First off, congrats to Dharmesh and the entire Hubspot team making it to this point. It’s not every day you redefine a whole software category and grow to $100M in revenue.
I quickly read Hubspot’s S-1 filing for their IPO. I really know very little about evaluating publicly traded SaaS companies but I thought there were a couple interesting metrics take-aways from the filing….
A couple other interesting items…
In terms of other publicly traded companies, these numbers seem pretty good to me for a $100M revenue SaaS business. The other thing going for it is that I’ve really only heard good things from people who use Hubspot. In comparison, I’ve never heard a customer say anything positive about Salesforce.
Last night I had the chance to catch up on some old episode’s of Charlie Rose including a discussion from the end of March concerning the Supreme Court and Same-sex marriage. The discussion is incredibly informative about the legal arguments of the two cases (specifically concerning the validity of federalism and equal protection arguments).
Although the episode is worth watching, this closing comment by Andrew Sullivan blew me away and just had to share it:
“The freedom to marry is based in the Declaration of Independence. I don’t think any heterosexual, for example, has ever believed they had the right to the pursuit of happiness if that did not include the right to marry the person they love. So in the end, it’s the deepest question of all: Are we gay people, as Americans, allowed to pursue happiness? And if that right to happiness does not involve marrying the person we love, then what does it really mean?”
My friend Ali told me to watch the above interview with Ben Horowitz and, specifically, this section about courage. This 3 minute section (Youtube link with timestamp) has some absolute gems that I think every entrepreneur can learn from.
Here’s the abbreviated text. Emphasis is mine…
In our pitch meetings, we spend the first 30 minutes not going through the pitch but talking about the founder and their background and understanding why they made decisions. And a lot of courage is […] “what do you believe that nobody else does”? Do you have the courage to even say that?
[As an example], an entrepreneur came into us once, his name was Christian Gheorghe, and we said “tell us about your background”. He says “I used to be the CTO of a company called OutlookSoft which sold to SAP…” and I was like “no no no, where did you grow up?”. He says "Well, I grew up in Romania in the 80s and then in 1989, in order to escape the communist regime, I swam across the Danube" and I said "We’re going to invest in your company!".
Aristotle said that courage is the first virtue. And the reason he said that, and it’s really important in leadership, is that people can have virtues in certain situations. But that’s not the question, the question is: if it’s going to cost you your company, do you have your integrity? If it’s going to cost you your job, are you honest? If it’s going to completely embarrass you in front of everybody, do you have it then?
And the only way you have it then is if you have courage. Courage ends up being the foundation of what you need as an entrepreneur.
I always say you need two things as an entrepreneur: great intelligence and great courage. And I always found as an entrepreneur that my courage was tested far more than my intelligence.
By its peak in the 1990s, the 6.5 acre Kowloon Walled City was home to at least 33,000 people (with estimates of up to 50,000). That’s a population density of at least 3.2 million per square mile. For New York City to get that dense, every man, woman, and child living in Texas would have to move to Manhattan.