What's 🔥 in Enterprise IT/VC #241

Remote talent wars ⏩, more 💰, more opportunity, more competition

So what do enterprise startups with 💰💰💰 do? They hire, hire, hire. And what I can tell you is that the war for talent is getting even more intense.

First, let’s talk about finding talent. This is a tweet from earlier this year.

Yes, you can hire from anywhere but so can anyone else. Competition is fierce. Second, when you find the talent you want, closing speed and process matters. Zoom has accelerated everything.

👇🏼 fore more on this - Time to Offer and Offer to Acceptance rates are two critical measures to understand how good your machine is.

Because of all of this 💰 and need for talent, we will see more and more of 👇🏼 in the coming months.

And once you have the talent onboard, the need to retain them is even more needed! Grant Miller from Replicated, a portfolio co, is taking a bold stance with this.

Finally, this is not what you want.

So my two takeaways are this; build your people engine early from day one, culture, hiring, retention and over time as you scale and do not rule out the right acquisitions for talent, roadmap, acceleration, and more.

As always, 🙏🏼 for reading and please share with your friends and colleagues.

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Scaling Startups

  1. Great practical advice on how to write great content

  2. 👇🏼 all about the growth mindset - great 🧵

  3. A good reminder rom @hunterwalk

  4. Mental models for investing…


Enterprise Tech

  1. The genius and execution of Marc Benioff (Fortune)

  2. Amazing lessons learned from Dharmesh as Hubspot celebrates 15 years of Hubspot - must read 🧵, 15 lessons

    Build a diverse team early.

    Instill a “customer first” mindset and implement mechanisms to foster it.

    Good intent is necessary, but not sufficient. Good execution is what pays the bills.

    Learning culture through osmosis stops working pretty quickly.

    Transparency is scary -- but spectacularly effective

    More companies die of co-founder conflict than any other cause

    and many more…

  3. Yes, but always a question of when to charge your first $ and hire your first rep but no doubt to scale, sales is needed

  4. Patience required to do open source the right way and build a community and 2 years for many is about right - see my previous post on developer ♥️ and patience

    Twitter avatar for @mitchellhMitchell Hashimoto @mitchellh
    Everyone thinks that Terraform was an overnight success and that couldn't be farther from the truth. It took almost 2 years to see growth start to tick up. We're gonna be talking a lot of Terraform at HashiConf tomorrow. Join us for the keynote (free!):
    hashiconf.com/europe/

    HashiCorp @HashiCorp

    Downloads of #Terraform were pretty slow early on — so slow that @mitchellh & @armon even considered killing the project. But by 2016 downloads began to increase rapidly, thanks to a growing ecosystem and community. What's next? Join us at #HashiConf https://t.co/B4LQkXl3Bc https://t.co/DXNusjQ7uD
  5. Patience also required when creating new categories and privacy tech is here to stay - from Axios and read Future of Privacy Forum report (linked below) for more - also shoutout to BigID one of the market leaders (a portfolio co)

    What's happening: The companies that help other companies process, maintain, and legally maximize use of consumer data are in high demand, and collectively need to mature, according to a Future of Privacy Forum report shared first with Axios. 

    • Some of the largest players — such as BigID and OneTrust — have multi-billion-dollar market caps on their own.

    • Venture capital investment remains high: According to TechCrunch, about 207 privacy startups have together raised more than $3.5 billion in funding. 

    • Private equity firms are buying up smaller niche firms to provide suites of services to compete with the biggest companies.

  6. Just a reminder of importance of cyber security and resiliency engineering as JBS was shut down due to a cyberattack, shutting down a huge portion of beef processing industry and Fastly went down due to a single customer triggering a bug

    Although it seems they weren’t down for long, the impact it would have had will be huge, especially on e-commerce sites,” said Naomi Aharony, the agency’s managing director. “With our research estimating Amazon could have potentially lost $6,803 every second it was down, it’s clear an investigation will want to be made to find out what happened.

  7. I’m not a crypto investor per se, but love developer first infrastructure. So awesome to see @blockdaemon (a portfolio co) raise its $28M Series A led by Greenspring and including Goldman Sachs - heroku for blockchain is real!

  8. 👇🏼so glad we are all in enterprise tech


Markets

  1. Monday.com IPO this past week opened at $155 and closed at $178.87 with a market cap of $7.5 billion (more on Monday SaaS S-1 breakdown from newsletter a few weeks ago)

  2. UiPath first earnings report, beats expectations but analysts concerned about valuation

    First quarter ARR was $652.6 million up 64%. We delivered record incremental ARR, which grew 55% to $72.1 million. We ended the quarter with more than 8,500 customers with great new logos including a flyboard Global Healthcare Exchange overstock Ralph Lauren, Siemens Mobility and the State of North Carolina.

    Expansion metrics remain best-in-class as existing customers accelerated their adoption of our platform and deployment of our software robots. We now have 1105 customers that account for at least $100,000 in ARR, up sequentially from 1002 including 104 customers at a million dollars plus up sequentially from 89. Notable new logos and customer expansions during the quarter included; first Verizon Communications, which became a customer in July 2019 to support their attended automation needs.

  3. 😲 Atlas hosted db already over 50% of revenue in 5 years!

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