Grit

#213 CEO & Co-Founder Loom Joe Thomas w/ Ilya Fushman: After the Exit

Oct 21, 2024

Joe Thomas, CEO and co-founder of Loom, shares insights on the emotional journey of selling his video communication company to Atlassian for $975 million. He reflects on the bittersweet reactions from his team and the importance of preserving Loom's culture post-acquisition. Ilya Fushman, a partner at Kleiner Perkins and involved in Loom's funding, discusses the strategic shifts in a rapidly evolving tech landscape. They also delve into the role of AI in future development and the vibrant startup community in Atlanta, emphasizing the essence of grit and resilience.

57:02

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Episode guests

Ilya Fushman

Joe Thomas

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Joe Thomas reflects on the emotional impact of the Atlassian acquisition, revealing how it transformed his perspective on leadership and team dynamics.

Maintaining brand relevance in a competitive market requires continuous innovation and a strong commitment to delivering customer value.

Shifting organizational culture to prioritize revenue metrics can enhance performance and motivate employees towards aligned growth goals.

Deep dives

The Importance of Brand Longevity

The sustainability of a brand is crucial for its long-term value in the marketplace. Continuous efforts are necessary not only to deliver customer value but also to ensure the brand's relevance over time. The speaker emphasizes that there's a distinct responsibility to maintain one's brand against competitive pressures and industry shifts. This sentiment highlights the entrepreneurial challenge of balancing innovation with brand integrity in a rapidly evolving business landscape.

Intro

2min

The Dance of Deals

8min

Revolutionizing Workplace Communication through Video

2min

Navigating Acquisition: Emotions & Strategies

20min

Monetization and Growth Strategies at Loom

11min

Navigating Growth and Acquisition Challenges

11min

Building Community and Embracing Grit in Atlanta's Tech Scene

3min

Guests: Joe Thomas, CEO and co-founder of Loom; and Ilya Fushman, partner at Kleiner Perkins

Loom CEO Joe Thomas had a lot of things to think about before he sold his company to Atlassian for $975 million: The impact an acquisition might have on the product, how to keep the Loom brand alive, the risk of remaining independent... but it wasn’t until after the deal was announced that he really understood what it meant for his team.

“I didn't know how emotional it'd be for me,” Joe says. “All of the Loom employees, current and former, that reached out when this was announced, they did their calculation and they're like, ‘Oh my God.’ That, to me, was the most emotionally transformative part of the process. I didn't fully recognize what that would be like, on the individual front.”

Chapters:

(01:34) - The Atlassian acquisition
(05:25) - The bittersweet moment
(08:15) - Transforming Loom
(13:30) - Ilya’s perspective
(18:04) - Life-changing
(22:55) - Doing it again
(25:00) - Loom’s early days
(28:26) - The Series A
(32:33) - Turning on monetization
(35:37) - The Series B
(37:05) - Loom AI
(43:13) - Revenue orientation
(48:18) - The acquisition landscape
(52:27) - Working inside Atlassian
(54:04) - Atlanta tech
(55:00) - Who Atlassian is hiring
(55:24) - What “grit” means to Joe

Mentioned in this episode: Wilson Sonsini, Vinay Hiremath, Andrew Reed and Sequoia Capital, Zoom, Mike Cannon-Brookes, Shahed Khan, COTU Ventures, Andreessen Horowitz, Scott Farquhar, the Lindy Effect, SVB, Google Chrome, Dropbox, Slack, Snapchat, HubSpot, the Van Westendorp Price Sensitivity Meter, Dylan Field and Figma, Atlassian Rovo, Palo Alto Networks, Salesforce, and Garrett Langley and Flock Safety.

Links:

Connect with Joe

Connect with Ilya

Connect with Joubin

Learn more about Kleiner Perkins

This episode was edited by Eric Johnson from LightningPod.fm

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