Jason Fried

Started & runs 37signals (makers of Basecamp, HEY, and ONCE). Non-serial entrepreneur, serial author. DM or email me at [email protected].

[Jason Fried @jasonfried]

What do they got?

A big team, lots of money, a strong brand, seemingly unlimited resources, panache, reputation, all that. They’re established.

They’re your competitors.

You want to look away, but you see them everywhere. Their ads on your social, their name in the media, your dream clients on their website.

But you know what else they got?

Bigger company bloat. Overflowing obligations. Narratives to uphold. Appearances to maintain. Entitlement. Too much overhead.

They’re slow. They’re conservative. They talk too much. They’ve stopped taking risks. They’re resting on their laurels, gliding on their reputation. They’re on defense.

What they’ve really got is a lot to lose.

What do you got?

Hunger. Drive. Grit. Scrappiness. Independence. You’re on offense.

You don’t have enough, which is why you’re dangerous. You have no choice but to be clever and creative. To make up for what you don’t have with something they can’t have: The underdog spirit.

You can move. You can adjust. You can adapt. You can get it done while they’re still stuck deciding what to do.

Small is not a stepping stone. Small is not less than. It’s greater than. It’s faster than. It’s better than.

Savor your position. You don’t get to be the underdog forever. The baton will be passed. But for now, it’s your magic wand. Use it.

We stand with the underdogs.

[Jason Fried @jasonfried]

@BPD1776 Right??

[Jason Fried @jasonfried]

All these wackadoodle valuations reminded me of a press release we put out in 2009 announcing our $100 BILLION dollar valuation after a recent funding round of $1.

Here it is:

——

CHICAGO—September 24, 2009—37signals is now a $100 billion dollar company, according to a group of investors who have agreed to purchase 0.000000001% of the company in exchange for $1.

Founder Jason Fried informed his employees about the new deal at a recent company-wide meeting. The financing round was led by Yardstick Capital and Institutionalized Venture Partners.

In order to increase the value of the company, 37signals has decided to stop generating revenues. “When it comes to valuation, making money is a real obstacle. Our profitability has been a real drag on our valuation,” said Mr. Fried. “Once you have profits, it’s impossible to just make stuff up. That’s why we’re switching to a ‘freeconomics’ model. We’ll give away everything for free and let the market speculate about how much money we could make if we wanted to make money. That way, the sky’s the limit!”

A $100 billion value for 37signals is “not outlandish,” says Aanandamayee Bhatnagar, a finance professor and valuation guru at Grenada State’s Schnook School of Business. Bhatnagar points to a leaked, confidential corporate strategy plan that projects 37signals will attract twelve billion users by the end of 2013.

How will the company overcome the fact that there are only 6.8 billion people alive today? “Why limit users to people?” said Bhatnagar.

In order to determine the valuation of companies, Bhatnagar typically applies the following formula: [(Twitter followers x Facebook fans) + (# of employees x 1000)] x (RSS subscribers + daily page views) + (monthly burn rate x Google’s stock price)2 and then doubles if it they use Ruby on Rails or if the CEO has run a business into the ground before. Bhatnagar admits the math is mostly a guess but points out that “the press eats it up.”

To help handle the burdens of an increased valuation, 37signals hired former YouTube exec Craig Mirage as Chief Operating Officer earlier this month. Mirage hopes to replicate YouTube’s valuation success at 37signals. “Of course, the investment comes with great expectations. But you should see the spreadsheet models we’re making up. Really breakthrough stuff,” said Mirage.

“37signals will lead the new global movement filled with imaginary assumptions on growth and monetization potential,” he continued. “We’re excited to roll out a list of unconfirmed revenue possibilities that involve crowdsourcing, a robust set of widget creation tools, 3G, augmented reality, social stuff, and an app store. Also, everything we make will include a compass.”

[Jason Fried @jasonfried]

@JohnnotJon Nowadays!

[Jason Fried @jasonfried]

@TesTeq @37signals @nozbe @ericries Just got it a few days ago. Haven't cracked it yet, but will!

[Jason Fried @jasonfried]

@zerosandohs Yup.

[Jason Fried @jasonfried]

@zerosandohs Not speaking about SpaceX. I buy that one.

[Jason Fried @jasonfried]

@ehayes Wait long enough and it comes true!

[Jason Fried @jasonfried]

@jasonzimdars Love where H/K is going too.

[Jason Fried @jasonfried]

The New Audi Nuvolari. LOVE the evolution of the Concept-C design language into this beast.
https://t.co/3H64dYm94q

[Jason Fried @jasonfried]

@lukas_caha @ick_real Haven’t but it does make sense.

[Jason Fried @jasonfried]

@grzegorzbartman One thing I really like about the interior is the way they've done the two tone seats.

[Jason Fried @jasonfried]

Lots to love about the Alpina concept. Now make it!
https://t.co/hBSh0q9PaY

[Jason Fried @jasonfried]

Really pretty work.

[Mike Smith @mikesmith187]

Our studio is based in Philly, & we wouldn’t have it any other way. This city wears its heart on its sleeve just like us.

We created this poster to celebrate the 250th anniversary of our nation, and Philly's proud history of championing independence.

Designed by: Tully Ryan

[Jason Fried @jasonfried]

@mattboneal @harleyf Love the Sportback versions of the Cayenne. That shape works better for me than the standard version. GTS is a great trim, but an S is plenty as well.

[Jason Fried @jasonfried]

I'd love to see McLaren make an SUV. Sign me up.
https://t.co/o2QYwzNS2X

[ຸ @omolxlu]

i respect the moon's unwillingness to be photographed on a phone.

[Jason Fried @jasonfried]

@kcheungio 100% agree.

[Jason Fried @jasonfried]

This is exactly why Basecamp has thrived over 22 years. Through all the Basecamp killers. Through all the phase changes. Through all the ups and downs of decades.

Basecamp makes hard things easy. This is how Basecamp changes businesses for the better. Directly. Tools and methods matter, they make an imprint on the work itself.

Check out the language customers use when they describe Basecamp. Easy, clear, simpler, organized, aware... What business can't use more of that?
https://t.co/q7udhTru7u

[Stripe @stripe]

“Tools drive culture; if the tool makes an easy thing hard, the organization completely reorients itself around that thing being hard.

Employees allow the company to treat them in all these undignified ways—you're a sacred human being, and you should be able to just do things. You have to restore a sense of self-worth and dignity to the strongest engineers. They shouldn't have to schedule 10 meetings and write 10 docs. They have to feel like superheroes.”

@natfriedman @collision

[Jason Fried @jasonfried]

@LuxuryWatchGuy1 Terrible, but also brilliant.

[Jason Fried @jasonfried]

@dakern Our pleasure! Thanks for being a customer.

[Jason Fried @jasonfried]

Now live in your Basecamp 5 account. Zoom the center column on home to go all-in on the project grid.