This week the media has had a great time with Atlassian reach a market value of $8b with a 32% share price surge on the first day of trading on Nasdaq.
Calling it an “over night” success and celebrating that many of the people working at Atlassian have become overnight millionaires, the media seems blind to the fact that Scott Farquhar and Mike Cannon-Brookes started their business in a modest Kent Street office in October 2002 after registering the business name with ASIC in 2001.
Early clients paid $10 a month for membership so they could access the software and the pair funded early days with $10 000 credit card.
The company has been completely bootstrapped and when the prospectus was released for the Nasdaq listing it shows a company with no debt and cash of $200m. Growth looks to have been funded entirely from internal resources. Quite an achievement!!
In the same week the Australian Prime Minister announced Tax Incentives for investment StartUps and other Tax Incentives.
What I find interesting? So many photos of people sitting at the beach with their laptops!
I’m betting Scott Farquhar and Mike Cannon-Brookes and their families and the others at Atlassian are looking forward to a few days at the beach this summer break!!
I’m Ingrid Thompson and thank you for reading this post.
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