The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Scaling ServiceNow to $5BN in ARR | Leadership Lessons from Doug Leone, Frank Slootman and Bill McDermott | VC Value Add: Is it Real and Why the Worst VCs are "Seagull VCs"
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Sep 11, 2024 
David Schneider, General Partner at Coatue, played a pivotal role in scaling ServiceNow to an impressive $5 billion in ARR. He shares secrets behind rapid growth, like effective hiring strategies and the significance of customer-centric products. The discussion dives into the challenges of transitioning from operator to investor, and the common pitfalls VCs face—calling out the so-called 'seagull VCs' who detract value. Schneider also offers insights on leadership dynamics and the importance of understanding customer needs in navigating market missteps.
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Customer Motivation
- Customers buy products for three reasons: to make money, save money, or avoid trouble.
- Sellers must clearly demonstrate how their product fulfills one of these needs.
Disrupting Complacency
- At ServiceNow, David Schneider competed with BMC and HP, companies focused on profit over customers.
- By focusing on customer needs and cloud technology, ServiceNow disrupted their existing market.
Sales Team Building
- Build effective sales teams by identifying ideal customers and their pain points.
- Train sales teams with customer success stories and hire those who are hungry and motivated.