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Secrets to Creating Software Customers Love

 


This week, Asanawhich operates a project management platform that was withdrawn from its direct listing on the New York Stock Exchange. On the first day of trading, stocks climbed around 37%.

Asana’s roots date back to 2008. The co-founders were Dustin Moskovitz (the co-founder of Facebook) and Justin Rosenstein (a former employee of Facebook and Google). They got the idea for their startup from their experiences on Facebook. When the business was growing at breakneck speed, it was extremely difficult for teams to get things done. Often there was too much time spent in meetings and long emails.

But Moskovitz and Rosenstein believed that a cloud-based system might help solve the problem. This would allow for easy use and wide access. The subscription model would also be affordable for customers.

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Without a doubt, the vision was perfect. As of today, Asana has 1.3 million paid users and recorded revenue of $ 142.6 million for fiscal 2020, up 86%. The market value is around $ 4 billion.

OK, how did Moskovitz and Rosenstein do it? What are some of the lessons? Well, Moskovitz and Rosenstein included a letter to shareholders in the IPO prospectus and it provides an insightful playbook.

Here are some important points:

Build software that customers love: In the business world, applications are often complex. There is also usually a need for a lot of training to get adoption.

So yes, Moskovitz and Rosenstein knew there was a need to rethink: Enterprise users are just mainstream users or, as we like to call them, working people, with the same desire and appreciation for a design from. high quality and delightful interactive experiences. We want our customers to love the product we’ve built and to feel more connected to their teammates and their organization’s mission by using it. That’s why we set out to design and build products that rival the best consumer software.

Still, that’s not to say that the feature receives little attention. Asana certainly works hard on stability, security, and compliance, all of which are essential for business applications.

Technological foundation: A key benefit for Moskovitz and Rosenstein who worked at Facebook was understanding early on the importance of building a scalable IT infrastructure. To this end, Asana has a Work Graph, which is a data model that tracks users, tasks, goals, projects, etc., and the Luna2 proprietary app that enables rapid development. Having such a strong foundation has made it easier and faster for Asana to implement next-gen technologies like AI.

The team: Asana has invested heavily in talent acquisition. The goal is to hire competent, mission-oriented and value-oriented people, as well as a focus on diversity.

Additionally, Asana views its culture as a competitive advantage. Here’s how Moskovitz and Rosenstein put it: We leverage our mindfulness value to regularly and intentionally improve our business engine, customer support, onboarding, recruiting, internal processes, and everything else in our own organization. Just as we continually improve the Asana product, we aim to continually improve the Asana culture and processes. We strive to be unwaveringly self-aware and have built processes at various organizational and time scales to periodically assess how well our actions and their results match our intentions. This brings up areas for improvement, which we call culture bugs. We then co-create concrete plans to fix those bugs and improve our culture during the next shift.

The long term: Asana is a mission-driven organization. This is what fuels the culture. According to the letter to shareholders: Like all businesses, we intend to create excellent returns for our shareholders. This result, however, is a by-product and a catalyst of our ultimate goal: the accomplishment of our mission. We are also deeply committed to benefiting all of our stakeholders: our customers, our employees, our partners, our communities, the environment and humanity. We, the founders, are individually the largest shareholders of Asanas and will receive a large portion of the financial income from the lasting success of the company. We are both committed to using 100% of the value of our Asana capital for philanthropic purposes.

To M (@ttaulli) is an advisor / board member of startups and the author of The Basics of Artificial Intelligence: A Non-Technical Introduction and The Robotic Process Automation Handbook: A Guide to Implementing RPA Systems. He has also developed various online courses, such as for the COBOL and Python Programming languages.



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