Now, obviously thats at the senior level, maybe the ops people may feel a little threatened, but they also realize that they can add more value to the organization without having to day-to-day manage MongoDB. MongoDB president and CEO Dev Ittycheria joins "TechCheck" to discuss the company's first quarter earnings and outlook. We have replication sharding built into our architecture. Get notified of the Biography of World Famous Personalities. So we have to make sure we drive a lot of developer enthusiasm by using MongoDB. But look at Oracle. And as you get more and more traction, the velocity of the new wins start accelerating. Thank you, Matt. Dev Ittycheria Biography. We have now a lot of data in terms of productivity, our salesforce, what the ramp times are, et cetera. in electrical engineering from Rutgers University, where he was awarded the Medal of Excellence and recognized as the Alumnus of the Year in 2010 by the School of Engineering. * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). Its not all tech all the time and in the Valley, you go to a soccer game and you just run into VCs and entrepreneurs and engineers. CNBC Councils. All right, to close maybe just a couple of questions from the group. Dev Ittycheria has not been actively trading shares of Datadog during the last quarter. PDF. Think about a financial app. By continuing to use this Site or by clicking "OK", you consent to the use of cookies.OK. Then we said the developer in New York city, a developer in Silicon valley or a developer in Shanghai or Mumbai is not going to care whether this was an OSI approved license. In its last fiscal year,. Learn More on Dev Ittycheria's trading history. So Im thrilled to see when I started BladeLogic, I actually wanted to build it in New York city. Currently, he is the President & CEO of MongoDB, where he led its IPO in 2017 the first public offering of a database company in over 26 years. The shares closed at $32.07 after the first day of trading, over 30% higher than the IPO price. And no matter how successful you are, right? Find where they have the most pain, typically the more the pain, the more the dollars are available, then the more attention to senior management. Saunders is an active volunteer for Pingry, and has been involved with many committees. Lose a little money, make a little money. Today we made a decision that were investing for growth, because this market is so big we only have 1% share. So therell be another big data driven tech company in New York. And so one of the things we did was we had a much more restrictive license because one of the things thats changed is that in the cloud era, the existing open source licenses are not really set up to help the originator of the code. Its all over. So we have to work with the cloud provider. So we took all the benefits of the community, but we still preserved our ability to build a real software business. But the U.S. just added graphite to a list of super-critical minerals "essential for America's National Defense." With its the ease of use, the self-service functionality and other developer-friendly tools, they're. So, global domination. What are the key drivers behind that? And you see a lot of signs with the organization. Jonathan Z. Wilf, Class of 2002, is a partner in Garden Homes, a family-owned, nationwide retail, commercial, and private residential development business based in Short Hills. If youre just trying to build a product to just get adoption and you dont really care about monetizing, then open source makes sense. Detailed information on the use of cookies on this site is provided in ourcookie policy. And weve seen a lot of high profile outages, and so they worry about things like, Am I going to get the diversity?. MongoDB can also be reached via phone at (646) 727-4092 and via email at [emailprotected] Learn More on Dev Ittycheria's contact information. We need to make MongoDB a standard. Obviously were not going to hire someone in some island in the south Pacific, but within reason we can make that work and that allows us to really build the best team possible. Its always inspiring to hear a little bit about the background of our speakers. And what essentially Mongo DB did was address two fundamental problems with the relational database. There was obviously some interesting companies, obviously DoubleClick was doing well, and adtech was a big space and new media was another hot area, but hardcore tech was not a placefor the New York. So being able to do that was very challenging, because with mobile, you have online and offline connectivity and you need to be able to still use the app, but then synchronize when you get back online and conversely, you need to get updates from the backend server. For us, its all about the freemium strategy to get people to use MongoDB and to try it, because the markets too big for us to try and market to the whole market ourselves. They live in Far Hills and have a child attending Pingry. They give us marketing dollars to drive customer demand. Not only do they get revenue from the underlying consumption of storage and compute and network services, but they also see customers for every dollar they spend on Atlas, they probably spend another 5 to $10 and other ancillary services. What does Atlas do, so folks can wrap their minds around it. Thank you for having me. And so there was a dual headquarter, but very quickly we moved the center of gravity to New York and thats served us well. But obviously you also have to recruit outside for a certain set of skills that you may not have in the organization. Were investing for growth, but theres obviously some limit as to how much you can lose so that creates essentially our expense envelope in terms of how much youre going to invest. Its almost like watching someone swim and is starting to struggle when theyre maybe starting to keep their head above water, you can start seeing the decisions theyre making. And so, one day you might find AWS competing with you and your core business. We encourage our salespeople to go slow to go fast. We tell our salespeople to look for where the pain is in the organization. So you need to make sure you invest in both, right? Youve done some fascinating things as an entrepreneur, as a CEO, also as a VC, although more briefly if you could give us a couple of minutes on your story, thatd be awesome. Think about supply chain apps where you have to have real-time information. We wanted to leverage the virality of open source to get broad adoption. I started my career in some big companies. Founder of BladeLogic, Inc. and Applica Corp., Dev C. Ittycheria occupies the position of President, Chief Executive Officer & Director at MongoDB, Inc. Mr. Ittycheria is also on the board of Datadog, Inc., The Pingry School and Altimeter Growth Corp. A leader has to essentially recruit well. But what people forget is that the first thing people dont say is open source or not, they say, does this technology solve my problem? In the last year, insiders at the sold shares 34 times. And I obviously have to acknowledge my team. Learn More on Dev Ittycheria's contact information. And so I really wanted to be at what I felt where the action was, which doesnt mean that what other people are doing is not interesting. So its gone from zero to being almost half of the companys revenue. Id like to talk about lessons in scaling. MongoDB, the company behind the popular MongoDB open-source NoSQL database, has hired a new chief executive, Dev Ittycheria, who has experience taking a company public and selling it off. Flying to Europe is like flying to the west coast, even flying to like Israel is easier than from the west coast and going to Asia is not that much longer. So access to the world from New York is very easy and I like the heterogeneity of the culture. Either they need to address a pain point to building a new app, or they need to replatform an existing app because the users are complaining or theyre just not being able to service the business properly. Your competition is changing. Is everyone in line? So it was a real treat this time to get to chat with CEO Dev Ittycheria, who has been leading the company since 2014, and it particular has presided over the companys remarkable ride in public markets since its 2017 IPO. And too many times people wait too long to make changes. Oracle is the most hated vendor in the tech industry today, but theres still tons of Oracle because its very hard to unravel every Oracle app that was built. How do you think about this? Dev C. Ittycheria, a software executive and venture capitalist, is president and CEO of database company MongoDB. Previously, Dev was a Founder and Chief Executive Officer of BladeLogic, he took the company public in 2007 and then sold it to BMC Software in 2008 for approximately $900M. Very good. SAS remains strongly committed to providing the whole employee experience - meaningful work Most Popular. Dev Ittycheria is the President and Chief Executive Officer at MongoDB. Once again, Snowflake is bringing our Data for Breakfast event to London. Chart Data in Insider Trading History Table. Well, yeah, I mean, we havent really seen a competition with the community. The second thing is you have to recognize that if youre open source, the best way to monetize open source is open source as a service. Dev joined MongoDB in 2014 with a strong mix of entrepreneurial, operational and investing experience. I didnt want to be stuck behind a computer all day. But we think that thats part of open source. Learn More on Dev Ittycheria's contact information. Because certain people hit a wall and you, as a leader, need to see when someone is starting to struggle, right? Ittycheria estimated that MongoDB had spent $150 million on research and development over the years to create and maintain the open-source version of the database. We had a wide-ranging conversation where we covered: Below is the video and below that, the transcript. Insiders at MongoDB own 5.7% of the company. First name: Dev Last name: Ittycheria Profile image: Profile summary: Dev Ittycheria most recently served as the President of the Enterprise Service Management division of BMC Software, where he was responsible for a business with $1.2 billion in annual revenue and approximately 4,100 employees. $70 per post at $7/CPM. Dev Ittycheria most recently served as the President of the Enterprise Service Management division of BMC Software, where he was responsible for a business with $1.2 billion in annual revenue and approximately 4,100 employees. And Elastic themselves are growing more towards the security space than application search. Subscribe to CNBC PRO. And we also think therell be a lot of free usage of MongoDB out there. So its actually encouraged entrepreneurs to keep companies in New York. We made an acquisition of Mlab, which is a first generation database service offering MongoDB. Datadog is not an open source company, right? During his tenure, MongoDB has launched innovative products like cloud database, Atlas, garnered numerous customers, outperformed comparable competitors financially, and expanded operations worldwide. The second big challenge is that relational databases are not designed for scale. Dev Ittycheria Wiki, Bio, Age, Family & More. Like, oh my God, the adoption that people would say, youre not open source anymore. First, you kind of land a workload or a few workloads. And our goal is to be the standard where we can go after 80% of the use cases. The Biggest "Missing Ingredient" in the $7 Trillion EV Market. So you have to then translate developer enthusiasm and interest into a real business value proposition for some decision makers. But again, it all depends on what the strategy is. And actually I led the B round at Datadog. President & CEO of Mongodb Inc (30-Year Financial, Insider Trades) Dev Ittycheria (insider trades) sold 8,955 shares of MDB on 01/04/2021 at an average price of $345.11 a share. Any advice to founders and CEOs about how they can scale themselves? Datadog can also be reached via phone at 866-329-4466 and via email at [emailprotected] Learn More on Dev Ittycheria's contact information. This net worth estimate does not reflect any other investments that Mr. Ittycheria may own. We make some decisions about, Are we going to be profitable? Save my name, email, and website in this browser for the next time I comment. Learn More on Dev Ittycheria's trading history. Awais loves the purple color; purple can be genius. And in a high growth business, not everyone scales at the same rate, right? The second thing is the database market has a lot of baggage with Oracles past behavior. We think that will make MongoDB an even more compelling platform to use. And so I encourage everyone to take the same approach. But ultimately we all kind of use that process to galvanize our priorities and what were trying to do. So imagine if we had three or 5% share, wed be a very, very large company. Thanks for everything that youve done for this space and the enterprise software and New York has mentioned that at the beginning, and were very excited to see what you guys do next. Its fascinating for all of us who are looking at similar types of companies getting built. Ittycheria was named Ernst & Young Entrepreneur of the Year for New England (2004), and has written about entrepreneurship for Forbes. Ittycheria and his wife, Dr. Anju Thomas, have two children. MongoDB has e-commerce company Snapdeal and mobile . So youre still going to see a lot of Oracle out there. Even at your scale there is a finite amount of resources. And typically we see a lot of consolidation happening now in large companies. Dev Ittycheria -- President and Chief Executive Officer Thanks, Brian, and thank you to everyone for joining us today. But just because they like MongoDB it doesnt mean that youre going to get a check in the mail from the customer, right? Theres a lot of fierce battles about what to do and what not to do. Those who understand that ruthlessly prioritizing, making hard choices & learning to do more with less are essential leadership skills that will last a lifetime. 1611 W Harrison St Ste 400, Chicago, IL, 60612 3 other locations (312) 243-4244 OVERVIEW Dr. Thomas works in Chicago, IL and 3 other locations and specializes in Nurse Practitioner. The second thing that we announced was Real. So no one wants to get locked into any one vendor especially say someone like AWS, whos got very broad ambitions as a company. In a moment of vivid candor, MongoDB CEO Dev Ittycheria set aside any pretense of open source community building and made it clear that open source, for MongoDB, is all about money: "We open . The estimated net worth of Dev Ittycheria is at least $14.31 million as of January 3rd, 2023. Then I took some time off. A lot of people sometimes confuse us, are you competing with Snowflake? So we think about how quickly we can grow our top line relative to our productivity and how fast we can hire. And so its not a secret, but since weve gone public three and a half years ago, weve had six C level changes, right? Learn More about Dev Ittycheria's net worth. Learn More on Datadog's active insiders. And some of it needs to go into open source to make this a very popular product. Dev Ittycheria is the President & CEO of MongoDB Inc and owns about 190,264 shares of MongoDB Inc (MDB) stock worth over $47 Million . Learn More about insider trades at Datadog. So theres a lot of healthy partnership there. And then you keep adding more stuff to it, like more features, more product expansion. Dev Ittycheria is an American software executive and venture capitalist based in New York City's Silicon Alley, currently serving as CEO of MongoDB Inc.Prior to MongoDB, Ittycheria co-founded BladeLogic in 2001 and worked as the company's chief executive until it was bought by BMC for $900 million. So I started my first company in 98, it was a first generation cloud computing company, actually as a company called Applica, which then merged with another company called Breakaway. You have a multi-cloud offering now, right? Most recently, Dev Ittycheria sold 37,500 shares of the business's stock in a transaction on Thursday, February 10th. If thats the case, then how are you going to make sure that you have a moat around your product and that the cloud providers dont come in and take your free version and compete with you? Earlier in his career Dev was Founder and Chief Executive Officer of Applica, one of the first venture-backed cloud companies. Theyre super expensive because the relational database was designed to be a single node system. Always have the attitude of I have more to learn, and that to me has paid massive dividends. And obviously in a start-up you have to be willing to trade cash for equity. Weve now embedded that it just makes life so much easier for customers. Ittycheria currently serves on the board of directors for public software company, Datadog, and blank-check company, Altimeter Growth Corporation. I think the nice thing about New York is you can walk out your door whenever you get back to your office and be able to basically walk to a customer and you can walk to some very large customers in a 10, 20, 30, 40 block environment. Decision that were investing for growth, because this market is so we. In Far Hills and have a child attending Pingry Instruction 4 ( b ) ( v ) cases! 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More on dev Ittycheria -- President and CEO of database company MongoDB to be a lot of out!