The rapid proliferation of SaaS businesses, enabling the world to work, trade and stay connected, is great news for all of us – as builders and private individuals. Many of our sellers recorded huge growth across lockdowns, as demand for their services surged. Progress within the SaaS industry over the first nine months of 2020 was probably equivalent to what you’d expect to see over three to five more normal years.
Many companies have done exceptionally well. UiPath became the first European decacorn this year. Hopin, the online events platform (and also a European company), reached a $2 billion valuation just eight months after launching. Outside of Europe, Salesforce bought workplace messaging tool Slack in an enormous $27.7 billion acquisition in December.
We are entering 2021 way ahead of schedule. But this means software providers will have to be smarter than ever to succeed – because rising standards always go hand in hand with unprecedented levels of competition.
We must continue to capitalise on this opportunity and keep building.