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Omni - A Big Step Forward in the Decade of Data

Omni announced a $27m Series A. Omni builds modern BI with a consistent data model using SQL. Omni picks up where Looker left off. Looker’s fundamental innovation, LookML, enabled one person to define the revenue metric & everyone else in the organization to use it. Omni extends that insight by building a modeling layer that learns about your data...

How to Structure a Startup Sales Team for Optimal Land & Expand

Last week, Office Hours welcomed Bill Binch, former CRO at Pendo, EVP Worldwide Sales at Marketo & operating partner at Battery to share his views on building world-class sales organizations. Bill & I exchanged emails about Deliberately Underselling as Sales Strategy. I asked him to share his views on land & expand team structure &...

The Trillion Dollar Empire that Started with a Coupon

This is a paper bond from the US Treasury dated 1976. This piece of paper guarantees its holder $5000 on August 15, 1986. At the bottom, four coupons entitle the holder to $200 at the maturity date on the top right. The coupons represent the interest on the bond. Those four little coupons would lead to the creation of a $2 trillion bond behemoth. Prior...

How Much is Your Software Startup Worth in 2022?

In 2020, revenue growth was the most important factor explaining a public software company’s forward multiple. The formula has changed since then. Net income has surged to the highest correlate of a public software company’s multiple surpassing revenue growth. Narratives published in newspapers trumpeting the importance of profitability correctly...

Do PE Acquisitions of Public Startups Imply We've Hit a Pricing Bottom?

This year, private equity firms have acquired five public software companies, totalling $38b in value. Seven months into 2022, these figures exceed last year’s totals, something I wondered about last month. Since these transactions’ details are public, we can use them to infer how the private software market values companies. Company Acquirer...

Messaging: the Bottleneck for Web3

Messaging has become the bottleneck for growth in web3. The lack of a native messaging protocol prevents apps from communicating with their users. Today, web3 apps communicate with users on Discord & Telegram. But these social networks aren’t web3 native. My Telegram username isn’t linked to my wallet. Knowing a chat user is the same who bought...

The Math Behind Starting a Successful Software Startup

How much value does a successful software startup create per dollar of venture investment? About 10x, though it’s volatile. Let’s call the value generated per venture dollar the MOIC (multiple on invested capital). MOIC = value_at_exit / total_VC_dollars_raised Over the last 30 years, a venture dollar invested in a successful US software startup...

How Much Should You Expect Your Startup to Slow in 2022?

AWS announced earnings earlier today and reported 33% growth. That concludes this quarter’s IaaS earnings scorecard reports & provides us a complete picture of the infrastructure buyer’s index. AWS’s growth rate is the slowest of the three largest public infrastructure clouds. With about 39% market share, AWS reigns supreme as the largest provider....

Office Hours with Bill Binch: Structuring Sales Teams for Success

On August 11 at 9:30 AM Pacific time, Office Hours will host legendary sales leader Bill Binch. Bill started his career at Oracle where he rose to VP. He led Marketo sales as EVP of Worldwide Sales. Most recently, Bill led the sales team at Pendo as CRO. Today, he’s an operating partner at Battery. Over the last few weeks, I’ve been writing about Deliberately...

The Health of Cloud Spending in Mid-2022

I’m watching public company earnings to identify early weaknesses in the software market. This week Microsoft, Google/ Alphabet, & Amazon report their figures. Today, Microsoft & Google revealed the health of their infrastructure business units. Company Q-4 CAGR Q-3 CAGR Q-2 CAGR Q-1 CAGR Q0 CAGR Microsoft Azure 50% 51%...

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