---
created_at: '2013-11-16T14:09:18.000Z'
title: 37signals valuation tops $100 billion after bold VC investment (2009)
url: https://37signals.com/svn/posts/1941-press-release-37signals-valuation-tops-100-billion-after-bold-vc-investment
author: lukashed
points: 288
story_text: ''
comment_text: 
num_comments: 105
story_id: 
story_title: 
story_url: 
parent_id: 
created_at_i: 1384610958
_tags:
- story
- author_lukashed
- story_6744742
objectID: '6744742'

---
[Source](https://signalvnoise.com/posts/1941-press-release-37signals-valuation-tops-100-billion-after-bold-vc-investment "Permalink to PRESS RELEASE: 37SIGNALS VALUATION TOPS $100 BILLION AFTER BOLD VC INVESTMENT – Signal v. Noise")

# PRESS RELEASE: 37SIGNALS VALUATION TOPS $100 BILLION AFTER BOLD VC INVESTMENT – Signal v. Noise

You’re reading [Signal v. Noise][1], a publication [about][2] the web by [Basecamp][3] since 1999. Happy !

#  PRESS RELEASE: 37SIGNALS VALUATION TOPS $100 BILLION AFTER BOLD VC INVESTMENT 

![Jason Fried][4] [Jason Fried][5] _wrote this on_ Sep 24 2009 [239 comments][6]

* [ Tweet   ][7]
* [ Share on Facebook   ][8]
* [ Share on LinkedIn   ][9]

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!"

![][10]Proof that 37signals is now a $100 billion dollar company.

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][5] wrote _this on_ Sep 24 2009 _There are_ 239 comments. 

### [Paul Stamatiou][11]

on 24 Sep 09

Aww, shoulda waited to post this on April 1st!

### [Luke P][12]

on 24 Sep 09

Awesome, had me going with that headline.

### [Andy][13]

on 24 Sep 09

Well played.

### [Brennan Dunn][14]

on 24 Sep 09

Jason, Michael Arrington just called and wants to hire you!

### [Ryan Merrill][15]

on 24 Sep 09

When's the IPO go on sale?

Great satire, Jason.

### [Kyle Fox][16]

on 24 Sep 09

This synergy is getting me all hot and bothered!

### Ankush Narula

on 24 Sep 09

haha – good one!

### Angel

on 24 Sep 09

ROFL!

### [Farhan Rehman][17]

on 24 Sep 09

Hehehehe – hilarious stuff – does this mean all the products are now going to become free, have the word 'beta' and Web 2.0 attached to them, and then start becoming the latest tools in 'Social Media' or 'Social Networking' for the Enterprise and SME sector? ;)

### [Agustin Cuenca][18]

on 24 Sep 09

I can give 100% ROI in 24 hours. I'll buy their share for 2 US$.

### [Jeff Mackey][19]

on 24 Sep 09

"Pickin' up the sarcasm."

"That's good, 'cause I'm layin' it on pretty thick."

### FredS

on 24 Sep 09

Gold!

### [Patrick Algrim][20]

on 24 Sep 09

Just glad you finally came to your senses about putting a compass on everything.

### Random Dude

on 24 Sep 09

Slow day at the office?

### Zach Rhoads

on 24 Sep 09

Didn't know Jason started writing for The Onion.

### [Brandon Durham][21]

on 24 Sep 09

"PRESS RELEASE" was the first clue that it was a joke.

### [Al Abut][22]

on 24 Sep 09

It's so crazy it might just work.

### [Ivar V][23]

on 24 Sep 09

Congrats guys.. obviously the result of synergizing your core competencies and leveraging your web 3.0 paradigms. Let this be a good lesson for all of us.

### [Timothy Johnson][24]

on 24 Sep 09

I have 0.000000001% investment too, can I join?

### [Tim Courtney][25]

on 24 Sep 09

Oh my gosh, this just made my afternoon it was so funny. Love your valuation formula, though I doubt it's original because it must be in use **somewhere**

### [ara.t.howard][26]

on 24 Sep 09

touché teacher, touché.

### [Alex Pyatetsky][27]

on 24 Sep 09

This copywriter = $$$$$$$$$$$$$$$$$$$$$$

### James

on 24 Sep 09

Excellent stuff. Satire is so much more effective than overly sincere posts that talk about venture-capital investors as a "cancer" ;)

### [Garth Henson][28]

on 24 Sep 09

Nice. With this business model, the economy should boom in no time flat… well, in valuation, at least.

### [Brian Christiansen][29]

on 24 Sep 09

Just wait until this gets picked up by actual "journalists."

BIG TIME!

### [Matthew Riley MacPherson][30]

on 24 Sep 09

Even though I just read DHH's interview with Gihyo.jp, I still found this super amusing! Funny enough, I'm working on budget and finance-related things right now…

The all-caps press release-style title was a nice touch :-)

### [Kevin Holesh][31]

on 24 Sep 09

I love it. That was an entertaining piece that sums up almost exactly what I think of the "free" model.

### [Brett][32]

on 24 Sep 09

great work – the picture is brilliant and so true in the way the markets and media specifically interpret investments and value. i especially like the "imaginary assumptions…that involve crowdsourcing…and an app store." lol

### [Geoffrey Grosenbach][33]

on 24 Sep 09

Based on your disparaging remarks about Ruby on Rails, I've sent an anonymous tip to TechCrunch to inform them that the entire 37signals stack has been rewritten in Scala.

### [Joe Cascio][34]

on 24 Sep 09

I believe it was Bhatnagar's faculty colleague Oran G. Tang of Grenada State's School of Project Management that provided the supporting analysis of 37Signal's engineering dept. This buttressed the valuation by projecting that merely by expanding the engineering dept. to 100,000 $2/hr offshore programmers, 37Signals could reduce their famous 2 week project cycles to 28 milliseconds **and** reduce payroll.

### Doug

on 24 Sep 09

That was awesome! You guys really understand how it works… :)

### Fiona

on 24 Sep 09

That made my day. :) My favorite was the bit about 12 billion users.

### [sloser][35]

on 24 Sep 09

May I get mine 0.000000001%?

### [Andrew Hyde][36]

on 24 Sep 09

2 points for the all caps lock title, because this is REALLY IMPORTANT.

And 2) I will gladly match their offer :)

### Beverly

on 24 Sep 09

"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."

This has a 10+ Chuckle Factor. Thank you 37 Signals for being such a brilliant company with awesome products AND a sense of humor. Who ever heard of that before?

### [Philip][37]

on 24 Sep 09

This is brilliant!! We need to do this at our company!

### Happy

on 24 Sep 09

Expert use of sarcasm. Informative and funny at the same time. Well done! I even love the closer which states so matter-of-factly:

_Also, everything we make will include a compass._

Love it! :)

### [Tamim][38]

on 24 Sep 09

Very very cool. Stellar post.

### [Andrew Wicklander][39]

on 24 Sep 09

Best. Post. Ever.

### [Michel Ferreira][40]

on 24 Sep 09

I am interested in buying 0.000000010%? – do you guys take check?

Jokes aside, loved the article.

### [Daniel Ice][37]

on 24 Sep 09

Sad. They are selling out to the man :)

### Vaibhav

on 24 Sep 09

Guys,

You've given competition to this:

http://www.youtube.com/watch?v=azRzqI3BJ2A

How Ali G pitches to "real" VCs. (One of them even starts considering the idea :P)

### [Patrix][41]

on 24 Sep 09

It turns out that I can similarly value my soul :) Any takers?

### [JohnBaku][42]

on 24 Sep 09

Love you Jason! Someone had to say it… I love the part about Twitter is afraid to implement a business model because then people will know what it really is worth!

### [Bryan Sebastian][43]

on 24 Sep 09

I bet Marc Zuckerberg is totally jealous that you guys thought of this before he did.

### JF

on 24 Sep 09

For the record, David, Matt, and I all contributed to this completely true press release.

### [Sebastian][44]

on 24 Sep 09

Mr. Jason, I am afraid that you might have been working too much lately.

### Ethan

on 24 Sep 09

I didn't think sarcasm was an HTML tag. :p

### [Scott Wintheiser][45]

on 24 Sep 09

You should have held out. I would have given you $2 for the same stake!

### [Soleio][46]

on 24 Sep 09

♥

### Ilina S

on 24 Sep 09

Priceless :-)

### [John Coonen][47]

on 24 Sep 09

A decade ago during the bubble, this wouldn't have been a joke.

### [davesave mcclure][48]

on 24 Sep 09

I'm in for $2.

... or $3, but only if u guys agree to a 3x liquidation preference and a full ratchet.

(and, did I mention I need you to Bend Over so I can sign the term sheet with my elbow up your ass? ;)

### Pietro_F

on 24 Sep 09

+1

### [Tanner Powell][49]

on 24 Sep 09

This article is gold. I love Twitter, but [Seth Godin's recent announcement][50] does seem to have the potential to drink their corporate revenue milkshake a bit. It will be interesting to see how they monetize as more and more folks monetize good ideas on their backs.

### [Liv Labate][51]

on 24 Sep 09

Really funny. Kinda sad though, if you think of when this is written seriously.

### [shahram][52]

on 24 Sep 09

After evaluating your algorithm

[(Twitter followers x Facebook fans) + (# of employees x 1000)] x (RSS subscribers + daily page views) + (monthly burn rate x Google's stock price)2

you forgot to add the amount of views of this youtube video http://www.youtube.com/watch?v=nrlSkU0TFLs

### [David Harthcock][53]

on 24 Sep 09

Classic! Made my day.

### [Montoya][54]

on 24 Sep 09

Hilarious, and a must-read for everyone in the startup space.

### [tav][55]

on 24 Sep 09

Great writing as always Jason.

Unfortunately the tech/finance industry is way too narrow-sighted to do anything except laugh nervously =(

Perhaps it's worth starting a Real Business Fund which promotes businesses which do add value—either by generating profits or contributing to society in some way as social businesses do.

In any case, it's going to be interesting times when the house of cards **really** comes down in the coming years.

Thanks for the entertainment!

### [imehesz][56]

on 24 Sep 09

hi all,

that's awesome. Here is the video footage of the press conference: http://vurl.me/BAP

—iM

### kyle

on 24 Sep 09

welcome to the dragon's den.

### [Martin Ringlein][57]

on 24 Sep 09

You made me smile today; funny!

### [Shane][58]

on 24 Sep 09

LOL! Only $100 billion?? Surely the APIs are worth another 20 to 30 billion…

### [Sam Millar][59]

on 24 Sep 09

Title had me fooled!

### [Jason Cronkhite][60]

on 24 Sep 09

Jason, I love it!

Do you think Twitter could get their 25 million users to pay $40 a year? 25 mil x $40 = 1 billion. Maybe they should start charging $3.50 a month and see what happens to the user base.

Maybe you undervalued 37Signals? =}

### Adam

on 24 Sep 09

Fuck the valuation, I want a compass!

### BillP

on 24 Sep 09

My $1 is on its' way…

### [Srikanth][61]

on 24 Sep 09

Good one!..Very funny especially the Compass part.

### [David Sparkman][62]

on 24 Sep 09

This had me completely rolling on the ground. But it does seem to be the process by which we find ourselves in once again on the tech front.

### [Lisa DiMona][63]

on 24 Sep 09

I just can't believe you didn't say how "thrilled" you were to announce this. Perfect.

### [Justin Sainton][64]

on 24 Sep 09

Wait…this was a joke?

### [Chad Jewell - Austin Office Space][65]

on 24 Sep 09

That was really well done!! HAHAHA!

### jonndailey

on 24 Sep 09

This is brilliant. Seriously made me LOL.

### Tina

on 24 Sep 09

Wow, Bezos just made some money then since I'm sure his invested into 37signals was not anywise near this valuation.

### [Tom Williams][66]

on 24 Sep 09

Jason, a stroke of genius. What a fantastic press release! Loved it!!

### Steve

on 24 Sep 09

I love it! It's so VIRAL.

### Johan Bergman

on 24 Sep 09

The best thing I've read in many years!

### Tina

on 24 Sep 09

@37signals, all

Am I the only person who doesn't understand the sarcasm here?

What's driving this kind of post? Did someone recently get a huge valuation in the market place? Is 37signals jealous.

I'm being serious … I don't understand why 37signals would make a fake post like this.

### dave

on 24 Sep 09

too funny.

### Rick Janezic

on 24 Sep 09

Jason, I'm not sure if anyone ever got more value from a single dollar (perhaps lottery winners, but most spent much more than the winning dollar). Maybe you can get Dan at PEHUB to do a story…

### [sj][67]

on 24 Sep 09

This makes so much sense, like so many valuations out in the market. Congrats 37signals. Your strategy for stopping revenue generation is very well founded.

### [Vasudev Ram][68]

on 24 Sep 09

@Random Dude:

> Slow day at the office?

Definitely. See:

http://ars.userfriendly.org/cartoons/?id=20010216&mode=

### [Ericson Smith][69]

on 24 Sep 09

Sadly, I wish this was parody.

There are far too many breathless announcements on TechCrunch these days touting the "valuation" of this or that internet company. Case in point is the twitter funding rounds that have brought the company investment pool close to 100 Million dollars.

100 Mill! Thats staggering! And they have zero revenues.

I, for one, am tired of this crap.

### G. Guest

on 24 Sep 09

@Tina,

I immediately thought of Twitter who just got a ton of funding for something without a revenue model.

### Damon

on 24 Sep 09

Bitter and snarky.

Why not just congratulate a team who's done a bang-up job creating lots of value (and money) for lots of people? Or would you prefer they sell out to a rival and give up the dream?

### [Alderete][70]

on 24 Sep 09

You think you're being funny with the "When it comes to valuation, making money is a real obstacle. Our profitability has been a real drag on our valuation. Once you have profits, it's impossible to just make stuff up."

But let me tell you, during the Dot.com Boom, there were very senior people (e.g., our idiot SVP of Marketing, initials R.G.) who said very similar things. We needed to stop trying so hard to sell our product because "a company's stock price is tied to its revenues. We need to eliminate our revenues so the stock price can soar."

Seriously.

### [Peter Armstrong][71]

on 24 Sep 09

Funny post, but wow, I think you're even more unconsciously jealous of Twitter than I thought…

### [Sebastian Kwiecien][72]

on 24 Sep 09

This is brilliant.

### Scott

on 24 Sep 09

You guys make great apps and have important things to say about business and the industry. Not so much with the comedy…

### Clint Ecker

on 24 Sep 09

@Peter Armstrong. I think you missed the point, it's nothing to do with twitter but with sensationalist vapid "tech journalism" and mind-numbing VC-culture, and clueless "analysts" & "social media experts."

### [Lee Graham][73]

on 24 Sep 09

LMAO! I LOVE IT! Thanks for the laugh gents!

### @jevgenijs

on 24 Sep 09

thank you for a good laugh! that is really funny:)

### [John Koetsier][74]

on 24 Sep 09

Can I say anything other than: LOL?

Right now I'm physically incapable of much more.

### [Andrej][75]

on 24 Sep 09

Too funny and PURE GENIOUS.

But there is an imminent truth to it – I will use the human analogy: breast fed and naturally born babies are healthier, stronger, have a lowest incidence of SIDS (sudden infant death syndrome), less affected by allergies and autism.

On the contrary, many studies shown that babies born with C-section and raised in the incubator (when not needed), fed with formula etc. have a much higher chance of above mentioned risks.

What do VCs really do? In order for their model to work (get reasonable fees, return miserable returns, on avg. 10-15%), they have to employ plenty on capital in as many startups as possible in a very limited time frame.

But a baby cannot swallow all that food! It won't grow stronger (maybe only on short-term) and will be exposed to unnecessary risk!

So, grow you baby naturally and make it healthy – maybe you won't get super rich, but you will be happy and will love it every single day.

### [dean collins][76]

on 24 Sep 09

LOL – the IRS is going to love you this year.

...think about it :)

Have fun paying off that tax bill on those options you own.

### [Jon Pederson][77]

on 24 Sep 09

Brilliant. Simply brilliant.

### Chuck

on 24 Sep 09

@Tina:

It's making fun of the the weird idea circulating around the industry these days that giving your product away is the best way to make money. Companies that literally don't make any money at all are getting these huge valuations — which obviously aren't based on any actual monetary value, since the company _doesn't make any money_. Jason has written several articles about how he still favors the old model of making something good and charging for it.

### Anonymous Coward

on 24 Sep 09

Seriously? You people are laughing out loud at this?

### JP Werlin

on 24 Sep 09

@dhh – I hope you guys can leverage this investment at the end of the day and move the goal line forward.

### [Garrett Winder][78]

on 24 Sep 09

AAAHHHH HAHAHAHAHAHAHA

### Bryan Burkhart

on 24 Sep 09

Love it! Well done.

### [Andy Brice][79]

on 24 Sep 09

:0)

### fumbling around

on 24 Sep 09

LOL This is synergy coming to a theater near you. I can only hope that the social media guru I've hired to take my project global will also help make this post go viral across the various platforms around the net. In the meantime, I'm so tweeting this, dude.

### [Alexander Ainslie][80]

on 24 Sep 09

Too funny guys. Too funny.

### [Collagist][81]

on 24 Sep 09

This is such a great news we are so very excited and look forward to the freeconomics model. This is a very bold and industry changing move.

We can't wait to sign up when the free versions of all your products become available. Please don't let these new riches get to your head.

Congrats!

### Gene Ehrbar

on 24 Sep 09

I want in for $5. Dilution a-OK. Where do I sign up?

### indi

on 24 Sep 09

it is to laugh

### Anonymous Coward

on 24 Sep 09

Brilliant!! Absolutely brilliant!!! How do I invest? ;-)

### Andrew Mattie

on 24 Sep 09

This brought a great big smile to my face when my coworker sent it to me. Brilliant!

### RP

on 24 Sep 09

best thing i've read… maybe ever. so sick of twitter.

### [Adam][82]

on 24 Sep 09

Pure awesome.

### Jason

on 24 Sep 09

stupid

### Otto Nordpol

on 24 Sep 09

37signals options holders: I've got some Luxury Executive Mansionette Estate Residences in Modesto I can sell you.

### Mike

on 24 Sep 09

I think you guys sold yourselves short.

### [Karl Perron][83]

on 24 Sep 09

Love this press release!! printed, framed, and hangin' on the wall. :)

### [Bruno Miranda][84]

on 24 Sep 09

Wow, you guys are RICH, holy cow you should buy google now.

### [Nicolai Kollner][85]

on 24 Sep 09

lol – funny

### Anonymous Coward

on 24 Sep 09

How is this "signal" and not "noise"?

### Brian Chiasson

on 25 Sep 09

awe…NO COMPASS??

### AFR

on 25 Sep 09

This is the best VC article I've ever seen. Now you should sort out the Treasury.

### [David Karp][86]

on 25 Sep 09

Hey, that's what I'm doing!

### bowerbird

on 25 Sep 09

cornered the market on compasses, i see. very clever.

-bowerbird

### [Rex][87]

on 25 Sep 09

Good use of blog for free press!

### Eric Russell

on 25 Sep 09

I have written my congressman. I am donating $130 to the US Treasury to make an investment in your company. This will have a value of about 13 Trillion dollars which the Treasury can exchange evenly for the national debt.

Congratulations!

### [ChrisFizik][88]

on 25 Sep 09

this post is the stuff of legend.

Really surprised to see the kneejerk reaction from 37S but wow, it's what we're all feeling, so why not. Getting Real.

### vaitheesk

on 25 Sep 09

wow! After getting $100bn valuation, competing with Onion too! :)

### [Jared Dobson][89]

on 25 Sep 09

YOU DID IT!!! Congratulations!!! I knew you could!!!

Wow I love freakconmics. It's how the government pays bills it's trillion dollar debts.

### [David S.][90]

on 25 Sep 09

Less really _is_ more!

### [Anol Bhattacharya][91]

on 25 Sep 09

"Getting Un-Real"

### [dack][92]

on 25 Sep 09

Fellas, don't hate just because you didn't think of it first. Where is the enormicon fun? This is just sour grapes.

### James Au

on 25 Sep 09

Hailarious.

### Barack O'bama

on 25 Sep 09

I'll buy 37 signals. I'll give you $500k, and any model GM that you want.

### MC

on 25 Sep 09

Just for that, I'll pull out these geek complements I promised myself I'd never use:

+1!

Woot!

### Dan

on 25 Sep 09

HA! Eat that twitter!

### [Shanti][93]

on 25 Sep 09

Epic win.

### [Kevin Burton][94]

on 25 Sep 09

Nailed it! Couldn't have said it better myself.

### Oh Hi

on 25 Sep 09

I LOL'D!

### [Adhip Gupta][95]

on 25 Sep 09

I love the name _Aanandamayee Bhatnagar_ for the professor. Just goes to show the thought that went into writing the article.

### [michael][96]

on 25 Sep 09

you just found another happy customer :-)

### Wishful Thinking

on 25 Sep 09

http://blogs.wsj.com/deals/2009/09/24/breaking-news-twitter-to-raise-100-million-from-insight-t-rowe-price-other-investors/

### [Cyril Godefroy][97]

on 25 Sep 09

Killed me.

Does it me I get my basecamp and Highrise for free? Don't you want to buy my registration instead? C'mon, guys.

### nathe

on 25 Sep 09

If you guys are looking to be a quires we are worth $10 trillion. Interested in a scrip for scrip deal? We'll chip in a cash component of $1 million for the compass initiative.

### [Sudhani][98]

on 25 Sep 09

trying to find an investor myself! LOL.

### [Stefan Mahlstein][99]

on 25 Sep 09

Excellent! This is something that I will promote to more companies – combined with a quick listing it will be a huge success :-)

### [Chris Comella][100]

on 25 Sep 09

It will be interesting to see the return on investment the new Twitter investors get…. if any (at least when you risk-adjust it and discount it to present value).

### [dipankar sarkar][101]

on 25 Sep 09

Awesome post !!! prof. Bhatnagar's formula is awesome.

### johnnyboy

on 25 Sep 09

Ok, so your next VC round is going to be a pretty hideous down round, I guess.

### [pierre tournier][102]

on 25 Sep 09

merci! you made my day.

### [Aanandamayee Bhatnagar][103]

on 25 Sep 09

I am very proud of my formula. It really works!

### [Joe Rubin][104]

on 25 Sep 09

Not too far from the truth :)

### Eoin Redmond

on 25 Sep 09

Which stock market are 37signals going to be floated on? I've got 8 dollars I'd like to invest.

### [Oscar][105]

on 25 Sep 09

Haha, fantastic. That's a great formula btw.

### Steven v.

on 25 Sep 09

Great post Jason

### [Vassil Mladjov][106]

on 25 Sep 09

Jason this is a great deal man, congrats. Blogtronix raised $5 from my son (head of 5thgradeventures) to buy him ice cream at Fentons yesterday on $500 mil. eval. The bad part is that my wife found about it and now wants to take over as a CFO. Good move on the $1 Bil.

### Anonymous Coward

on 25 Sep 09

dont get it

### [Nathaniel Flick][107]

on 25 Sep 09

The best ideas are indeed free: http://www.bwagy.com/books/

### Helgi Thor

on 25 Sep 09

Hahaha! Great work guys. I recently saw a press release, alarming similar to this one:

"VC invested 50 Million, company worth now 1 Billion."

WTF? What exactly is the hidden X factor in this formula? 

I've even blocked out the name of the company, probably because it's SUCH A LOAD OF CRAP. I wish them well of course. 

### [Hoo Noz][108]

on 25 Sep 09

Total genius. ROFLMAO. Heh, about 5% more realistic with some of the names and you'd have the techie press and VOFBs (Valuation-Obsessed FanBois) running around like chickens with their heads cut off.

Brilliant stuff. Congrats.

### [Arjen Schat][109]

on 25 Sep 09

Why think globally if you can go universally.

### Peter van Dam

on 25 Sep 09

Hahaha…..

Can I hire you as CVMO (Chief Valuation & Markering Officer) for all our start-ups in Amsterdam?

Peter

### [Kevin Garton][110]

on 25 Sep 09

WELL DONE! I'd like to invest.

### [Neil Kosterman][111]

on 25 Sep 09

Oh no, now you've done it. The Onion will be putting a full court press on to steal away the brilliant writer[s] who invented this. Great job! You could lose one or more talented employees, as a result.

### [Social Couch][112]

on 25 Sep 09

Awesome Stuff!

"Stop generating revenues"!!

### [Matt W.][113]

on 25 Sep 09

Hah, funny stuff, thanks for the morning chuckle :)

### David

on 25 Sep 09

The onion would be proud.

### [Grant Griffiths][114]

on 25 Sep 09

Now wait, I thought we were just suppose to work our butts off. Build a great product. Build a great company. And then just give our stuff away for FREE, because that is the best business model now.

### [Aldo][115]

on 25 Sep 09

Hey, I've got 50 cents to spare. Can I buy 0.0000000005% of your company? Will I be able to vote?

;-)

Good one!

Cheers from Brazil!

### [stef][116]

on 25 Sep 09

Congrats for that article. Really funny and clever. "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!"

I totally agree with you ! The general economic climate says "the sky's the limit"... The last economic crisis came from that kind of assumptions. I think that real-time is probably a sort of a new dot-com bubble.

### [Don Schenck][117]

on 25 Sep 09

Awesome! Now, you're "too big to fail!"

### [Don C.][118]

on 25 Sep 09

Perfect.

### subd

on 25 Sep 09

Self indulgent nonsense

### [Dan Tillberg][119]

on 25 Sep 09

I'd be willing to bet you could resell that 0.000000001% stake for at least $100 today.

That would push the valuation up to $10 trillion and solve most of our current economic troubles.

### erik

on 25 Sep 09

This is a great read on a Friday morning. Thanks for the humor…

### [Brian Armstrong][120]

on 25 Sep 09

Spot on as usual, thanks for keeping the tech community sane!

### [Stefano][121]

on 25 Sep 09

I think Bhatnagar's formula is missing the relative density of boring Techcrunch articles about the target company. You guys are my personal messiah!!! Awesome post!

### Brian

on 25 Sep 09

This was the best thing I have ever read!

### Mike in Syracuse

on 25 Sep 09

Ha! Nicely done; thought I was reading The Onion! (and I mean that as a compliment)

### [skillguru][122]

on 25 Sep 09

At least some one came out in open and said it openly. Else we were going to have ridiculous valuations and non sense IPO's. Home run for this post!!!

### [Cal Morton][123]

on 25 Sep 09

Since the $1 investment was syndicated, I'd like to invite Yardstick and IVP to place their change in our company. While we've always funded our growth from cash flow, we could totally cease invoicing clients in order to achieve ANY valuation desired.

### [Ivan Stegic][124]

on 25 Sep 09

Classic. Thanks for the laughs :)

### [Philip Wilkinson][125]

on 25 Sep 09

Very good guys – a point well made.

### Chance Bliss

on 25 Sep 09

Love it. Interesting timing. I just read this post [Why Twitter is worth $1 billion][126] by Stephen Baker, a senior writer a BusinessWeek, who explains how he hates writing these business valuation stories.

_"Twitter can become a great company, reach billions of people, and spawn businesses and services we haven't yet envisioned. It's possible…Or it could fail. We don't know."_

### [Stan Hansen][127]

on 25 Sep 09

IF YOU SAY IT IN ALL CAPS, IT MUST BE TRUE!

### [Ben][128]

on 25 Sep 09

From one IL company to another- classic

### [Rick Toone][129]

on 25 Sep 09

You've always been a great company and now you're even better. Long live valuation in a free world.

### Jonathan

on 25 Sep 09

Actually, if you got anti-dilution protection for your investment and the next round is a down round, you probably just bought yourself 99.9999999997% of the company.

### [Gianni D'Alerta][130]

on 25 Sep 09

It seems that 37 Signals was given a ridiculous valuation/offer… which this article seems to be a reaction to. This was the most interesting, smart and entertaining post I have read all year! I would keep my eyes on the news I predict 37 signals will be sold off soon or go IPO. OR it was just an exercise for amusement sake.

### [Yang Yu][131]

on 25 Sep 09

there are so many of these type of evaluation now adays they are all pie in the ski figures. The evaluation is really based on the number of Open Media and Social Networking advocates rather than the actual business. When a business is based purely on "connecting people and ideas" it is a great tool and great service, however, just like the "air" we breath, this type of service is only used when it is free, but we all seem to neglect its existance. So who in the right minds would bother to "Donate" to "air"? and how can you even evaluate "air" in terms of $? i think you can't.

As more and more personal content is transfered onto the web, the noise level also increases (hence a good search engine like google is making a shit load of $$$). I like to think of this phonomenun as "A collective mind" The internet, web 2.0, rails, social media are the "nerves" of this collective mind, and iphones, macs, pcs are the end points, and individuals being the processing devices. so we are actually seeing the evolution of this collective super organism in a technology enviornment. the value of this organism can be truly realized when it has all of its organs fully functional and complete.

twitter must evolve and develope a uniform function that is more than just the "nerves". it needs to develop hands.

### [Mike Francois][132]

on 25 Sep 09

I represent a Nigerian Capital Injection Firm, and we would like to invest $1.50 US (in the form of copper) for a share equal to 0.000000001% of your firm, which, by our calculation, would raise the value of your company to $150B US.

Please respond to my email address with your bank account number, and we shall roll the copper into a paper tube delivery device and have it deposited in your accounts.

We will also need you SSN and your mother's maiden name.

### [Wes Garrison][133]

on 25 Sep 09

Congratulations on the new investor!

### Fred Sanford

on 25 Sep 09

This is great news! I can't wait until Scoble tweets something insightful about this.

### [Andrew Brooks][134]

on 25 Sep 09

You need to have a Microsoft Windows 7 House Party to celebrate the valuation. Microsoft has some ideas using live action stock photography!

### [Harry][135]

on 25 Sep 09

As long as you get acquired by Intuit, this is alright by me.

### Tina

on 25 Sep 09

How funny would this be if 37signals, as a joke sold that 0.00000001% stake in the company but that person had a Full-Rachet Anti-Dillusion clause.

That person, assuming 37signals can't get a pre-money value higher that $100B, essentially just BOUGHT 37signas for a buck.

**@37signals**, did this just backfire on you in a MAJOR way. Hope you didn't just sell your company away for $1.

### [Peter Corbett][136]

on 25 Sep 09

Hey guys instead of messing around with silly posts, can you make an iPhone app that would be really useful for all of us to use?

KTHXBAI

### [Sonali Shetty][137]

on 25 Sep 09

Loved this post – you go Jason. "Why limit users to people?" said Bhatnagar – Priceless

### [erik][138]

on 25 Sep 09

Kudos Jason for the reminder,

Not needing to generate revenue works fantastic when you can fly around the world and hit every conference and every user community.

Kinda not possible when you're a paycheck away from losing your business and/or mortgage.

### [Dating in Wales][139]

on 25 Sep 09

ahh, love it – the true value of money

### [Lisa Rogers][140]

on 25 Sep 09

these VC guys are so sweet :)

### Srikanth

on 25 Sep 09

Now we will see 38signals.com as the next venture

### [Malte Landwehr][141]

on 25 Sep 09

This is hilarious. When will the next round of funding take place?

### [jacob morgan][142]

on 25 Sep 09

nearly fell off my chair laughing, this is great :)

### lehman

on 25 Sep 09

Well Done Jason & co. I am having my MBA at Grenada State's Schnook School of Business ….

seriously, aren't you guys just jealous that Twitter gets so much injected funds.

### Rob

on 25 Sep 09

Spot on and this excerpt from the NYT is exactly whats wrong with everything thing. "Now the start-up appears to have chalked up another achievement. Twitter, which has no discernible revenue, is set to raise about $100 million of new funding that would value the company at around $1 billion, a person briefed on the company's plans said Thursday"

How is it an achievement?

### [Paul OFlaherty][143]

on 25 Sep 09

That's classic, absolutely awesome. You have studies have been fruitful at the school of sarcasm grasshopper….

### Gilles Misrahi

on 25 Sep 09

And… only for the compass, would you have a price ? Thank you.

### prophet

on 25 Sep 09

Great stuff Jason.

What about changing "That's why we're switching to a 'freeconomics' model." to That's why we're switching to a 'freekonomics' model."?

### [Chad Garrett][144]

on 25 Sep 09

This is by far your most entertaining post yet. Forget your serious blog. This is your true calling. I want more.

### Ron

on 25 Sep 09

Awesome.

Still speakin the gospel after all these years.

### Nate

on 25 Sep 09

Absolutely hysterical. Well done Jason.

### [Martin][145]

on 25 Sep 09

Love it! :)

### [sos media][146]

on 25 Sep 09

I want in.

### [JohnONolan][147]

on 25 Sep 09

Absolutely. Friggin. AWESOME. :)

### Cork

on 25 Sep 09

JEALOUS MUCH

### leslie devries

on 25 Sep 09

It's best to not be in a hurry to start generating revenues, so as to minimize negative effects on the community. As a long range strategy, you might want to acquire enough non-performing loans to mitigate any revenue stream.

### Erich Ocean

on 25 Sep 09

Funny, though I've been told the IRS considers a completely lame valuation like this to have actual tax consequences, even though no actual cash or revenue is involved. You could be required to pay taxes on "gains" as a result…

### [Shuki Haiminis][148]

on 26 Sep 09

I have a crisp twenty on my desk…think we could open up Acquisition talks :)

### JJ

on 26 Sep 09

Awesome, man that's just awesome.

### michalsn

on 26 Sep 09

Well, so where is my free Max account? :P Great post.

### faddep

on 26 Sep 09

its ok to be jealous when other entrepeneurs make a ton more money than you with an unprofitable company. which at least makes it profitable for them, nevertheless.

so, you still lose.

### [Benjamin Welch][149]

on 26 Sep 09

@faddep It's okay to be jealous of people who believe in what they do and very profitable doing it. In the timely words of Walt Disney,

"I don't make pictures just to make money. I make money to make more pictures."

Doing something you're truly proud of is where it's at. Whether it's building unprofitable companies and selling them or building a great profitable company and doing what you want to do most.

So, something tells me they don't lose.

### faddep

on 26 Sep 09

I agree with that concept. However, this post – while on point from an industry standpoint – belies the sentiment of a valedictorian wallflower watching the vapid prom queen get crowned.

### yawp

on 27 Sep 09

...and everyone at the Church of Capital say "amen."

AMEN!

Hallelujah!

...keep chasing paper; we can always print more.

### [Adam Ierymenko][150]

on 27 Sep 09

I see what you did there.

### Ken Cybulska

on 27 Sep 09

Not unlike the Rupert Murdoch valuation of MySpace, by what… approx $600 Million. (Good show old man!)

### Ken Cybulska

on 27 Sep 09

A stratospheric valuation makes a Internet start-up look as blazing hot as 'this years girl', only to wind up an Internet shit heal just a few short years later, as we are witnessing all over the place: MySpace, Yahoo, Ebay, etc. Internet companies seem to bear more in common with new flavors of hot new movies or television series, seeming to run out of steam in a few brief business cycles. I'm waiting for Google to eventually tank as well, as hard as most people would find that to believe at the present time.

### [Charlie Roche][151]

on 27 Sep 09

Hah! I love it, brilliant stuff. p.s. keep up the great work guys

### shuki

on 27 Sep 09

Too funny!!!

### Rob Morgan

on 28 Sep 09

"When it comes to valuation, making money is a real obstacle". I actually had a conversation with a potential investor back in year 2000 when pitching a dot-com style company listing. Our dot-com brethren at the time were enjoying PE-ratios that looked more like gamma-ray frequencies, whereas we were profitable and were asking for an optimistic PE just north of a completely sound but mature industrial. Our investor had placed some considerable cash with a couple of dot-com companies with business models based on vapor, but declined to take up an allocation of our stock because we were profitable – if we hadn't reached profitability they "would have been willing to apply a different valuation model". As a profitable company, we would be rated as an industrial, with a serious discount for our novel status – exactly the opposite risk perception of the more vaporous siblings which, by the way, mostly tanked within 2 years.

### Ben

on 28 Sep 09

Jason, you should write a leadership fable parody (Who Moved My Cheese, etc) and base it on something outlandish like this post. Then actually release it in hardback through your publisher. We need some business comedy on the shelves.

### DanskeMads

on 28 Sep 09

Jason, you've got a reply from the well-respected Swedish new media blogger, very early Twitter-user and all-things-media wizkid Joakim Jardenberg. He is not at all amused by your so called press release.

His blog entry is in Swedish but here is the translation (translated by Google Translate): "I think Jason is getting frivolous now. I had not expected. It was fun when he lashed the Mint a little (although there probably were not quite correct), but here he slugger to both wild and wide."

Quote taken from blog entry: http://jardenberg.se/b/jardenberg-kommenterar-2009-09-25/

In the comments he goes on to call Jason some rather nasty things. The comments are in Swedish, but Google Translate is your friend.

### [Joakim Jardenberg][152]

on 29 Sep 09

Jason, I don't call you "nasty things" I'm a great and long time fan. I have made some remarks on my daily commentary on your stand on VC's since your Mint post. Nothing out of the ordinary. But someone seems to think it's a big issue.

I don't. Rock on!

### DanskeMads

on 29 Sep 09

Joakim: Your answer here does not really correspond to what you wrote in your Swedish blog.

Could you make your "remarks" in English so that Jason gets a chance to respond.

### DanskeMads

on 29 Sep 09

This is what you get if you enter Joakims Swedish blog post and comments into Google Translate with no changes or corrections made:

"I think Jason is getting FRIVOLOUS now. I had not expected. It was fun when he lashed the Mint a little (although there probably were not quite correct), but here he slugger to both wild and wide."

"Found that Jason's father around like a ferret and says a lot of strange things."

A wild frivolous ferret slugger saying a lot of strange things. In my book that's quite nasty, especially since you do not specify why this should be the case.

### mobile scum

on 29 Sep 09

That's a great article. I can hardly believe that so many posters clearly haven't experienced the reality of what this joking post is making fun of. Just about every academically-founded (spin-off) IT hereabouts (Japan, and I hear also in Oz the same problems) suffers from this, and the VCs so often act idiotically (paying management without requiring responsibility). The company I work for tried (by it's president and upper management) to sell itself to other larger companies (unsuccessfully) in secret while lying to the other employees that it's goal was to produce a viable product, yet crushing any attempts by knowledgable people to enact the plans necessary to build & maintain such a product. A case of fraud combined with the mindset of the .com bubble. Now I can spot these lies & the companies that spout them (by one or two questions, and a quick glance at the "vision statement") a mile off and avoid them like the plague.

### lalu

on 30 Sep 09

Wow, this sounds a lot like the theory behind the last US economic stimulus bill which also relied on a lot of creative math.

### gotnoteef

on 30 Sep 09

I've got £1.00 sterling – fancy some international VC?

### [Andrea Decker][153]

on 01 Oct 09

nice wall texture

## This discussion _is_ closed.

![Jason Fried][4]

## About Jason Fried

Jason co-founded Basecamp back in 1999. He also co-authored [REWORK][154], the New York Times bestselling book on running a "right-sized" business. Co-founded, co-authored... Can he do anything on his own?

Read all of [Jason Fried’s posts][5], and [follow Jason Fried on Twitter][155].

If you liked this [Business][156] post by Jason Fried, you’ll probably like reading [Announcing the second "Switch Workshop": Gain fresh insight into why customers choose, or leave, your product.][157], [How much water can you sell?][158], and [Photo: Just took an Uber Black Car to the office…][159]

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## Search for articles or writers

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Meet [the writers][2] of [Signal v. Noise][1]. If you like what you’re reading, check out [our best-selling books REWORK and REMOTE][178]. 

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Enjoy your .

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