1 00:00:02,520 --> 00:00:10,800 Speaker 1: Bloomberg Audio Studios, podcasts, radio news to our world TV 2 00:00:11,039 --> 00:00:14,400 Speaker 1: and radio audiences. Hi, welcome you back to Bloomberg Tech 3 00:00:14,480 --> 00:00:18,160 Speaker 1: outside the New York Sock Exchange sat with the latest listing. 4 00:00:18,560 --> 00:00:22,040 Speaker 1: The CEO of Figma, Dylan Field, joins me now and 5 00:00:22,200 --> 00:00:26,440 Speaker 1: to your thirteen million users, to the thousands of global 6 00:00:26,480 --> 00:00:29,840 Speaker 1: employees worldwide, how's it feel about? 7 00:00:30,400 --> 00:00:32,760 Speaker 2: It feels surreal And just thank you for having me 8 00:00:33,200 --> 00:00:35,879 Speaker 2: and for being here with us today. It's just amazing 9 00:00:35,880 --> 00:00:39,120 Speaker 2: to see the community turn out and also just to 10 00:00:39,159 --> 00:00:43,519 Speaker 2: be with the team. The contributions of fig Mates past present, 11 00:00:44,040 --> 00:00:46,120 Speaker 2: and also just all the things we've learned and contin 12 00:00:46,159 --> 00:00:48,199 Speaker 2: to learn from our community. They all just kind of 13 00:00:48,200 --> 00:00:52,400 Speaker 2: show up today in physical manifestation and I can be 14 00:00:52,479 --> 00:00:53,040 Speaker 2: more grateful. 15 00:00:53,320 --> 00:00:56,320 Speaker 1: I mean, the vibes, there's a like DJ. There's so 16 00:00:56,440 --> 00:00:58,880 Speaker 1: many of your employee base, as you say, your fig mates, 17 00:00:58,880 --> 00:00:59,920 Speaker 1: those who are batch you early. 18 00:01:00,560 --> 00:01:01,480 Speaker 3: Why this, why this? 19 00:01:01,800 --> 00:01:03,520 Speaker 1: What does that show about your community? 20 00:01:04,120 --> 00:01:06,520 Speaker 2: Well, I mean what we really wanted to do is 21 00:01:06,600 --> 00:01:10,520 Speaker 2: involve the design community in this experience today that we're having, 22 00:01:10,959 --> 00:01:14,679 Speaker 2: because I think it's not just that Figma's going public today. 23 00:01:15,400 --> 00:01:17,199 Speaker 3: Design is going public today. 24 00:01:17,440 --> 00:01:21,280 Speaker 2: Yeah, And if you think back several decades, you know, back, 25 00:01:22,400 --> 00:01:25,880 Speaker 2: you know, twenty years ago, the sort of mindset was 26 00:01:25,880 --> 00:01:29,000 Speaker 2: that design was lipstick on a pig, This is how 27 00:01:29,040 --> 00:01:33,680 Speaker 2: you make it pretty, and maybe a decade ago it 28 00:01:33,800 --> 00:01:36,920 Speaker 2: was design is how it works. And then today, you know, 29 00:01:37,080 --> 00:01:41,800 Speaker 2: twenty twenty five, in a world where software accomplish is 30 00:01:41,840 --> 00:01:46,080 Speaker 2: increasing so much, it's easier than ever to create software. Yes, 31 00:01:47,080 --> 00:01:49,480 Speaker 2: I think we're now in a world where design is 32 00:01:49,760 --> 00:01:52,360 Speaker 2: the differentiator. That's been our thesis for ten years. We've 33 00:01:52,360 --> 00:01:55,320 Speaker 2: seen it play out, but it's even more clear now 34 00:01:55,360 --> 00:01:59,639 Speaker 2: the design craft point of view, that's what sets companies apart, 35 00:02:00,240 --> 00:02:04,520 Speaker 2: and so we're just trying to be this engine for product. 36 00:02:04,240 --> 00:02:05,240 Speaker 3: Sign and development. 37 00:02:05,800 --> 00:02:08,960 Speaker 2: And to be able to celebrate design today with all 38 00:02:08,960 --> 00:02:11,799 Speaker 2: of our friends and community is such a privilege. 39 00:02:11,880 --> 00:02:15,040 Speaker 1: What sets you apart to be able to enable design 40 00:02:15,160 --> 00:02:18,720 Speaker 1: versus the whole plethora of generative AI startups that is 41 00:02:18,760 --> 00:02:21,760 Speaker 1: suddenly here and on these seat and making things very 42 00:02:21,840 --> 00:02:22,639 Speaker 1: cheap to build. 43 00:02:22,639 --> 00:02:25,320 Speaker 2: To say, as you say, design, yeah, I think that 44 00:02:26,720 --> 00:02:29,920 Speaker 2: there's such an opportunity for us with Pigma Make to 45 00:02:30,000 --> 00:02:33,880 Speaker 2: be able to help people go from prompt all the 46 00:02:33,880 --> 00:02:37,840 Speaker 2: way to app and we're very focused on that and 47 00:02:37,919 --> 00:02:39,200 Speaker 2: improving that surface area. 48 00:02:39,760 --> 00:02:41,360 Speaker 3: We have so much more to come there. 49 00:02:41,760 --> 00:02:45,680 Speaker 2: But already you can not only do things through prompting, 50 00:02:46,080 --> 00:02:48,519 Speaker 2: but you can also copy and paste things in from 51 00:02:48,560 --> 00:02:53,040 Speaker 2: your Pigma design, your canvas into Figma make. And there 52 00:02:53,040 --> 00:02:55,440 Speaker 2: are times you want to edit via prompt there are 53 00:02:55,440 --> 00:02:57,799 Speaker 2: also times you want to edit in a more direct 54 00:02:57,800 --> 00:03:00,840 Speaker 2: manipulation way where you go in to the canvas and 55 00:03:00,880 --> 00:03:03,160 Speaker 2: you're able to see many different options in the option space. 56 00:03:03,600 --> 00:03:05,680 Speaker 2: We think both are important and both have to work 57 00:03:05,960 --> 00:03:08,600 Speaker 2: really well together, and so that's something we're excited to 58 00:03:08,639 --> 00:03:11,799 Speaker 2: uniquely enable. And I just think in general, we're kind 59 00:03:11,800 --> 00:03:14,640 Speaker 2: of in this ms dos era of AI and if 60 00:03:14,639 --> 00:03:16,600 Speaker 2: we're able to get to the point where we really 61 00:03:17,160 --> 00:03:19,160 Speaker 2: was true and if we're able to get to the 62 00:03:19,200 --> 00:03:22,240 Speaker 2: point I mean I used to say tellnet era and 63 00:03:22,240 --> 00:03:24,120 Speaker 2: people like, let's tell net so you know, stop for 64 00:03:24,200 --> 00:03:26,799 Speaker 2: that and went down as das. But if we're able 65 00:03:26,840 --> 00:03:29,400 Speaker 2: to get to this point where people can really explore 66 00:03:29,919 --> 00:03:33,040 Speaker 2: the latent space of these models and what we generated 67 00:03:33,400 --> 00:03:36,120 Speaker 2: and see the entire option space of what they can do, 68 00:03:36,840 --> 00:03:42,040 Speaker 2: then humans designers can add that craft yeah, and really 69 00:03:42,080 --> 00:03:45,000 Speaker 2: figure out how to differentiate and also the systems their head, 70 00:03:45,240 --> 00:03:48,800 Speaker 2: not just the design and the technology system, but also. 71 00:03:48,600 --> 00:03:49,760 Speaker 3: The business constraints. 72 00:03:50,000 --> 00:03:52,480 Speaker 2: And that's why it's important to over the floor ceiling 73 00:03:52,960 --> 00:03:55,200 Speaker 2: bring more people into the design process. 74 00:03:56,160 --> 00:03:58,600 Speaker 1: So that one point two billion dollars that you raise 75 00:03:58,720 --> 00:04:00,080 Speaker 1: through this process. 76 00:04:00,000 --> 00:04:00,480 Speaker 3: How does that go? 77 00:04:00,520 --> 00:04:03,280 Speaker 1: Where does that get allocated to ensure that you're building well. 78 00:04:03,280 --> 00:04:05,480 Speaker 2: So one thing that was unique by the transaction was 79 00:04:05,960 --> 00:04:08,640 Speaker 2: because of the cash balance we have at Pigma uh 80 00:04:09,040 --> 00:04:10,960 Speaker 2: you know, due to rounds we've raised but never really 81 00:04:11,040 --> 00:04:14,960 Speaker 2: used cash that we've generated, and also the breakup fee, 82 00:04:15,440 --> 00:04:18,839 Speaker 2: we had quite a cash balance. And so it's a 83 00:04:18,880 --> 00:04:23,600 Speaker 2: transaction that is a lot of secondary and then there's 84 00:04:23,600 --> 00:04:27,120 Speaker 2: some primary, but mostly for the release of ursus and 85 00:04:27,120 --> 00:04:32,000 Speaker 2: so it's more synthetic primary and the uh so, I 86 00:04:32,040 --> 00:04:34,200 Speaker 2: mean we already have quite the cash balance. It's more 87 00:04:34,279 --> 00:04:38,640 Speaker 2: or less what we're exiting the transaction with. And when 88 00:04:38,680 --> 00:04:39,200 Speaker 2: we think. 89 00:04:39,040 --> 00:04:41,560 Speaker 3: About the future of how to deploy. 90 00:04:41,279 --> 00:04:43,320 Speaker 2: That, First of all, we want to be good schoo 91 00:04:43,360 --> 00:04:46,440 Speaker 2: stewards of capital always. But I did put my founder 92 00:04:46,480 --> 00:04:49,760 Speaker 2: letter in the s one. Yeah, expect us to make 93 00:04:49,839 --> 00:04:51,560 Speaker 2: old moves and I want people to know that in 94 00:04:51,560 --> 00:04:55,080 Speaker 2: investment the community, because we're going to invest in AI 95 00:04:55,200 --> 00:04:58,000 Speaker 2: we're going into an investment cycle here, and it's important 96 00:04:58,000 --> 00:04:58,960 Speaker 2: people are aware of that. 97 00:04:59,360 --> 00:05:01,560 Speaker 1: You all go to invest you're not going to be 98 00:05:01,600 --> 00:05:04,400 Speaker 1: focusing on profitability, You'll be focusing on growth. 99 00:05:04,560 --> 00:05:06,880 Speaker 2: We are focusing on growth, and we're focusing on all 100 00:05:06,920 --> 00:05:08,359 Speaker 2: the great things that we can do right now and 101 00:05:08,440 --> 00:05:10,839 Speaker 2: enable for our users. The value we can create for 102 00:05:10,880 --> 00:05:11,960 Speaker 2: our customers. 103 00:05:11,600 --> 00:05:13,320 Speaker 1: Using the public markets are going to give you that. 104 00:05:13,279 --> 00:05:16,680 Speaker 2: Bandwidth, Well, that's their choice. That's why I want to 105 00:05:16,680 --> 00:05:18,440 Speaker 2: make sure I call it out up front. Yeah, And 106 00:05:18,440 --> 00:05:20,640 Speaker 2: another thing that I think is important to note is 107 00:05:21,080 --> 00:05:24,600 Speaker 2: in terms of big swings, I can't say when or if, 108 00:05:24,680 --> 00:05:28,279 Speaker 2: but my intention is to do big swings when it 109 00:05:28,279 --> 00:05:30,560 Speaker 2: comes to scaled M and A and. 110 00:05:31,200 --> 00:05:32,240 Speaker 1: Well a lot of companies. 111 00:05:32,440 --> 00:05:33,280 Speaker 3: Well, when I. 112 00:05:33,240 --> 00:05:37,960 Speaker 2: Think about how we approach the process, we're always surveyed, 113 00:05:38,080 --> 00:05:42,960 Speaker 2: we're always trying to learn, and there's so much that 114 00:05:43,120 --> 00:05:45,760 Speaker 2: can be applicable of FIGMA when you think of the 115 00:05:45,800 --> 00:05:48,920 Speaker 2: breadth of product design and development and that entire process 116 00:05:48,960 --> 00:05:51,960 Speaker 2: which we're really trying to cover. And not all the 117 00:05:52,040 --> 00:05:54,080 Speaker 2: gaps we have will be filled with us building our 118 00:05:54,080 --> 00:05:55,640 Speaker 2: buy and a lot of them will be partnerships. 119 00:05:56,080 --> 00:05:58,240 Speaker 3: But I wanted to call it out because for. 120 00:05:58,240 --> 00:06:01,360 Speaker 2: Scaled M and A, as you you, that is often 121 00:06:01,360 --> 00:06:05,880 Speaker 2: misinterpreted by markets. It creates volatility, people get, you know, 122 00:06:06,320 --> 00:06:10,080 Speaker 2: sometimes they don't understand the really good stuff and obviously 123 00:06:10,640 --> 00:06:12,520 Speaker 2: will be prudent. You know, it has to be an 124 00:06:12,560 --> 00:06:16,479 Speaker 2: amazing team, an amazing asset has to be something that 125 00:06:17,040 --> 00:06:20,400 Speaker 2: we think that the team is culturally consistent the least, 126 00:06:20,720 --> 00:06:23,760 Speaker 2: but preferably culture ad Yeah, and they're going to create 127 00:06:23,800 --> 00:06:25,680 Speaker 2: new dimensionality to our culture that we didn't. 128 00:06:25,440 --> 00:06:27,159 Speaker 3: Have before and we're gonna learn from them Andy. 129 00:06:27,480 --> 00:06:29,720 Speaker 2: But third and most importantly, it has to be a 130 00:06:29,760 --> 00:06:33,400 Speaker 2: main priority going forward. That's the minimum, and we will 131 00:06:33,440 --> 00:06:36,080 Speaker 2: hold a high bar for what if, we if and 132 00:06:36,080 --> 00:06:37,400 Speaker 2: when we do that to. 133 00:06:37,400 --> 00:06:39,760 Speaker 1: Our TV and radio audiences. We're with Dylan Field, the 134 00:06:39,800 --> 00:06:41,920 Speaker 1: CEO of Pigma, which has just gone public, and if 135 00:06:41,960 --> 00:06:45,000 Speaker 1: we cast our minds back, the valuation that you're currently 136 00:06:45,040 --> 00:06:47,320 Speaker 1: at looks at about twenty million dollars and that was 137 00:06:47,360 --> 00:06:49,680 Speaker 1: the amount that Adobe wanted to pay to buy you 138 00:06:50,040 --> 00:06:52,359 Speaker 1: that didn't work out. So, just talking about M and A, 139 00:06:52,720 --> 00:06:54,359 Speaker 1: was this the right path to be independent? 140 00:06:54,360 --> 00:06:55,359 Speaker 3: How does that make you feel? 141 00:06:55,680 --> 00:06:59,080 Speaker 2: I mean, we've been so focused on this path for 142 00:06:59,240 --> 00:07:02,880 Speaker 2: years now and I'm just really excited to be here today. 143 00:07:03,560 --> 00:07:08,880 Speaker 2: The Adobe stuff kind of feels like so long ago now. Yeah, 144 00:07:08,920 --> 00:07:11,640 Speaker 2: and yeah, just as we look forward, I mean, there's 145 00:07:11,680 --> 00:07:15,040 Speaker 2: so much to build in, such a breadth of opportunity. 146 00:07:15,480 --> 00:07:17,520 Speaker 3: We have, like I gues said the funeral letter, more 147 00:07:17,560 --> 00:07:18,240 Speaker 3: ideas than ever. 148 00:07:18,600 --> 00:07:21,800 Speaker 2: Yeah, And it's all about prioritization, and it's all about 149 00:07:21,840 --> 00:07:24,200 Speaker 2: clarity for the team. And that's what we're trying to do, 150 00:07:24,280 --> 00:07:25,280 Speaker 2: is to create that clarity. 151 00:07:25,600 --> 00:07:28,120 Speaker 1: I mean talking about demand, you are forty times over 152 00:07:28,200 --> 00:07:31,280 Speaker 1: subscribed to those retail investors that want to get in 153 00:07:31,320 --> 00:07:33,720 Speaker 1: on this, what do you say the short term if 154 00:07:33,760 --> 00:07:34,480 Speaker 1: the shares popped? 155 00:07:35,920 --> 00:07:38,160 Speaker 2: The only message I can give you, if you're on 156 00:07:38,240 --> 00:07:41,960 Speaker 2: the retail side is understand what we do. We have 157 00:07:42,040 --> 00:07:44,320 Speaker 2: our s one out there. We've done our best to 158 00:07:44,360 --> 00:07:47,640 Speaker 2: present it in a really readable way of read the 159 00:07:47,680 --> 00:07:53,880 Speaker 2: document and look at our numbers. Understand where we're headed 160 00:07:54,560 --> 00:07:58,600 Speaker 2: and what we offer. Play with a product, you know, 161 00:07:58,800 --> 00:08:02,360 Speaker 2: become a designer. I think you know that's true for 162 00:08:02,400 --> 00:08:04,840 Speaker 2: a lot of people and a lot of companies. If 163 00:08:04,920 --> 00:08:07,200 Speaker 2: designs how you win or lose, you should be part 164 00:08:07,200 --> 00:08:09,680 Speaker 2: of the process too. But the more you can dive 165 00:08:09,720 --> 00:08:12,000 Speaker 2: in and the better you can understand it, the better 166 00:08:12,080 --> 00:08:14,280 Speaker 2: you can make a decision on things. And that's the 167 00:08:14,320 --> 00:08:17,400 Speaker 2: best advice I give anyone, whether they're joining Figma, trying 168 00:08:17,400 --> 00:08:20,600 Speaker 2: to invest in Figma, those are both investments of time 169 00:08:21,120 --> 00:08:22,800 Speaker 2: of money, and that's important. 170 00:08:22,880 --> 00:08:24,080 Speaker 3: Is so deeply understand it. 171 00:08:24,400 --> 00:08:27,920 Speaker 1: Dylan Fields, CEO of Figma, on the day of their 172 00:08:27,960 --> 00:08:29,600 Speaker 1: IPO from the New York Look Exchange