I personally don’t think SMAR is doing anything that special. There’s a ton of competition and what they do is NOT business critical. These project management tools make it very easy to swap from one to the other.
Also and more importantly, I’ve worked at clients that are massive organizations and have a little awareness of what our own people use (~6,000 people) and I’ve never talked to one person who’s actually used Smartsheets.
This could mean there’s a ton of potential. But what I think it means is just that they aren’t significantly better than what’s already out there.
Sure, their revenue growth is high, but they are building off a tiny base and we don’t know if that growth is good or bad compared to some of their competitors that are still private. I bet there’s some growing MUCH faster.
Here’s a couple review sites that reflect what I have seen personally working in this space.
https://www.pcmag.com/roundup/260751/the-best-project-manage… (not even mentioned)
I wish anyone who’s invested in SMAR luck… I just can’t get comfortable and it feels like we’re stretching to fit it into our next big idea bucket.
But, that’s what makes investing wonderful. The market will tell us who’s right in the end.