Monday's Dual Leadership ...

In some places you find the co-founders of Monday.Com listed as Co-CEO’s and in some places Roy Mann is listed as the CEO with Eran Zinman listed at the CTO. In my early research I didn’t even know they had a dual thing going on.

I think this is because it doesn’t really matter to them how the roles are defined. What is clear is both men are close friends, have been for a long time, created the company together and run it together.

This quote below is from Roy Mann. It begins around the 6:00 mark and is from an interview they did together at their 2019 Elevate Conference…

“We have a long history of being friends so we knew how we work together, so it was kind of long a safe bet from that perspective. But I think it’s very not intuitive for people that we work so well together managing the company really together. We always says we have a very similar background of building software, writing code, so we think in many ways we think the same and in many ways totally different ways, so we complement each other. So, really, we run the company together.”

After this Mann talks about how this spirit of dual leadership actually is ingrained throughout the company. I like this for a few reasons. The friendship seems unaffected and authentic. They clearly like each other, understand how they’re alike and different and they put a lot of thought into what problem they wanted to solve, ultimately landing on collaboration tools. This is perfect alignment between founders and corporate mission, and something I love to see.

Sometimes you have two sheriffs in a town that can only support one. Genesis’s Peter Gabriel and Phil Collins each needed to be one so had to split up. Mann/Zinman feel more to me like Mick and Keith two guys who belong together and know they’re better together.

Anyway, several people have asked what I thought of the dual leadership thing and here, to me, it works on every level. The team feels authentic and aligned with the mission and I have Monday ranked real high on my list. These are proven tech experts who come off as elite, decent, humble but tough, passionate guys who make each other, and their company better.


PS - Also, on a side note it’s really amazing how powerful the impact of Salesforce is on our companies. Seems almost every founder mentions wanting to be “The Salesforce of X” … and their Dreamforce pioneered doing annual conferences and ushered in age of Cloud/SaaS.


Notes on watching the Elevate 2021 conference “Welcome and Vision” (27 min) from co-CEOs (Eran and Roy) discussing the company.

The video is listed as first in the recap page. and it’s also o on youTube (I’ll link youTube timestamps)

The first 2 minutes is a marketing demo. The co-CEOs Eran and Roy start speaking at 2:17 mark

(They recap the personal story, both software developers, started coding as 8 year old and 11 year old).

When we came up with the concept of Monday, we essentially wanted to give the power to every one to customize your software to your needs. We called this a NEW category of software, a WORK OS

Democratizing the power of software, the power for everyone to build their own software

Instead of “You adapt to Software” it is inverted, it is “Software Adapts to You”

(They proceed with the demo. I like how after the short demo Eran and Roy go over what we have seen. at 7:29 mark)

They compare to Lego bricks and mention Unified Workspace few times.

Types of Customers: from 2 to 7000 people, 190 countries and 14 languages, 200 different business industries (“it really means everyone” Roy slips in the comment). Example: people doing clinical trial research, running manufacturing plants, sales teams, HR teams, Marketing teams.

Because of simplicity and robustness of about 70% of customers come from NON-tech industries.

“We have a very diverse user base”, says Eran (it seems that they want to tell use: this is our strategic advantage)

They Recap 2021

Last Q 94% revenue growth (Q on Q)

Exciting to see the metric: 226% growth for customers with $50K ARR.

We see that part of business really, really growing rapidly. We put a lot of focus, effort, innovation in order to support this customer group.

They have 10 world wide offices and over 900 employees.

Wow: They were so giddy, and happy to also tell us about their IPO (not the end of the journey but just the beginning: We have more to prove, more to grow)


Commitment to: rapid product innovation, fast paced delivery, here to stay

Keep doing what we love, with more energy

In 2018 they had only one board view with 7 columns and 1 item page

Now in 2021, 40 different columns, 16 views, 150 automations, 48 integrations with 3rd party, 16 widgets to aggregate data.

We are moving very fast, it’s part of our DNA , our culture


We recently introduced, another core building block: workdocs (just as important as the Board)

(really worth watching the demo and listening to them discuss this: workdoc is not static, it’s a workflow, boards become live within documents and documents update when boards are modified)

multiple solutions

They want to help different verticals with: Templates, more advanced usage pattern (again they mention Unified Workspace)

Monday Foundation for NON-Profits

Closing the digital divide between For-profits and Non-profits. We can bring the same efficiency to Non-profits, we could help them adopt

We created a Monday Fund. We donated 10% equity in the company to the Foundation to support Non-profits. 1% of employee time to be used for Non-profit work.

These guys want to give back, it shows in their demeanor, their being.


It’s worth watching this video to see how the co-CEOs articulate and behave towards each other, the customers and the company.

MNDAY is 7% position in our portfolio, the stock is thinly traded, beware of large spread, we have been buying with limit orders to avoid those.

Thanks. Baconski


Thanks Baconski for that great post on Monday referring to that video!!! Although Monday is my second highest conviction company I learned lots from your post and the video. I appreciate it.


Although Monday is my second highest conviction company I learned lots from your post and the video.

Please excuse me if I am way off, Saul, but didn’t you mean “second lowest”?

This was in your end of September post.

Upstart 27.4%
Datadog 15.1%
Crowdstrike 12.0%
Lightspeed 10.2%
Zscaler 8.8%
ZoomInfo 8.7%
Cloudflare 8.2%
Monday 8.1%
Snowflake 1.6%



Although Monday is my second highest conviction company I learned lots from your post and the video.

Please excuse me if I am way off, Saul, but didn’t you mean “second lowest”?

Hi Moneyslob,

Actually it is now a 9.5% position and in 4th place. It is my 2nd highest conviction but I’ve been slow to build the position size as it’s a small company with a high priced stock, and consequently low volume and large spreads between bid and ask. That has no relevance to the company’s business, but it is worrisome in case of bad news where it might be more difficult to get out of a large position than it would be with a company with a large float and lots of volume.