement ones.
Third, expand existing workload and use case and then to other departments.
Become the enterprise standard - this takes a ton of time and patience as MongoDB was started in 2007! And what is even more amazing is how much it has grown the customer base since the IPO - 10x from 3k to over 31k customers.
No matter how big you get, don’t forget what got you there in the first place - product and iterating rapidly and continuing to have a sense of urgency. And here’s the stock since IPO Lost in this story is how MongoDB transitioned from an open source download and on-prem software company to a hosted SaaS company with Mongo Atlas growing like a weed (check out one of my earlier posts on why Atlas and the insane growth).
This is the same playbook and opportunity ahead for other open source infra companies that recently went public like HashiCorp and Gitlab. Remember, an IPO is not the end of the journey, but just the beginning of a new one as Mitchell and Armon so aptly wrote this past week. And like MongoDB, HashiCorp’s future includes a major emphasis on the ☁️ -
Founders, stay the course, be patient, focus on the individual developer, build that community, and don’t go enterprise too early as that will take time! Who will be the next D2E Juggernaut? As always 🙏🏼 for reading and please share with your friends and colleagues! Scaling Startups
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What's 🔥 in Enterprise IT/VC #266
Saturday, December 4, 2021
How I stay sane in an insane world - hint, it's hard 😃
What's 🔥 in Enterprise IT/VC #265
Saturday, November 27, 2021
🎢 Strap it on for a bumpy next couple of months - but opportunity abounds in the long term + fun matters
What's 🔥 in Enterprise IT/VC #264
Saturday, November 20, 2021
The impact of lofty expectations for investors and founders
What's 🔥 in Enterprise IT/VC #263
Saturday, November 13, 2021
Going down the crypto 🐰 hole...
What's 🔥 in Enterprise IT/VC #262
Saturday, November 6, 2021
Breaking down HashiCorp's S-1 + playbook for building a massive OSS company + The 🐮 Case for Cloud Native and Infra
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