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What's 🔥 in Enterprise IT/VC #281
No matter how big you get, product velocity matters - Gitlab
❤️ this from the GitLab earnings transcript as a reminder that no matter how big you get, never forget that product velocity still matters.
At GitLab, our platform-first approach enabled us to be extremely effective at rapid innovation. That's super important because the faster we innovate, the more mature the different stages will be and maturing features will continue to drive positive business outcomes for our customers. We're able to innovate faster because of the contributions from our users and our customers. Every quarter, hundreds of improvements in GitLab come from the people using the product. We are able to partner effectively with a wider community and help them get their contributions over the finish line, increasing the pace of innovation while also increasing the vested interest they feel in the product. We call this our dual flywheel strategy that creates a virtuous cycle where more contributions lead to more features which lead to more users leading back to more contributions.
And by focusing on atomic units of value Gitlab is able to continue to deliver at a rapid clip.
Another reason for our fast innovation is our value of iteration. Iteration means reducing the scope of the next piece of work with the smallest valuable thing possible, so it can be delivered fast. Our innovation is also predictable as we shipped on the 22nd day of every month for 124 months in a row as of January. This allows our customers to benefit from new innovation every month and it allows us to get feedback very rapidly.
To provide some examples of this innovation, in the fourth quarter, we delivered enhancements in the following areas. First, software supply chain security continues to be a key focus for enterprises and providing controls that empower teams is critical as this helps everyone be more secure…
So if Gitlab which is a company with over $300M ARR is preaching product velocity, I encourage all founders from day 1 to 🦄 to continue to remember that speed matters and to not get too complacent.
As always, 🙏🏼 for reading and please share with your friends and colleagues.
One of biggest problems for 🦄 too early…
Hiring starts with the job description and job board 🧵 - here are some great ones
One person no matter how big your company is can make a massive difference
On leadership during times of crisis and with imperfect information
The long arc of success for founders…
- It's a big day for us: 1. We’ve raised a $5M seed round from Boldstart, Atlassian, Seedcamp, and more. 2. Storage block is now available for everyone. 🚀 liveblocks.io/blog/liveblock…
Ok they crushed their launch with TechCrunch article here and this video as well
Still more room to grow in large enterprise accounts for much of enterprise infra cos
More on the future from Snowflake
Make sure your marketing budgets are chock full of in person events - after two years on sidelines, excitement is back and same with activity
PagerDuty earnings transcript highlights recent acquisition of portfolio co Catalytic - great story of TAM expansion for public company which was seen as a one-trick pony - expect more consolidation to come
“With our acquisition of Catalytic, we complement our leadership in DevOps workflow automation with a no-code offering that brings the same value to teams and business functions like sales, marketing and finance. We're thrilled to welcome Sean, Ravi and the entire Catalytic team to PagerDuty. An IDC survey released at the end of 2021 reinforces the need for this approach. More than half of all developers surveyed reported their organizations have more than 100 services in production at any given time.
Service proliferation is rapidly outpacing the capacity of technical workers as talent becomes more expensive and difficult to acquire and hard to retain. These trends underscore the need for machine learning and automation that offer productivity, efficiency and innovation. Our focused innovation has cemented PagerDuty as the market standard for both DevOps automation and digital operations. We've expanded our reach to customer service operations, IT, and more broadly, process automation.
Increasingly, our customers deploy two or more PagerDuty products relying on our platform to mature their digital operations.”
Consensus raised at $7B valuation driven by Metamask wallet and Infura infra:
The acceleration of Web3 adoption globally is also illustrated by the rise of leading self-custodial wallet, MetaMask, which now supports more than 30 million Monthly Active Users (MAUs), growing by 42% in only four months. A global user base relies on MetaMask to mint and collect NFTs, join DAOs, and participate in DeFi protocols. The United States, the Philippines, Brazil, Germany and Nigeria represent some of MetaMask’s most active markets.
🤯 Infura now counts 430,000 developers and in excess of $1 trillion in annualized on-chain ETH transaction volume supported through Infura’s Ethereum API.
Great summary on latest in SAFE notes and future token issuances in crypto land
Quantum computing and security - why we should be worried…
“Bitcoin and the blockchain. I would say 99% of all cryptocurrencies are using elliptic-curve cryptography, which is not quantum safe. Whoever’s got the first working machine will be able to recover hundreds of billions of dollars worth of cryptocurrency.”
and more on quantum…
For those who live in Excel this is for you
March Madness is here
Mood/sentiment of public market investors as per the Morgan Stanley tech conference 🧵
Gitlab earnings announced and what it means for valuations