HashiCorp Co-Founder Reflects 48-Hours After Selling to IBM
EP 102 of The Logan Bartlett Show: Untold stories from tech's inner circle
After last week’s announcement that IBM is acquiring HashiCorp for $6.4B, I sat down with HashiCorp co-founder Armon Dadgar. We discussed the behind the scenes of the acquisition and HashiCorp’s full journey from the early days to becoming a public company and beyond. Armon shares some of his biggest lessons along the way, and here are a few favorite takeaways for founders…
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✉️ Episode Memo
→ It’s easier to get a divorce than remove a board member
When picking board members and investors, consider it as seriously as choosing a spouse - Don’t just pick the biggest check, instead choose people you’ll enjoy working with for 10+ years. A good relationship with your board is key, as an adversarial one can make challenging startup years even more treacherous. Choose people you trust and respect and who return the favor.
→ Why enterprise selling still revolves around nice dinners
The trust that can be built over food and conversation significantly outweighs the trust developed through online interactions. Getting people to bet their company's infrastructure on HashiCorp’s products requires a high level of trust, and customers must feel confident that the HashiCorp team will have their back. To foster this feeling, the old-fashioned approach (i.e. steak dinners) to building relationships still works wonders.
→ The key to building community
Armon remembers HashiCorp’s first 1000 customers by face, and he and his co-founder Mitchell logged 250,000+ miles traveling to customers, attending conferences, and speaking at meetup groups. There’s really no shortcut to building community - you just have to go out there and pound the pavement.
→ B2B go-to-market tip
Most markets have consistent early adopters, and it’s easy to predict the sequence of who will be the first movers. When entering a new market, map out a plan to sell to these players first, and this can create a ripple effect that makes it easier to attract more cautious companies later on.
More details in the full episode.
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