Packy McCormick did a nice takedown of passwords in his piece about Stytch. The Long, Slow March to Passwordless Authenticationįirst, we have to talk about passwords and the hype around passwordless authentication. Buckle up, we're about to go deep into the story about 1Password's strategy and opportunity going forward. I'm excited to share my new point of view with you. Through the process of researching and writing this article, I see 1Password in a completely different way.
Even if you haven't read the book and aren't an MBA strategy nerd like me, the ideas from Blue Ocean Strategy are still a great way to understand a business like this. I've been a paying customer and loyal user for many years, but I hadn't stopped to think about how much I love the product or how big their opportunity truly is.ġPassword is a classic Blue Ocean Strategy case study. I didn't realize how excited I was about 1Password until I started researching and writing this deep dive. With the news and buzz about their latest round of funding, now is a good time to go deep into their business and explain what all this ruckus is about. Note: For simplicity, we'll use 1Password in reference to both the product and the company.Įverything about 1Password is fascinating. AgileBits, the parent company who owns the 1Password product, just announced a $620 million round of funding in January 2022, the largest funding round ever for a Canadian company (move over, Shopify).
That company is Shopify, now one of the foundational companies in e-commerce and valued at over $100 billion.ġPassword feels like the cybersecurity version of Shopify. Tell me if you've heard this story before: a little Canadian company builds a solid product that's profitable from day one, grows a large and passionate community of users, explodes onto the scene with large funding rounds, then dominates an industry.
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