How Jeff Shiner Made 1Password a $9-billion Business
1Password, a platform for safe password storage, was a small operation with simply 20 workers members when it recruited Jeff Shiner from Rosetta in 2012. The platform had its followers—particular person customers who appreciated its intuitive design—however Shiner reimagined it for companies, a call that helped increase its consumer base into the tens of millions. Last 12 months’s record-breaking $744-million Series C funding—the biggest in Canadian historical past—valued 1Password at over $9 billion and scored its first celeb spokesman, Ryan Reynolds, one in all its many well-known traders. Using the capital infusion to scale, the corporate just lately acquired Texas start-up Passage to maneuver towards a “passwordless” future (assume face and fingerprint ID), which consultants imagine is the answer to combating fraud.
Title: CEO, 1Password
Degree: B.Math., University of Waterloo
Age: 55
From: Windsor, Ont.
Currently lives in: Waterloo, Ont.
When I used to be a child, I assumed I’d develop as much as be: A pc programmer. My dad taught electrical engineering, which began my fascination. I spent many hours in my basement with my Commodore 64. I simply wished to resolve issues with computer systems. One summer time, as a teen, I used to be working on the Canadian National Exhibition, and I constructed a program to assist the halfway cubicles handle their stock and bills.
My first job ever was: I used to be 12 and did corn detasselling for 11 hours a day. It was all positive till it rained. Then we’d be carrying rubbish luggage and have 20 kilos of mud in our boots.
If I wasn’t doing this, I’d be: Farming. I spend all my free time at my farm in Puslinch, Ont., the place I’ve received an excavator and a tractor. That’s how I escape actuality.
“Know your product, know your customers and love them both”
A major problem I needed to overcome was: Being the CEO of a giant firm is lonely. You’re making an attempt to be the rock for others, however you’re at all times aware of the facility imbalance. It’s much more troublesome when the challenges are much less about work and also you’re simply having a foul day. That’s once I lean on my exterior community—different CEOs like Tobi Lütke from Shopify and Mike Murchison from Ada.
Something that actually wants to alter in my business is: We want to resolve safety issues as a folks drawback, not as an IT drawback. IT options are attempting to make up for people’ unhealthy habits. We must take away the reward that scammers are after—your credentials. That’s why passkeys are so thrilling.
Related: How You Can Protect Your Data from Cybercriminals
The factor that retains me motivated is: Every 12 months, there are extra breaches, extra phishing assaults, extra threats that actual folks face. Everyone is aware of anyone who’s been impacted. The threats have gotten extra plausible with generative AI. And we have now the flexibility to assist.
The second I knew I’d made it was: It was cool to be on a name with Ryan Reynolds. He’s a 1Password consumer and an astute business individual, so it was fairly simple to pitch our Series C funding to him. And then we did a business with him. It was tons of enjoyable.
The recommendation I at all times give others now could be: Know your product, know your clients and love them each.
