Crucible Moments - Sequoia Capital

Latest Episodes:

DoorDash ft. Tony Xu - The “Wrong” Moves That Built a Giant Oct 24, 2024

DoorDash faced skeptics from the start. Grubhub, Delivery.com, and others were already addressing the restaurant delivery market when CEO Tony Xu and his co-founders started in 2013. But after talking to hundreds of local small businesses, they realized there was still an unmet need: None of the competitors solved the problem of delivery with an on-demand workforce, the way Uber had done with drivers. After struggling to raise initial funding, DoorDash found traction. But the next few years would prove tumultuous, with cash scarcity and investor skepticism putting the company perilously close to the brink. The founders’ contrarian decisions, clarity on their commitment to serve small local businesses, and ability to out-operate competitors has turned DoorDash into one the decade’s startup success stories. In this episode, Tony brings us inside their decision-making, and what DoorDash saw that others missed.

Host: Roelof Botha, Sequoia Capital

Featuring: Tony Xu, Keith Yandell, Miki Kuusi, Alfred Lin

UiPath ft. Daniel Dines - From Bootstrapping in Bucharest to One of Software’s Biggest IPOs Oct 10, 2024

The biggest enterprise software company to come out of Europe in the last decade didn’t come from London, Paris, Berlin or Stockholm—but Bucharest, Romania.

UiPath, founded in 2005 and originally called DeskOver, was a scrappy handful of engineers bootstrapping out of an apartment in Bucharest for about a decade, seeking in vain for product-market fit. When they stumbled upon an opportunity in the nascent enterprise software category of Robotic Process Automation, the company did a hard pivot, changed their name to UiPath, and rocketed from obscurity to the fastest-growing SaaS company ever at the time. After a successful IPO, today they are the global category leader in RPA. The unlikely rise of UiPath is an inspiration and a reminder that you can build something great from anywhere.

Host: Roelof Botha, Sequoia Capital

Featuring: Daniel Dines, Andra Ciorici-Chelmus, Brandon Deer, Luciana Lixandru

Reddit ft. Steve Huffman - The Making (and Remaking) of the Front Page of the Internet Sep 26, 2024

Reddit is one of the largest and most culturally influential sites on the internet—and its journey is one of the most unusual company stories in internet history. College roommates Steve Huffman and Alexis Ohanian founded Reddit in 2005 and scaled it on a shoestring until Condé Nast acquired it the following year. Struggling for direction under its parent company, the founders left, and Condé Nast ultimately spun it out as an independent company once again. With Reddit buckling under user discontent in 2015, founder Steve Huffman returned as CEO to save the company and navigate the way forward. Over the following nine years, Reddit stabilized and the company’s revenue grew more than 50-fold to a successful IPO 19 years in the making.

Host: Roelof Botha, Sequoia Capital

Featuring: Steve Huffman, Alexis Ohanian, Chris Slowe, Jen Wong, Alfred Lin

MongoDB ft. Dev Ittycheria - How an Early Pivot Catalyzed an Open Source Movement Sep 12, 2024

MongoDB, founded in 2007, originally aimed to create a platform-as-a-service system with a new database layer. Facing competition from Google, the founders pivoted to focus solely on their database product, MongoDB—a new kind of database built for the scale of the internet era. Founder Dwight Merriman built a product that developers loved, but scaling the company proved challenging until Dev Ittycheria took the reins as CEO in 2014. As cloud computing grew, MongoDB transitioned from on-premise software to Atlas, a fully-managed cloud service. Despite initial skepticism, Atlas now represents 70% of MongoDB's revenue. As Atlas scaled, MongoDB faced another controversial decision: whether to change its open source license model to maintain its commercial moat. These pivotal decisions transformed MongoDB from a niche database to nearly $2 billion in annual revenue.

Host: Roelof Botha, Sequoia Capital

Featuring: Dwight Merriman, Dev Ittycheria and Tom Killalea

Transcript: https://www.sequoiacap.com/podcast/crucible-moments-mongodb/

00:00 - Cold Open

00:19 - Introduction

05:30 - The NoSQL movement

09:52 - Scrapping the platform for the database

14:57 - Launching as MongoDB

19:52 - Moving to the cloud with Atlas

24:52 - Assigning a directly responsible individual

30:15 - How Atlas changed MongoDB

35:03 - Updating the licensing model to avoid “strip mining”

39:50 - Evolving back into a platform

41:26 - Executing on points of leverage

ServiceNow ft. Frank Slootman and Fred Luddy - From Starting Over at 50 to Dodging a $150B Mistake Aug 29, 2024

In 2004, bankrupt after the company where he’d previously worked had imploded, Fred Luddy decided to start over as a first-time founder at age 50. His vision was to reinvent the nascent IT software field for the cloud era. What started as simple help desk replacement software would eventually become a ~$150B market cap company powering digital workflows across the enterprise—but success didn’t come easy. Initially bootstrapped and ultra-lean, the company’s infrastructure began buckling under its own success as customer demand spiked. When the legendary Frank Slootman joined as CEO to help scale the company, he describes being terrified to check his email every morning. Hear how Frank, Fred and the team stabilized the business, expanded their product offerings, and nearly made a $150B+ mistake by selling too early.

Host: Roelof Botha, Sequoia Capital

Featuring: Fred Luddy, Frank Slootman, Doug Leone, Pat Grady, Carl Eschenbach

Transcript: https://www.sequoiacap.com/podcast/crucible-moments-servicenow/

00:00 - Cold open

00:22 - Introduction

02:09 - Fred Luddy’s journey to coding

03:33 - Founding ServiceNow after financial ruin

07:11 - Finding product-market fit

15:16 - Finding a new CEO in Frank Slootman

22:19 - Overcoming scaling challenges

29:54 - Contemplating an acquisition offer

32:07 - Blocking the sale

38:17 - Lessons learned

Crucible Moments Season 2: Coming August 29 Aug 22, 2024

In Season 1 of Crucible Moments, we heard from founders like PayPal’s Max Levchin, Block’s Jack Dorsey, Nvidia’s Jensen Huang and more about the turning points and key decisions that shaped their journeys. Now Crucible Moments is back for another exciting season. We’ll get the unvarnished history and inside story from Tony Xu of DoorDash, Drew Houston of Dropbox, Frank Slootman of ServiceNow, Vlad Tenev of Robinhood and more. Hosted by Roelof Botha of Sequoia Capital.

Introducing "Training Data," a new podcast from Sequoia about the future of A.I. Jul 11, 2024

Crucible Moments will be back shortly with season 2. You’ll hear from the founders of YouTube, DoorDash, Reddit, and more. In the meantime, we’d love to introduce you to a new original podcast, Training Data, where Sequoia partners learn from builders, researchers and founders who are defining the technology wave of the future: AI. The following conversation with Harrison Chase of LangChain is all about the future of AI agents—why they’re suddenly seeing a step change in performance, and why they’re key to the promise of AI.

Follow Training Data wherever you listen to podcasts, and keep an eye out for Season 2 of Crucible Moments, coming soon.

LangChain’s Harrison Chase on Building the Orchestration Layer for AI Agents

Hosted by: Sonya Huang and Pat Grady, Sequoia Capital

Mentioned:

ReAct: Synergizing Reasoning and Acting in Language Models, the first cognitive architecture for agents
SWE-agent: Agent-Computer Interfaces Enable Automated Software Engineering, small-model open-source software engineering agent from researchers at Princeton
Devin, autonomous software engineering from Cognition
V0: Generative UI agent from Vercel
GPT Researcher, a research agent
Language Model Cascades: 2022 paper by Google Brain and now OpenAI researcher David Dohan that was influential for Harrison in developing LangChain

Transcript: https://www.sequoiacap.com/podcast/training-data-harrison-chase/

Nvidia ft. Jensen Huang - An overnight success story 30 years in the making Nov 30, 2023

CEO Jensen Huang tells the legendary story of Nvidia, from the company’s early days pioneering 3D graphics cards for a niche PC gaming market to powering the AI revolution as the sixth most valuable company in the world. Nvidia faced multiple near-death experiences along the way, and their so-called “diving catches,” as Jensen calls them, were some of the most dramatic business stories of the modern era.

Host: Roelof Botha, Sequoia Capital

Featuring: Jensen Huang, Chris Malachowsky, Andrew Ng, Mark A. Stevens, Alfred Lin,

Transcript: https://www.sequoiacap.com/podcast/crucible-moments-nvidia/

23andMe ft. Anne Wojcicki - How a DNA startup took on the FDA and redefined health tech Nov 16, 2023

Millions of customers have explored their genome with 23andMe. But when the company started in 2006, the idea of consumer DNA testing was heresy to the medical establishment. The FDA once even ordered 23andMe to stop selling its health testing product. The company persevered to make allies out of adversaries, and became the only FDA-approved product on the market. Learn how 23andMe defined the DNA testing category, and used its success to enter the massive new field of drug discovery.

Host: Roelof Botha, Sequoia Capital

Featuring: Anne Wojcicki, Richard Scheller

Transcript: https://www.sequoiacap.com/podcast/crucible-moments-23andMe/

Jawbone ft. Hosain Rahman - The rise and fall of the first wearable technology company Nov 02, 2023

Co-founders Hosain Rahman and Alex Asseily, and Chief Creative Officer Yves Behar, recount the meteoric rise and fall of Jawbone. One of the most innovative companies of the mid 2000s, Jawbone pioneered wearable technology with UP, the first wrist-worn fitness tracker, and revolutionized sound with Jambox, the first smart wireless speaker. In one of the most dramatic turns in Silicon Valley history, the company went from a nearly $4 billion valuation to liquidation. This cautionary tale provides valuable lessons that are more relevant now than ever.

Host: Roelof Botha, Sequoia Capital

Featuring: Hosain Rahman, Alex Asseily, Yves Behar

Transcript: https://www.sequoiacap.com/podcast/crucible-moments-jawbone/

HubSpot ft. Brian Halligan & Dharmesh Shah - How an underdog helped invent modern marketing, and then took on Goliath Oct 19, 2023

Founders Brian Halligan and Dharmesh Shah reveal how they took a blog started as a hobby and turned the ideas behind it into a $20+ billion success. In 2006, HubSpot upended traditional approaches to marketing by taking advantage of the the nascent internet in a new way: By capitalizing on seach engines and social media, they offered a way to pull customers in rather than pushing ads and mailers out. They coined the new category “inbound marketing.” They continued to defy conventional wisdom, deciding to serve small businesses over big enterprises, and taking on a Goliath in a new category. As the founders explain, zigging where others zag is the key to their success.

Host: Roelof Botha, Sequoia Capital

Featuring: Brian Halligan, Dharmesh Shah, Pat Grady, Dannie Herzberg

Transcript: https://www.sequoiacap.com/podcast/crucible-moments-hubspot/

Eventbrite ft. Julia Hartz - A thriving events company took 14 years to build and nearly disappeared in 14 days Oct 05, 2023

What happens to an events company when every event is canceled? “Even if you have spent 14 years building something, it could truly be gone in 14 days.” After working tirelessly to revolutionize how live events are organized, this was the reality Eventbrite CEO Julia Hartz faced in March of 2020 as pandemic lockdowns went into effect, extinguishing the lifeblood of her business. She brought the same strategic thinking and grit that had led the company through its previous inflection points to rally her team and reinvent Eventbrite in the middle of a global shutdown.

Host: Roelof Botha, Sequoia Capital

Featuring: Julia Hartz, Kevin Hartz

Transcript: https://www.sequoiacap.com/podcast/crucible-moments-eventbrite/

Block ft. Jack Dorsey - A controversial hack week project becomes the #1 financial services app Sep 21, 2023

CEO Jack Dorsey reflects on Block’s origins and defining moments with host Roelof Botha.

Dorsey founded Square in 2009 with a clear vision: economic empowerment for all. Their dongle that turns iPhones into credit card readers was just the start. With Square, small business owners were able to reach more customers and better manage their companies. But when Cash App, which emerged from an internal hackathon, started to gain traction, Square had a decision to make: stick to their core focus, or risk building an unproven product for consumers? Dorsey explains how Block succeeded by weaving new products around a core vision, and how a controversial shift in strategy led them to fully deliver on their founding mission.

Host: Roelof Botha, Managing Partner of Sequoia Capital

Featuring: Jack Dorsey, Alyssa Henry, Brian Grassadonia

Airbnb ft. Brian Chesky - Battling a copycat clone and rebuilding user trust to revolutionize travel Sep 07, 2023

As Airbnb took off in the early 2010s, Brian Chesky remembers worrying, “this is just one accident away from being a dead idea.” That accident finally came in 2011 when a host’s apartment was ransacked. It set off a period of soul searching that became a turning point—the company’s efforts to rebuild trust led it to becoming the global behemoth it is today. In this episode, Brian reveals how this crisis shaped his thinking, and how the lessons would apply to the company’s next defining moments, including a pandemic that shut down global travel.

Host: Roelof Botha, Managing Partner of Sequoia Capital

Featuring: Brian Chesky, Ellie Mertz, Alfred Lin

Transcript: https://www.sequoiacap.com/podcast/crucible-moments-airbnb/

PayPal ft. Max Levchin - A merger of enemies that reshaped Silicon Valley Sep 07, 2023

PayPal was the defining tech company of its generation, with alumni going on to start YouTube, Tesla, Yelp, LinkedIn, among many others. But the company nearly didn’t make it. The PayPal of today only exists because of how its team navigated early, unprecedented inflection points. Find out why Max Levchin now says he does “not recommend” a merger of equals to anyone, how the team pioneered CAPTCHA to fight $10M in monthly fraud that nearly sank the fledgling business, and how they maneuvered through ongoing battles with eBay on their way to an IPO.

Host: Roelof Botha, Managing Partner of Sequoia Capital

Featuring: Max Levchin, Michael Moritz, Jimmy Soni

Transcript: https://www.sequoiacap.com/podcast/crucible-moments-paypal/

Introducing "Crucible Moments" Aug 30, 2023

A podcast about the inflection points that shaped some of the most important companies of our time. Crucible moments are pivotal decisions that determine your trajectory. Hear from founders like Jack Dorsey of Block, Jensen Huang of Nvidia, and Anne Wojcicki of 23andMe about how they navigated the challenges and opportunities that defined their stories. Hosted by Roelof Botha, Managing Partner of Sequoia Capital, who has spent over 20 years building companies such as Youtube, Square, and Instagram.

The content of this podcast does not constitute investment advice, an offer to provide investment advisory services, or an offer to sell or solicitation of an offer to buy an interest in any investment fund.

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