Figma's $20B, 10 Year Overnight Success
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- Опубліковано 7 чер 2024
- Figma just sold to Adobe for $20 BILLION. Figma replaced Photoshop as the dominant design tool, and that’s what made this company so important Adobe had to buy it. Today we’ll look at some of the moments that were the hardest for Dylan and his team as they built this incredible business from nothing.
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0:00 Figma's 10 Year Overnight Success
1:14 Starting with Technology
3:35 Finding Meaning
5:12 Becoming a manager
I’m Garry Tan, venture capitalist and founder at Initialized Capital. We were earliest investors in billion dollar startups like Coinbase and Instacart, and I’m a Forbes Midas List Top 100 venture capitalist in the world. We want these videos to be about helping people build world-class teams and startups that touch a billion people. Our startups have gone on to create more than $200 billion in market value so far, and Initialized has over $3.2B in assets under management.
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There are old quote for Startups: The real entrepreneur must hate the problem he need to solve. And that’s what Dylan did. Paradoxically, Adobe [ the company that’s inspire the problem] bought the solution after $400M AAR. You nailed the story, Garry.
Now they’re saying ARR might be 700-800M for 2022 as well. Crazy
I hated being sent to shops so much. I'm building a delivery service in South Africa 🇿🇦
Animations with figma ua-cam.com/video/aMFUuGZ9LEs/v-deo.html
I hated buying things with high price. So i am developing an website to lower any product price.
Best quote in a while: "Slow is smooth and smooth is fast". So much insight packed in a couple words.
The world is definitely changing with code! Thanks Gary for this awesome update on the fact that the Silicon Valley dream of young, starry eye startups taking on the big boys is still alive and well!!
Shocked at how quick you were able to make this super informative video. I just heard the news of Figma being acquired a few days ago
I have been following your channel since day 0 Garry and your content is a powerful gem! Its time for me to step up and start building my dream company now
I don't know a single designer happy about that move. We need community owned tools.
You should build it! It’ll take 10 years but then you can maybe choose not to sell.
@@GarryTan best response to this popular complaint
"Slow is smooth and smooth is fast". And amazing open-ended question at the end! Love it, Garry!
TIL that Garry's startup was pronounced "pä-ˈster-us" and not "pōst-er-us" -- I finally get it, like posterity! Great video!
Loved this especially because I went through Dylan's ordeal as CTO as well but didn't have the right people to help navigate through this.
To any technical founder out there, understand that it's totally normal to initially suck at management. Outsource this and learn as fast as possible.
Another amazing look behind the curtain. I would love to see more stories about the hurdles you and partners have faced when deploying capital.
Ugh. I and many others jumped to Figma to escape Adobe's ecosystem and now we're all being sucked back in. The promise of startups was to disrupt and supplant the incumbents, but that can't happen if they always sell to the incumbents. I get it, $20B is ALOT of money and, being venture-backed, it wasn't entirely the CEO's choice. I just want to see more startups that actually fight, instead of surrender (though I recognize that its easier said than done).
I agree too, this is why antitrust regulations are really important as well staying true to one's dreams and values is far more rewarding then making the most money via a buyout, but we can all as Garry says design great systems or businesses to disrupt a monopoly. Bob Red Mills flours is an example of despite buyout offers weekly Bob said no thank-you and gave the company to his employees. Many people do create their own products in the plant based food market, now the big players are all trying to create popular plant based options organically or buyout a plant based company. Obviously this was a financial decision by Adobe, Figma was drawing customers from Adobe's eco-system but on the positive side Adobe's paying customers will now be receiving the benefits of Adobes and Figma's technology, but I do appreciate all the values of open source.
Then you spend a decade building new software.
@@mohamedaslam7809 Ha,ha but what about the personal fulfillment and sense of purpose via creating disruptive leading new software which can add so much benefit to other's lives, there is some humor in this and truth as we all thrive from leading purposeful lives which can be spending time with your neighbors, building a community garden, cultivating positive community which Brene Brown says is a super great purpose as she says positive connections are hallmarks of a happy life.
Being bought out just shows how much they disrupted the market. Figma is still here honestly don't get why people care who is running it as long as the product is still good. If Adobe ruins it then another startup will come and disrupt again.
@@ericadenison1019 actually everyone is not like you. as a person who has social anxiety, spending time with community and neighbours is hell for me. that doesn't mean i hate those things, for me that's not a happy life. and i'm completely happy with having few people in my life. and about the software, he spend his life creating that and deserves everything that he got from the deal. in reality most people don't care about other's life cuz they got their own shit to take care of. and the ones who truly cares about other people are a blessing just like Elon musk or even the founder of Blender (which is completely free 3D software and soo much more complicated than figma). and open source is not for everyone, if you really appreciate open source software then you would've at least tried making something, the truth is everyone need that fuckin money so no one even try making that. so, my point is you can't hate someone for taking decision which will make THEM happy and you don't know what makes them happy so you can't push your ideology and tell this is what i like or the society likes so you should be doing same.
didn't realise i wrote this much, lol.
have a nice day.
Love the content. You are the mentor I never thought I needed.
Would love to hear you share your perspective on balancing work and life for those who may have families and kids and how one can navigate being a parent along side trying to build the next big thing. Thanks.
I love your videos so much Garry. You inspire me every day and I appreciate how you embrace that role, being direct with the audience with your advice. I even go back and rewatch some of them when I feel like I need to hear the message again. Thank you. I hope you continue producing these even with your return to YC!
Hey Garry, would love to see two types of content: more on building leadership skills and how to narrow down problems to the one that would best fit the founder. Thank you for your guidance and knowledge!
Hey Garry, a daily vlog capturing your first year as CEO of YC would be pretty cool (behind the scenes, your thoughts, interesting parts of your day, etc.). I know you're busy so, I'd still appreciate if you curate the story/narrative and hire someone to shoot/edit the videos of your day. It's a content monopoly - there's only one CEO of YC.
I feel the need to hear you every day in the morning before starting my day.
Asking me directly to my face "What would my element be ?" or "What will be my line of code?"
Amazing execution. Amazing story telling.
A true inspiring tech product. And here we have BYJUs in india, $20B valuation, fundamentally sells overpriced static educational videos in sd cards
I don't know where you get the energy and motivation to make these wonderful videos, but you're doing gods work Garry! 🙏
I really really like your videos. The fact that you cover all aspects from entrepreneurship, design, development and scale is truly a big bonus! Kudos!
wow this is such a great video, did not expected this at all when clicking. Learnt a lotttt. Thanks Garry
Dylan really looked at Zuck and was like "That's my next haircut"
his haircut at 19 is pretty cool
Wow a true entrepreneur with a passion. Glad to see hardwork paying off!
Man the way Garry tells these stories and the video editing. Gold standard for such explainer videos! Simple and Intuitive.
another good one from the goat, love the line, "slow is smooth, smooth is fast"
Hello Mr. Garry, thank you for uploading this video. For the next video, would you please go over what kind of cooding languages most of the founders learn and use to create their startup at the early stage?
Love the light in the backdrop. I’m tired of seeming tech related channels with arbitrary neon lights and craps in the background.
Just read up on this, Peter Thiel has a lot of big winners under his belt.
So good, G ! Hope to interview you soon
@Garry : thanks for bringing invaluable lessons to the fore for your audience.
While we learn from victories, we need to learn from failures too.
I'd appreciate, if you bring more examples of start-up(s) which failed for variety of reasons e.g. product market fit, founding team, market conditions, macro business environment/competition etc.
"10 Year Overnight Success" I love this, because people think he just made this in a long night programming with his homies.
great work here Gary, keep making videos
Your content is great as-is but if I'm tossing ideas out there... We've seen you interview people with great histories... Maybe we see you interview people with presumed great futures?
A series where Garry mentors an entrepreneur on the struggle bus into the struggle limo. Possible names for the series "From pale to Tan," "It takes two to TAN-GO," "Tangent," "No-Tan-Do."
Congrats! Gary for becoming the new YC CEO!
This is very helpful. Thanks Garry
Hey Garry, awesome as always and thank you. I'm 25 and still in college. I'm studying CS but I'm not the best at coding and my work ethic isn't the best. I have dreamed of building a startup since I was in the 8th grade. But I feel like I will never be smart enough to achieve that. Any advice would be appreciated, love always.
10 Year Overnight Success is something I hope to be one day. :D
Great video Garry!
I didn’t know Gary was the cofounder Posterous! I remember that. Used to love it! I never knew why it just went away. Was so disappointed
Very insightful, thanks Gary!
Awesome as usual. Would love more zero to billion principles
not enough comments on the recent events... would be cool to see an updated video on the recent issue between Adobe and Figma
You're always so inspiring.
Great video, Garry. YC prez :)
That is an amazing story!
It is an incredible story, and the exit is definitely one that the founders, employees (with enough stake in the company) and investors are happy with. The success of Figma had a large part to do with using Adobe as a foil (Dylan even mentioned that in terms of accessibility). I'm curious as to your thoughts on the truly disheartened response to this news where the design community is bracing for Adobe to fold figma into the creative cloud which is exactly what they were trying to escape? Is this successful exit coming at the cost of the community? Is the end goal of building something great selling out the established out of touch big companies who are looking to stifle disruption? That message seems to go against what you espouse Gary
Very true. I suppose the process is very self ending.
You either die a hero or you live long enough to see yourself become the villain.
Absolutely. This was also my first thought.
this!
Gary isn’t all who he makes himself out to be. #siliconvalley
this video is awesome! thank you
I think what people are worried about is that when you buy a company at a crazy 50x multiple of annual cash flow there will be a LOT of pressure to turn that 400MM ARR into 1.5BN ARR as fast as possible. Which could likely be approached by squeezing the little guys.
What a great line to end the video
Video Shared already.
Thank you Garry,
Sometimes all we need is some motivation and hope and we will do the rest
Thank you. super program!
Hi Garry do you have a video about how non-technical founders can go about building a company.
Great video (and congrats on your new role at YC!)
Topic Id like to hear more on…. You actually touched in it in the beginning “innovative solutions in search of problems”
Its common mantra to start with a problem in search of a solution, but many successes have been created with the solution first.
PayPal comes to mind.
Would love to see a video on these success stories and the journeys said founders go through to find the problem that made use of the technology.
Great insights!
I subscribed this channel, and I already 🥰 it
The sound bite on "moral wrong" really took a bite out of my psyche. It is a moral wrong to sell out to a company like Adobe. That said, there may be some good out of this. It is past time for us to create a community version of Figma. Looking at the Blender Foundation as inspiration. If we start now, we may have time to replace Figma before Adobe starts the inevitable greed squeeze.
Dang the last part of this video was powerful.
Epic stuff parked figma to learn creating my own vision trying to swim in a blue sea with leadership...
Good story telling methodology
7:17 - 8:05
Balance is crucial ⚖️
Thank you for this….more enlightened
I love this channel!
Great vidéo, and fcking dam journey for Figma!
Oh Garry, will you review applications in the next batch of YC?
I started using Figma more then Photoshop as its just quicker and easier. This might seem overpriced but definitely a good purchase IMO
You are a good story teller
Yup, he's a treasure.
Please share similar content about other founders stories.
What's could likely be feature of figma in terms of accessibility
Cool content
Is CANVA a direct competitor to Figma?
One day, I'm going to build something great Tan. And you'll interview me and we'll talk about how this video sparked something great!
Garry Spam here! 👆
I am personally not excited by the news. I was hoping Figma will stand on it's on. Now it will become another Adobe product and won't be Figma anymore.
One of the best ways to build your fortune - buy an existing business.
Second best is starting a private equity fund.
how do I impress initialized when sending a deck?
Build a good business
I am looking for a fine artist development deal.
Mr Tan, you the one ,tell me I wanna know
This, buying your competitors, used to be illegal and seen as restraint of trade.
Great!
I thought of another name for your series where you take a budding entrepreneur under your wing, on camera... "Hungry and Foolish"
This didn't really replace photoshop at all by the way. It replaced illustrator
Love this
Thought provoking video! One question I have is whether it's appropriate to equate selling for 20B with a smashing success. Certainly it's a financial success for the founders and the company, but a more rounded picture of success in society is what we should all be thinking about and aiming for. Is it a success for the users? A success for the industry? A success for the competitive marketplace economy? And if it were a hardware company, I'd also ask if it was a success for the environment.
I love your vids
🔥🔥
Great
Hey Garry, love your videos. Few things though:
1. Adobe bought Figma. Your first sentence is "Figma sold Adobe" huh.
2. Figma replaced the most prevelant design tool at the time, yes, but that wasn't Photoshop, it was Sketch.
Cheers!
Looooooool
1. Who cares that he missed a "to"
2. I think most would agree that Sketch never really achieved escape velocity. And I'd wager that even at Sketch's peak, Photoshop was still being used by more people for design work.
I Love you Man
RIP Figma
10 years is not Overnight
Great video though
Fima and Photoshop were not competitors. Maybe illustrator
Yes but 12 to 14 years ago we used Photoshop. Ancient history I know.
If a startup takes 10 years to be successful, then what's the difference between a startup and a traditional business??
A traditional business might not grow as fast as a startup in the early stages but after 10 years; I see them in a very similar situation
Traditional businesses tend not to reach $400M ARR in less than 10 years. (Some do, of course)
Really disappointed in this acquisition, Adobe is not a good company.
Garry I liked the video, I just didn't like the title, LOL. How can you call a sucess of 10 years turned overnight? Just doesn't make sense. It took 10 years :)
It’s a turn of phrase. Most people think success happens overnight. It takes a lot longer than that.
@@GarryTan Amazing, love it Garry! Keep it up! Im just a new subscriber, thats why.
how is 10 years an overnight success?
Yes the point is people think it happened overnight but it took 10 years in reality
Figma nuts
lmfaooooo
is he related to Dakota Johnson? ;)
Anybody else getting a priest vibe here? 😂
god bless u xdd
Wow! incredible! Inspiring as always Gary,
See you next week. 🤝🦘🌏👍🏽
9:50 "What will your line of code be?" .... console.log('HERE')