Interesting Podcast that features Justen Stepka, who founded Authentisoft, a single sign-on provider that Atlassian (TEAM) bought out in 2006. He went on to work there for eight years, Docker for another four, and then launch a private equity firm, Enterprise Fund, along with another Atlassian veteran. So he has an interesting front-row perspective on the sector and some of these names, even as he’s crossed back over to the investing side of the spectrum. His portfolio is currently concentrated in WORK, TEAM, and Amazon (AMZN).
From The Investing Edge, seekingalpha.com:
We continue to follow the software as a service sector and the impact of the work from home world, but this time with an outside perspective.
Justen Stepka, a tech investor/founder/longtime product management, joined us to talk about his positions in Slack and Atlassian and what makes the companies stand out.
He also shares his views on the work from home environment we’re in and its potential knock-on effects, as well as what he’s seeing in private markets.
2:30 minute mark - The importance of R&D in retention
6:00 - Product stickiness vs. ease of use
11:30 - Evaluating R&D as a competitive edge
15:00 - The importance of dogfooding
18:00 - Okta’s position
23:30 - How can a software company really be on sale in this market?
28:45 - ServiceNow’s position
30:00 - What’s next in the industry, where is Justen watching, and what does the private market look like?
36:30 - The change in perspective from being an insider to an outside investor
41:00 - Work from Home and its broader effects
52:00 - Commercial real estate
Podcast (58:22 Min): https://seekingalpha.com/article/4350283-saas-moats-and-key-…