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Slack had spent nearly five years and $ 17 million on development prior to its public launch in February 2014. Just two months later, before the end … - Reid Hoffman
" "Slack had spent nearly five years and $ 17 million on development prior to its public launch in February 2014. Just two months later, before the end of April, it had raised another $ 43 million. Both of these investments took place before Slack had proven its revenue model and started generating significant sales. Slack’s freemium business model (offering a free service and encouraging users to upgrade later to becoming paying customers) meant that even after two months of rapid user growth, the company hadn’t proven its ability to make money. Fortunately for Slack and its investors, this aggressiveness paid off. As the initial wave of free users started converting to paid, Slack was able to raise an additional $ 120 million six months later to accelerate its growth even further.
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Reid Garrett Hoffman
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Reid G. Hoffman
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Additional quotes by Reid Hoffman
One of the reasons businesses tend to rely on blitzscaling is that speed is one of the primary advantages they hold vis-à-vis large companies. Start-ups can act quickly to capitalize on the new opportunities created by technological advances. If they dawdle and proceed at the same pace as a big company, they’re fighting on an even playing field, which means that the big company’s resources will likely confer massive advantage.
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When you’re growing quickly, there will always be fires — inventory shortfalls, servers crashing, customers whose calls aren’t answered. You won’t always know which fire to stamp out first. And if you try to put out every fire at once, you’ll only burn yourself out. That’s why entrepreneurs have to learn to let fires burn — and sometimes even very large fires. When you have a fast-scaling company, the focus must be on moving forward. And you can’t do that if time is spent dealing with spontaneous, scattered eruptions. Fighting every fire can cause you to miss critical opportunities to build your business — you’ll be all reaction and no action.
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