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How Scott Farquhar Built Atlassian into a Global Tech Giant

How Scott Farquhar Built Atlassian into a Global Tech Giant

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Scott Farquhar, co-founder and co-CEO of Atlassian, is a testament to the power of innovation and perseverance in the tech industry. His journey from a university student with a vision to a leader of a global software giant is nothing short of inspiring. This blog explores the milestones and strategies that have shaped Farquhar’s path to success with Atlassian.

Early Beginnings

How Scott Farquhar Built Atlassian into a Global Tech Giant

Image Source: ia.acs.org.au

Scott Farquhar’s story begins at the University of New South Wales in Sydney, where he met his future business partner, Mike Cannon-Brookes. Both were aspiring entrepreneurs who saw an opportunity to develop software that could address the needs of businesses more effectively. They co-founded Atlassian in 2002, bootstrapping the company with a $10,000 credit card debt, a bold move that underscored their belief in their vision.

Building Atlassian

The duo’s first major product, JIRA, launched in 2002, revolutionized project management and issue tracking. They focused on creating tools that developers and IT teams could use to collaborate more efficiently. This product, along with Confluence, a team collaboration tool launched in 2004, set the stage for Atlassian’s growth. Their emphasis on creating software that catered to the specific needs of tech teams was a key factor in their early success.

Unique Business Model

Farquhar and Cannon-Brookes adopted an unconventional approach to business. They eschewed traditional sales teams, opting instead for a self-service model that allowed customers to download and use their software directly. This strategy not only kept costs low but also allowed the company to scale rapidly. By focusing on product quality and customer satisfaction, Atlassian grew through word-of-mouth and organic reach.

Navigating Challenges

Like any entrepreneurial journey, Farquhar faced numerous challenges. Competition from established tech giants, evolving market demands, and scaling the company without losing its innovative edge were significant hurdles. However, his leadership style, characterized by transparency, adaptability, and a strong company culture, helped Atlassian navigate these obstacles. Farquhar emphasized a work environment that fosters creativity and collaboration, which has been instrumental in retaining top talent and driving innovation.

Global Expansion

Under Farquhar’s leadership, Atlassian expanded globally. They went public in 2015, and the company’s IPO was a resounding success, highlighting investor confidence in their business model and growth potential. Atlassian’s product suite has since grown to include Trello, Bitbucket, and several other tools that cater to a wide range of business needs. This diversification has solidified their position as a leader in the software industry.

Also Read: Stephen Schwarzman and The Rise of The Blackstone Group

Philanthropy and Legacy

Beyond business success, Farquhar is also known for his philanthropic efforts. He is a signatory of the Giving Pledge, committing a significant portion of his wealth to charitable causes. His focus on education, technology, and community development reflects his belief in using his success to make a positive impact on society.

Scott Farquhar’s journey with Atlassian is a remarkable example of how vision, innovation, and a commitment to core values can drive global success. From humble beginnings to leading a billion-dollar enterprise, Farquhar’s story is a source of inspiration for aspiring entrepreneurs worldwide. His approach to business, leadership, and philanthropy continues to shape the tech industry and beyond.

Mike Cannon-Brookes & Scott Farquhar : The Accidental Billionaires From Australia

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Life is better with friends, and it is best when your friendship leads you to achieve your goals. An example of similar friendship is from Australia, where two college friends achieved their mutual goals and became the Accidental Billionaires of Australia. Scott Farquhar and Mike Cannon-Brookes are the co-founders and co-CEOs of the software company Atlassian, who together started the company with the simple plan to replicate the A$48,000 graduate starting salary typical at the big corporations without having to work for someone else. But their hard work paid them beyond their imagination.

Early Life

Mike Cannon-Brookes was born in November 1979, as Michael Cannon-Brookes, to a global banking executive Mike, and his wife, Helen. He spent his childhood in Sydney and attended Cranbrook School there. On the other hand, Scott Farquhar born in the December of the same year as Mike. He was the student of James Ruse Agricultural High School in Carlingford, NSW.

After graduating from school, the two enrolled in the University of New South Wales, where they met each other the very first time. Both of them were in the same class and grew a strong bond with one another. Both received a Bachelors in Arts and also a Bachelor’s degree in Science.

Founding Atlassian

The two shared an interest in starting own software company, so they went through a lot of research and work to design, launch and run their new business. Finally, in 2002, they founded their software company with the name Atlassian. They established the company’s first office in Sydney with a $10,000 credit card debt.

scott farquhar and mike cannon-brookes
Image Source: dailynews.lk

The same year, the Atlassian was launched, it released its flagship product, Jira. Jira is an issue tracker software that is used by various big and small companies for bug tracking and agile project management. In 2004, the company released another software named Confluence, written in Java. The software is a team collaboration platform that lets users work together on projects, co-create content, and share documents and other media assets.

Within four years of the founding of the company, Cannon-Brookes and Farquhar were named Ernst & Young’s Entrepreneurs of the Year for Australia, in 2006. It also raised a funding worth $60 million in venture capital from Accel Partners, in the year 2010. In the same year, the company acquired Bitbucket, a hosted service for code collaboration. Just after a year, the company announced a revenue of $102 million, followed by a $144 million revenue in 2013, and $215 million revenue in 2014. In November 2015, Atlassian produced a revenue worth $320 million.

In May 2012, the Atlassian launched its official website, that allowed the users to download plug-ins for various Atlassian products. In 2014, the company was restructured and renamed as Atlassian Corporation plc opening, an office established in London, keeping the headquarter of the company remain in Sydney. Atlassian has over 2,200 employees serving more than 60,000 customers and millions of users across the world, having its offices in five different countries.

Atlassian made its initial public offering (IPO), putting its market capitalization at $4.37 billion on the NASDAQ stock exchange, in December 2015. It has many programming-based products under its name, including Crucible, FishEye, Bamboo, and Clover. It has also tried its hands in the chat business by acquiring HipChat, an instant messenger and launching Stride, a web chat alternative to Slack, but soon quit their operations in the same. Atlassian biggest acquisitions include Trello for $425 million, in January 2017, and OpsGenie for $295m, in September 2018.

Personal Life

Mike is married to Annie Todd and has four children with her. Farquhar is married to Kim Jackson, and they have three children together. Mike and Farquhar are neighbours and live in Centennial Park, Sydney, in their lavish homes. Farquhar bought the Fairfax family’s former ancestral Sydney harbourside home worth A$75 million, in 2017, and in 2018, Mike also purchased Australia’s most expensive house for around $100million, the Fairwater, next to Farquhar’s.

The two were named among the richest Australians, aged under 40 on the BRW Young Rich list in 2007. In 2016, the two were also placed in the Forbes list of Australia’s 50 Richest people.