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Data Domain has been nothing short of a spectacular success story. The firm is the leading provider of Deduplication Storage systems for disk backup and network-based disaster recovery. From zero revenues in 2003, the firm recorded net revenue for the third quarter of 2008 of $75.0 million, an increase of 23% from the second quarter of 2008 and an increase of 134% from the third quarter of 2007. Having gone public in June 2007, with a valuation of close to $1billion the company continues to grow at a breath taking pace with ambitions to be the ‘next Net App’.
Frank Slootman joined the company as CEO in 2003. The firm was very small, with no management team, less than $3M in available cash, and no revenues in sight. The outlook for technology startups was bleak. Frank was also a first time CEO from out of the category.
Schweichler-Price and Partners interviewed Frank Slootman about his tremendous journey in building Data Domain, lessons learned and the firm’s ambitious path going forward.
If you write a business plan for investors, the executive
summary is the only part that matters. Why? Because it's all they
will read. Even if you don't write a full business plan, many
startups will prepare an exec summ that they use in trying to book
investor meetings. Needless to say, having a good executive summary
is key to raising money.
My approach is not to write an actual document, but instead do a short presentation. Whether you do a document or a powerpoint, remember your goal is not to educate, it's to sell. Your sole mission for the exec summary is to get the investor to agree to a meeting. [...] read more »
My approach is not to write an actual document, but instead do a short presentation. Whether you do a document or a powerpoint, remember your goal is not to educate, it's to sell. Your sole mission for the exec summary is to get the investor to agree to a meeting. [...] read more »
Six months ago, Companies were poised to grow salaries aggressively, based on: a) rising demand for talent b) tightened supply of experienced and proven performers c) increasing revenues and profitability. Some industries and markets were under even more pressure to pay more than others.
What should Companies do now that the tide has turned, and: a) we're in a recession b) cash is king c) unemployment is rising?
The current reality is what it is. Companies are having to
re-think their Opex and Capital spending budgets in the face of
declining revenues and projections [...] read more »
We all want to be good at what we do, our jobs, our hobbies, the
sports we play. And if asked, each of us could put together a wish
list of things we would love to master, [...] read more »
The numbers are clear: since 2007, hundreds of millions of
dollars have been invested by VCs in new companies, or follow-on
investments made in existing portfolio investees. Equally clear is
that a number of VCs are in stasis; either they are not succeeding
in raising new money, or they are winding down their current fund
and shuttering operations to wait out the current market. Either
way, the implications are clear: a number of portfolio companies
must either grow organically without new funds, or find an entirely
new investor syndicate to (a) support further growth, and (b)
battle with incumbent [...] read more »
My friends at Wikination.ca, the young men and women who are emerging as leaders, tell me that in their research, conversations, and personal experiences four leadership development needs appear to resonate with Young Professionals (YPs). Here is what they say they need:
Patience For a generation that has grown up in a [...] read more »
In a week where another nail seems to have gone into the Nortel
coffin (or at best a dismantling continues to progress), amid a set
of less than impressive 3
rd quarter results and dismal news from local [...] read more »
"The golden rule of organizational design is that structure
always follows strategy"
-Anonymous
Too often, organizations take shape based on the strengths and personalities of the leaders. While with strong leadership, these structures can be made to work, on occasion during the good times, and more often during tough times, the weaknesses are exposed.
Why? Because organization charts drawn up separate from and in many cases without thought being given to how these align with and actively contribute to the longer-term [...] read more »In these cost conscious times here are some thoughts on when to spend the money and attend a meeting in person versus trying to do in on the phone or videoconference
Whether to spend the money and go in person or get on the phone.
If you are like me you may have been torn at times over this
decision. Sometimes it is easy to decide if a face to face meeting
is best or simply a phone call if the trade off is an hour or two
versus a couple of minutes. Other times it might mean a $10,000 one
week trip to the other side of the world. Juggling when to be at a
meeting in person can be critical to the business. Even after as
much preparation as can be done in advance, like many things 1/3 of
the time I think "Wow, am I glad I decided to do that in person -
another [...] read more »
As I walked past the crowded biography section of the bookstore the
other day, it occurred to me how fascinated we all are by the idea
of the great man (and woman). We lap up their stories of triumph,
the adversities they tossed aside and the other-worldly lifestyles
that have become their rewards. And we are forever curious about
the qualities that make these people so special; the vision,
creativity, courage, single-mindedness, energy, resilience and in
so many instances, the larger than life personalities. In the end,
we hope that maybe, just maybe, we can glean and apply tidbits from
their [...] read more »
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