The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Okta Founder Frederic Kerrest on Why You Want To Be A Monopolist In A Small Market, The Biggest Challenges in Scaling Okta To IPO and Being a16z's First Ever Fund Check
May 3, 2019
Frederic Kerrest, the Founder and COO of Okta, shares insights from his journey in building a leading secure identity management platform. He discusses the importance of targeting small markets to achieve monopolistic advantages. Frederic reflects on the challenges Okta faced leading up to its IPO, particularly balancing vision with realism during tough times. He also highlights the significance of market evaluation and the dynamics of securing venture capital, drawing on lessons from his time at Salesforce and his relationship with a16z.
AI Snips
Chapters
Books
Transcript
Episode notes
Okta's Early Challenges
- Okta faced tough times early on, especially during the 2008 recession, which made market conditions very hard.
- Transparency and perseverance were key to overcoming these challenges, along with weekly all-hands meetings.
Balancing Conviction and Realism
- Founders need conviction but also must be open to pivoting.
- Okta pivoted from SMBs to mid-market companies based on investor advice, which proved crucial.
Scaling Through Hiring
- To scale, hire experts who are better than you in specific roles.
- This allows founders to focus on strategic decisions and further growth.
