Greg Mand
729 posts

Greg Mand
@gmand
Driven to discover and explore what's around the corner and around the globe.
San Francisco Katılım Mart 2008
822 Takip Edilen319 Takipçiler

These two mediocre students did everything wrong while taking on $10k in credit card debt and turning it into a $67 BILLION company.
The crazy part?
They were profitable from day 1.
This is a wild story 👇👇👇
1. Mike Cannon-Brookes met Scott Farquhar on their first day at the University of New South Wales in Sydney
Neither was a great student.
Scott was average, while Mike barely graduated.
But they’re lives changed with one email in 2001…
2. Mike really didn’t want to “get a real job” and have to wear a suit everyday.
So he emailed a few classmates that had been handling outsourced IT work with an idea: let’s start a company!
Scott was the only one to respond. They became co-CEOs of “Atlassian” with the idea to launch a bootstrapped software company so they could earn as much as their friends with normal jobs.
But timing wasn’t great…
3. The dotcom bubble had just burst.
So, Scott took a temporary gig to pay the bills while Mike did support services/fixed bugs for overseas clients.
They used email to track and manage the bugs and fixes they had.
But it didn’t work well at all!
4. Plus, they hated it. So, they came up with a better idea…
JIRA - a bug and issue logging/tracking tool.
They named it after “Gojira” which means Godzilla in Japanese.
By the end of 2002, the company was doing over $1M in sales.
They started developing their own model for how software businesses should look.
Needless to say, it wasn’t conventional, but it did start working…
5. Within 5 years, they were doing over $15M in ARR.
Then, they expanded to the US.
They even hired their first employee who was not their friend.
6. With all their growth, they started to look for “adult supervision”… but Atlassian style.
They found Jeff Walker who was an experienced software executive but also a jazz musician who they described as “the least responsible 50 year old” they’d ever met.
He helped lead the business to over $50MM in ARR.
Then tragedy struck…
7. Walker passed away in 2009 from Cancer.
Mike and Scott were heartbroken and their company was leaderless.
Right around that time, they received a $500M+ offer. Both were just married, they were tempted to sell and ride off into the sunset.
But, they took another path instead…
They doubled down on Atlassian.
8. In April 2010, they took $60M from Accel (none of which they needed) to increase their legitimacy and raise the profile of the biz.
By 2012, they committed to going Public and put together a 10 year plan.
They would build and acquire software that serves developers and fit their criteria (cheap, bought not sold, etc)
They acquired tools like hipchat, cenqua, opsgenie, status page and Trello (and very recently Loom).
They would win and win BIG…
9. In Dec 2015, they went public with a $5.8BN market cap.
Mike and Scott were Billionaires, owning the majority of the company!
But they weren’t done…
10. They committed to continuing to scale Atlassian with their original core values…
• Open company, no bullshit
• Build with heart and balance
• Don’t #@!% the customer
• Play, as a team
• Be the change you seek
11. They’ve also maintained their unconventional strategic principals:
• Multiple products
• The "twin rocket engines" of Jira and Confluence (that deliver $1.2B in revenue)
• Low priced enterprise software
• No massive sales team
• HQ thousands of miles from Silicon Valley
12. In a tech backwater, these 2 nerdy misfits inspired a generation and launched a $67B bootstrapped Giant 7,419 miles from San Francisco
The true impact of Atlassian is in the wave of $1B+ Aussie tech giants like BigCommerce, Canva, and Xero that have come since.
That's amazing.
Why I love this story, it’s a reminder that:
• Focus on what you do best
• ABG | Always be growing
• Build what you know, buy the rest
• Great products beat great sales
• Culture builds teams, teams build companies
• And that anyone can do it…
If you enjoyed this story, follow me!
I tweet Bootstrapped Giant stories like this every week
RT to share this amazing story!!




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