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Archivo del Autor: Belen De Leon

Cloudflare cofounder Michelle Zatlyn on the company’s IPO today, its unique dual class structure, and what’s next

Shares of Cloudflare rose 20% today in its first day of trading on the public market, opening trading at $18 after it priced its IPO at $15 a share yesterday and holding steady through the day.

Put another way,  the performance of the nine-year-old company — which provides cloud-based network services to enterprises —  was relatively undramatic as these things go. That’s a good thing given that first-day “pops” often signal that a company has left money on the table. Indeed, Cloudflare had initially indicated that its shares would be priced between $10 and $12, before adjusting the price upward, which suggests its underwriters, led by Goldman Sachs, accurately gauged demand for the offering.

Of course, it was still a very big day for Cloudlfare’s 1,069 employees and especially for Cloudflare’s founders Matthew Prince, its CEO, and Michelle Zatlyn, its COO. We talked with Zatlyn today in the hours after the duo rang the opening bell to ask about the experience, and how the IPO impacts the company going forward.

Our chat has been edited lightly for length and clarity.

TC: Thanks for making time for us on a busy day.

MZ: Of course! [TechCrunch’s] Battlefield [competition, in which Cloudflare competed in 2011] is such an integral part of our funding story. Thank you for giving us the stage to launch our company.

TC: Did you get any sleep last night?

MZ: I was so exhausted that I got a great night’s sleep, This whole process has been so incredible, so special. I didn’t know what to expect, and it’s been way better than I could have imagined. There are 150 of our teammates, early employees, family members, board members, champions and other friends here with us [in New York at the NYSE]. We also live-streamed [our debut] to our offices around the world so they could share this moment with us.

TC: How are you feeling about today? The stock is up 20 percent. There’s always banter afterward about whether a listing was priced right, whether any money was left on the table.

MZ: At this point, we’ve raised almost a billion dollars between today and all of the money we’ve raised from venture investors. We have a great team. We’re really happy. The markets are going to react how they react, but it’s part of our DNA to provide more value than we capture. We think that’s the way to build an enduring company.

TC: You have a liquid currency now. Do you imagine Cloudflare might become more acquisitive as a public company?

MZ: We’ve done some acquisitions on the smaller side and of course, we have a team that’s always looking at different opportunities. But we’re really engineering driven, and we think we have many products and service left to build, so we’ll continue to invest in our products and in R&D development, as well as in our customer relationships.

TC: Retaining employees is a challenge that some newly public companies worry about. How will you address this in the coming days and months as lock-up periods expire?

MZ: I’m so proud of where we are today and of our whole team, and we’re just getting started. [Matthew and I will] show up Monday morning and get back to work and so will our employees, because they want to make the company [an even greater business].

TC: The company went public with a dual-class structure that gives not just management but all employees 10 times the voting rights of the shares sold to the public. Why was this structure important to Cloudflare, and did it give investors pause?

MZ: There are more than 1,000 people around the world who are building the product and working with customers, and we think it’s important for them to have that 10:1 structure, so it’s something we put in place a few years ago with the encouragement of some of our earlier investors.

TC: Were you modeling this after another company? Is there a precedent for it?

MZ: I don’t know of another one — there may be — but we weren’t inspired by another company. We just felt passionately about this being the right corporate structure and [I don’t think it was harder for us to tell the story of Cloudflare because of it]. Over the last two weeks, in talking with investors across the world, it wasn’t in the top 10 topics that came up, so I think we did a good job of describing it in our S-1.

TC: What was the roadshow like? What surprised you most?

MZ: Don’t get me wrong, there’s a ton of work involved from all kinds of people, in finance, our legal teams . . . But roadshows have a bad rap in that people think they’re grueling and that, by the end, you’ll be exhausted. That was my expectation. But it was really fun. It was a huge privilege to represent Cloudflare to all these investors who were incredibly smart and well-prepared. We traveled all over and people told us ‘You look better than most teams.’

Michelle Zatlyn

TC: Where does one go for these roadshows?

MZ: You have the usual suspects; there’s a travel roadshow circuit, with some variations based on people’s vacation schedules, but New York, San Francisco, Boston, Chicago, Baltimore is common, Kansas City, Indianapolis, Toronto. You go in person to some places and in others, people dial in. But the whole thing gave me new insight into these pools of capital after venture capital. It was really interesting.

TC: Cloudflare said in a recent amendment to its S-1 that it was in touch with the U.S. Treasury’s Office of Foreign Assets Control back in May after determining that its products were used by individuals and entities that have been blacklisted by the U.S. Did this new revelation slow anything down?

MZ: There was no impact. Your group of advisors expands when you go through a public offering, and lawyers dot every ‘i’ and cross every ‘t,’ and you become a better company for it.

We deliver cybersecurity solutions that are made broadly available to businesses, entrepreneurs, and nonprofits, and that’s incredible, but there are also some unsavory actors online, and we’ve always been a transparent organization [about having to grapple with this].

TC: How will Cloudflare handle requests for service by embargoed and restricted entities going forward? As a public company, does that process change in any way?

MZ: We have a really good process today. I think people think that we let anyone use Cloudflare and that’s it. But if customers are breaking the law, we remove them from our network and that’s not new and we publish transparency reports on it.

Sometimes, [you’re confronting] things that aren’t illegal but they’re gross, and the question is whose job is it to take it offline. But I work with some of the smartest minds on this and we try to be very transparent about how we figure this out. The conversation is so much better than it was a few years ago, too, with policy makers and academics and the business community engaging on on this. People around the world are talking about where the lines can be drawn, but these are tricky, heady conversations.

TC: They certainly put Cloudflare in a precarious spot sometimes, as when the company banned the internet forum 8chan earlier this year after it was learned that the site was used by a gunman to post an anti-immigration rant. Can we expect that Cloudflare will continue to make decisions like this on a case-by-case basis?

MZ: Freedom of speech is such a fundamental part of this nation. Citizens should want the lawmakers to decide what the law should be, and if lawmakers could do this, it would be much better. On the other side, these are new issues that are arising so we shouldn’t rush. Lots of opinions need to be weighed and conversations are much father along than they once were, but there’s still work to be done, and Cloudflare is one [participant] in a much broader conversation.


Source: TechCrunch

Nintendo theme park will send ride and game scores to your console – CNET

Super Nintendo World at Universal Studios will be built on three levels.
Source: CNET

Disney CEO Iger departs Apple board ahead of Apple TV Plus launch – CNET

The longtime board director had said he’d resign if the two companies became competitors.
Source: CNET

Nintendo Switch's new SNES feature is ruining everything – CNET

Thanks, Nintendo, for confirming I’m a terrible parent.
Source: CNET

NASA: Two asteroids will fly safely by Earth this weekend, so chill – CNET

You don’t even have to duck.
Source: CNET

Disney CEO Bob Iger resigns from Apple’s board of directors

Disney CEO Bob Iger has resigned from Apple’s board of directors, according to a just-published SEC filing.

Neither company has given any reason for the departure — the explanatory text of the SEC filing is literally just “On September 10, 2019, Bob Iger resigned from the Board of Directors of Apple Inc.” — but with Disney and Apple both prepping to launch their own video streaming services in November, it may be that there’s starting to be too much overlap. Given that the services are called “Disney+” and “Apple TV+” respectively, it’s easy to see where things might start to get too muddled.

Iger originally joined Apple’s board in November of 2011.

Apple’s Board of Directors now has seven members: Chairman Arthur D. Levinson (CEO of Alphabet’s biotech R&D company Calico), James A. Bell (the former CFO of Boeing), Al Gore, Andrea Jung (CEO of Grameen America), Ronald Sugar (Former CEO Northtrop Grumman), Susan L. Wagner (Co-Founder of BlackRock), and Apple CEO Tim Cook.

We’ve reached out to the companies for comment, and will update if we hear back.

 

[Image Credit: Axelle/Bauer-Griffin / Contributor from Getty Images]

 


Source: TechCrunch

Video tour of what could be Pixel 4 XL goes online video – CNET

Forget blurry images of Google’s newest phone… a beautiful, six-minute video went up on YouTube purportedly showing the Pixel 4XL. Get a good look at what Google is working on. Oh, and what looks to be a Google Pixel 4 promo video got posted online, too. Hey, Google, define secrecy.
Source: CNET

Loot Boxes Should Be Regulated as Gambling, UK Parliament Says

Also: PewDiePie canceled his donation to the Anti-Defamation League, and ‘Control’ might get a major crossover.
Source: Wired

MoviePass will shut down on September 14th

MoviePass’ all-you-can-watch movie theater membership always seemed too good to be true. After multiple price hikes, business model changes, temporary shutdowns and raising a mountain of money less than a year ago, the company seems to be calling it quits.

MoviePass has issued an announcement letting customers know that the service will stop working as of September 14th — so, tomorrow — because “its efforts to recapitalize MoviePassâ„¢ have not been successful to date.”

For the past few months, MoviePass had existed in a weird sort of zombie state; some customers in some regions were still able to use it, but no new subscribers were being accepted. Not helping the matter any, a database with “tens of thousands” of MoviePass customer card numbers was found unsecured at the end of August.

The company says it’s exploring “all strategic and financial alternatives,” from a massive “reorganization” to a sale of the company and all of its assets. In the meantime, though, it sounds like the service is dead, effective pretty much immediately.

Story developing…


Source: TechCrunch

How to work with top influencers and avoid ad blockers

We’ve aggregated the world’s best growth marketers into one community. Twice a month, we ask them to share their most effective growth tactics, and we compile them into this Growth Report.

This is how you’re going stay up-to-date on growth marketing tactics — with advice you can’t get elsewhere.

Our community consists of 600 startup founders paired with VP’s of growth from later-stage companies. We have 300 YC founders plus senior marketers from companies including Medium, Docker, Invision, Intuit, Pinterest, Discord, Webflow, Lambda School, Perfect Keto, Typeform, Modern Fertility, Segment, Udemy, Puma, Cameo, and Ritual.

You can participate in our community by joining Demand Curve’s marketing webinars, Slack group, or marketing training program.

Without further ado, onto the advice.

Editor’s note: This is the first of a new series of articles on startup growth tactics in 2019 for Extra Crunch. This first article has been unlocked for all TechCrunch readers.


Don’t abandon email unsubscribers. They’re still useful.

Based on insights from Matt Sornson of Clearbit.

You’ve launched a new feature and want to tell your audience about it. You can send an email to your newsletter subscribers, but how do you reach the 20%+ who unsubscribed? Most people mistakenly consider this audience to be a lost cause.

  • Create a custom audience of all newsletter unsubscribers on Facebook.
  • Run ads announcing the new feature to that audience.
  • Now you’ve reactivated people who at one point had an interest in your product — instead of forever ignoring them.

Tips for effectively working with influencers

Based on insights from Barron Caster of Rev.

  • Create a referral system for influencers: Influencers who sign up others get a % of their sales or signups. This makes a mini-pyramid structure and turns your influencers into a salesforce. Why is this important? Some influencers don’t actually sell products, but just sign up tons of other influencers. Find these people.
  • Get everything you can out of an engagement (e.g. permission to use them as a testimonial for emails, social proof, etc.).
  • Working with influencers is a relationship-building game:
    • Actually go to conferences to meet influencers.
    • Treat influencers like royalty. Surprise them with gifts like flowers/donuts. $100 to send a gift can pay hefty dividends if they like your brand more and share that with their followers.
    • Give influencers a tangible benefit to share with their followers. They care about their followers and want to beneficially incentivize them to click on their link and buy with them.

More tips for working with influencers

Based on insights from Cezar Grigore of Tremo Books.

  • Geo rollouts: Your ROI increases when a bunch of influencers in the same category / region share your product within an interval of 2-4 weeks. It gives the impression that everyone is talking about your product.
  • Initially focus on influencers with 10-150k audiences. They’re smaller and more willing to accept bartered deals. There are enough influencers in this range willing to work in exchange for a free product. Most may not be producing results, but some work well, bringing in 50-200 customers within 24 hours. As you build up your following and reputation for your brand, it becomes much easier to work with more influential people.
  • It’s harder to cut deals with bigger influencers (100k-2M). Only about 5-10% of bigger influencers are willing to work on an affiliate basis (e.g. $10/customer).

Overcoming ad blockers that screw up your conversion data

  • Ad blockers can block FB’s tracking libraries and underreport ad conversions (even by 50%). The trick? Consider using the static IMG FB pixel — not the JavaScript one — which ad blockers don’t appear to block. — C.
  • Here’s another ad block workaround: You can extract UTM tags from the URL then save them into LocalStorage using JavaScript. Next, send that stored data plus the user’s on-site conversion behavior to a custom backend that, inherently, will circumvent ad blockers. Just be diligent about ensuring your marketing links all have UTM tags. —Neal O’Grady of Demand Curve
  • Remember that the use of ad blockers varies heavily by audience and device type. Depending on who your audience is, ad blockers can either be a huge problem or a non-problem. —Neal O’Grady of Demand Curve
    • So, for example, few people on mobile have ad blockers. Not much of a problem there.
    • However, on desktop, up to ~75% of millennial gamers and techies may have it installed.
    • In contrast, on desktop, maybe only 25% of middle-aged Americans outside of tech hub cities may have it installed.
    • These are hand-wavy numbers. Google for specifics.


Source: TechCrunch

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