1/ Read Bloomberg’s autobiography (from ‘97) this weekend. Covers the first 15 years of Bloomberg LP & and how Mike built such a dominant franchise. Written before “lean startup” and modern software startup nomenclature, but lessons sound like something @chetanp would share...

2/ Bloomberg initially focused on a narrow use case: real time yield curve data for bond traders. Today, Bloomberg covers equity & debt markets around the world, offers financials, news, messaging, alternative data & more. But it started with a simple product & seemingly tiny TAM
3/ They “nailed” product/market fit for this use case because they deeply understood their customers. Not only did Mike Bloomberg and the first four employees all come from the industry, but they also built a tight feedback loop w/ their first "lighthouse" customer, Merrill Lynch
4/ When Bloomberg installed the first 22 terminals at Merrill, they embedded themselves with initial users. They visited daily. They had two users who provided constant feedback, helping to rapidly squash bugs and improve the product.
5/ Bloomberg also offered professional services. In fact, their first $100,000 in revenue was from PS. The consulting work helped pay the bills, but more importantly helped the Bloomberg team map their customers' needs and to build relationships across the organization.
6/ As the product matured, one happy customer led to the next. The business grew largely via referral. Bloomberg shares how a sale to the Bank of England led to a sale to the Vatican led to a sale to the World Bank.
7/ Similar customers with identical use cases make for powerful references if a product relieves a pain point. The power of a narrow TAM helps not just with product market fit, but also with GTM.
8/ Bloomberg notoriously doesn’t discount. Mike says: “To publish one price and then negotiate secretly with those you want to favor... that just encourages dissent, uncertainty, and unpleasantness.” Many software companies struggle to maintain list price. Not Bloomberg.
9/ Mike reflects on the tension for a platform btwn offering 3rd party data vs producing content in house. Bloomberg News launched when this was an existential question for Bloomberg, as they began to compete w/ Dow Jones, which they also relied on for much of Bloomberg’s content
10/ This tension is reminiscent of what we’re seeing in 2020: Netflix’s aggressive move into original content, Spotify’s move into podcasts, and many other platform vs. content debates.
11/ Lots of lessons from Bloomberg for building a vertical SaaS business. Start with a specific use case. Iterate quickly w/ customer driven development. Build deep relationships w/ users and leverage happy customer referrals as your marketing machine. Strategically utilize PS
12/ Ensure your pricing model aligns with customer value and is fair across customers. Distribution & content both matter. If you can control both, you’ve got a powerful, deep moat. We’re working hard on this @TegusHQ.
13/ A ton has happened at Bloomberg LP and in the broader financial world in the 23 years since the book published. I’d love to see an update on how Bloomberg LP has evolved, and am always looking for great stories about building successful software businesses. Suggestions?

More from Culture

@bellingcat's attempt in their new book, published by
@BloomsburyBooks, to coverup the @OPCW #Douma controversy, promote US and UK gov. war narratives, and whitewash fraudulent conduct within the OPCW, is an exercise in deception through omission. @BloomsburyPub @Tim_Hayward_


1) 2000 words are devoted to the OPCW controversy regarding the alleged chemical weapon attack in #Douma, Syria in 2018 but critical material is omitted from the book. Reading it, one would never know the following:

2) That the controversy started when the original interim report, drafted and agreed by Douma inspection team members, was secretly modified by an unknown OPCW person who had manipulated the findings to suggest an attack had occurred. https://t.co/QtAAyH9WyX… @RobertF40396660


3) This act of attempted deception was only derailed because an inspector discovered the secret changes. The manipulations were reported by @ClarkeMicah
and can be readily observed in documents now available https://t.co/2BUNlD8ZUv….

4) @bellingcat's book also makes no mention of the @couragefoundation panel, attended by the @opcw's first Director General, Jose Bustani, at which an OPCW official detailed key procedural irregularities and scientific flaws with the Final Douma Report:
OK. Chapter 7 of Book 4 of #WealthOfNations is tough going. It's long. It's serious. It's all about colonies.

We can take comfort, though, in knowing that the chapter #AdamSmith says is about colonies is, in fact, about colonies. (IV.vii) #WealthOfTweets #SmithTweets


Colonies were a vexed subject when #AdamSmith was writing, and they’re even more complicated now. So, before we even get to the tweeting, here’s a link to that thread on Smith and “savage nations.” (IV.vii) #WealthOfTweets


The reason for the ancient Greeks and Romans to settle colonies was straightforward: they didn’t have enough space for their growing populations. Their colonies were treated as “emancipated children”—connected but independent. (IV.vii.a.2) #WealthOfTweets #SmithTweets

(Both these things are in contrast to the European colonies, as we'll see.) (IV.vii.a.2) #WealthOfTweets #SmithTweets

Ancient Greeks and Romans needed more space because the land was owned by an increasingly small number of citizens and farming and nearly all trades and arts were performed by slaves. It was hard for a poor freeman to improve his life. (IV.vii.a.3) #WealthOfTweets #SmithTweets

You May Also Like

Fake chats claiming to be from the Irish African community are being disseminated by the far right in order to suggest that violence is imminent from #BLM supporters. This is straight out of the QAnon and Proud Boys playbook. Spread the word. Protest safely. #georgenkencho


There is co-ordination across the far right in Ireland now to stir both left and right in the hopes of creating a race war. Think critically! Fascists see the tragic killing of #georgenkencho, the grief of his community and pending investigation as a flashpoint for action.


Across Telegram, Twitter and Facebook disinformation is being peddled on the back of these tragic events. From false photographs to the tactics ofwhite supremacy, the far right is clumsily trying to drive hate against minority groups and figureheads.


Declan Ganley’s Burkean group and the incel wing of National Party (Gearóid Murphy, Mick O’Keeffe & Co.) as well as all the usuals are concerted in their efforts to demonstrate their white supremacist cred. The quiet parts are today being said out loud.


The best thing you can do is challenge disinformation and report posts where engagement isn’t appropriate. Many of these are blatantly racist posts designed to drive recruitment to NP and other Nationalist groups. By all means protest but stay safe.
My top 10 tweets of the year

A thread 👇

https://t.co/xj4js6shhy


https://t.co/b81zoW6u1d


https://t.co/1147it02zs


https://t.co/A7XCU5fC2m