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

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Oct 9, 2023
In this engaging conversation, Scott Farquhar, Co-founder and Co-CEO of Atlassian, shares insights from his journey scaling the company to a $50BN market cap. He reveals lessons learned from early challenges and the importance of emotional intelligence in leadership. Scott discusses a clever fundraising strategy that set them apart, including a unique bidding process that attracted top investors. He also reflects on the regrets of missed opportunities and the impact of AI on the workplace and future pricing strategies.
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ANECDOTE

Honeymoon Crisis

  • During Scott Farquhar's honeymoon, he received an urgent message from his co-founder, Mike Cannon-Brookes, about a security breach.
  • This led to a shortened honeymoon and an immediate return to address the crisis, impacting their first venture capital raise.
ADVICE

Fundraising Strategy

  • Use closed-envelope bidding when fundraising to encourage best offers and prevent VC collusion.
  • This creates better game theory and ensures the company gets the optimal deal.
ANECDOTE

Benchmark's Missed Opportunity

  • Accel offered Atlassian a $405 million valuation, significantly higher than other bids during their first funding round.
  • Scott offered Benchmark a chance to match, which they declined, missing out on a multi-billion dollar opportunity.
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