The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

20VC: Atlassian Co-Founder Scott Farquhar on The Biggest Lessons Scaling Atlassian to $50BN Market Cap; The Four Roles of the CEO, The Funding Round That Net Accel $6BN, The Regrets of Omission and Commission & The Honeymoon Cut Short

Oct 9, 2023

Scott Farquhar, Co-Founder & Co-CEO of Atlassian, discusses the 20-year journey to $50BN market cap, fundraising masterclass, scaling Atlassian to $4BN in revenue, and the regrets of omission and commission. He shares advice on choosing co-founders, the unconventional funding round with Accel, the four roles of a CEO, and personal experiences with money and time.

53:01

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Scott Farquhar

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Quick takeaways

The four main responsibilities of a CEO are hiring and firing the management team, setting the vision and culture of the company, and resource allocation.

Atlassian's journey to a $50 billion market cap highlights the importance of learning from mistakes and making the right decisions for the company's future.

Effective leadership requires constant evaluation and prioritization in a rapidly evolving market, with AI being a transformative force that companies need to embrace.

Deep dives

The Four Things a CEO Should Do

The podcast episode discusses the four main responsibilities of a CEO: hiring and firing the management team, setting the vision for the company, setting the culture of the company, and resource allocation. These four areas are crucial for the success of a CEO in leading a company effectively.

Resource Allocation and Systems Thinking in Business

01:22

AI Allocation, Integrating Customer Data, and Remote Work Team Structure

04:02

The Impact of AI on Pricing Models

01:49

Introduction

4min

Building Atlassian: From College Graduates to Software Success

2min

Starting and Bootstrapping Atlassian

16min

The Importance of AI Narrative for Business Success

13min

Exploring the Polarizing Nature of Jira and Its Benefits for Different Teams

2min

The Impact of AI on Pricing Models

2min

The Trade-off Between Time and Money

11min

Interviewing a Co-founder of Atlassian and Sponsor Ads

3min

Scott Farquhar is the Co-Founder & Co-CEO @ Atlassian. Scott co-founded the company with his university friend, Mike Cannon-Brookes, in 2002 from Australia. Over an incredible 20-year journey they have grown to a market cap of $50BN today, over 11,000 staff globally and serving over 260,000 customers. Scott is also a co-founder of Skip Capital, a private investment fund with a portfolio including Figma, Snyk, Canva and more.

In Today's Episode with Scott Farquhar We Discuss:

1. The 20-Year Journey to $50BN Market Cap:

How did Scott first make his way into the world of tech and come to co-found Atlassian?
What does Scott know now that he wishes he had known at the beginning?
From 20 years with Mike, what is Scott's biggest advice on choosing your co-founder?

2. The Fundraising Masterclass with Atlassian:

An emergency phone call, a honeymoon cut short; how did the first funding round for Atlassian come to be? Where was the business revenue-wise at the time?
Why did Scott not like the traditional fundraising process? What did he do to add game theory and ensure that they got the best deal as a company?
Why did Scott choose Accel with their offer? How did Peter Fenton lose a $3BN deal with Atlassian?

3. Lessons Scaling Atlassian to $4BN in Revenue:

What does Scott believe are the 4 core roles of the CEO? Is resource allocation the most important?
What are the single biggest acts of commission and omission that Scott regrets?
What are the biggest lessons Scott has from shutting down Stride, their Slack competitor?

4. Scott: The Father, Husband and Philanthropist:

What does great fatherhood mean to Scott today?
What is the secret to a truly successful marriage?
How does Scott assess his relationship to money today? How has it changed with time?
How does Scott think about bringing children up in a world of affluence and abundance?

Fun Fact: Every single 20VC episode is recorded with Riverside.FM. It is the one product that I could not live without. Try it today here (https://creators.riverside.fm/20VC) and use the code 20VC for 15% off.

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The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

20VC: Atlassian Co-Founder Scott Farquhar on The Biggest Lessons Scaling Atlassian to $50BN Market Cap; The Four Roles of the CEO, The Funding Round That Net Accel $6BN, The Regrets of Omission and Commission & The Honeymoon Cut Short

Episode guests