Only 5% of Indie Hackers products make $100k/year…

A sobering statistic, but with a caveat: this only accounts for the 937 products that have their revenue verified by Stripe. The 5% is low, but that’s for a high bar of $100k/year. It gets worse:

A prevalent thinking is that making money as an indie developer is hard and most of the products end up with no revenue at all. Products on Indie Hackers seem to confirm this as more than 54% of the products are not making any revenue at all.

The post also breaks down the best performing product categories. ‘Wearables’ looks like a good one.

(We love the Indie Hackers community and know how hard it is to make it on your own. This post is not intended to denigrate anyone, just provide information.)

This week Adam is joined by Robert Ross founder and CEO of FireHydrant — the glue layer between your tech stack and your teams to mitigate and resolve incidents at scale.

Robert shares his journey to become a software engineer, his time at DigitalOcean, this idea of incident management as a platform and how he shifted his focus from creating courses on incident management to recognizing the value of the software he was creating for the course — what is now known as FireHydrant. We also talk through his first experience in raising capital, what happens when the bar is raised on the reliability of the world’s software, and why their mantra is “Hire great people, who build, sell and market a great product, and you’ll have a great company.”

Adam and Jerod are joined once again by James Long. He was on the podcast five years ago discussing the surprise success of Prettier, an opinionated code formatter that’s still in use to this day. This time around we’re going deep on Actual, his personal finance system James built as a business for over 4 years before recently opening it up and making it 100% free.

Has James given up on the business? Or will this move Actual(ly) breathe new life into a piece of software that’s used and beloved by many? Tune in to find out.

Adam and Jerod are joined by Ken Kantzer, co-founder of PKC Security. Ken and his team performed upwards of 20 code audits on well-funded startups. Now that it’s 7 or 8 years later, he wrote up 16 surprising observations and things he learned looking back at the experience. We gotta discuss ’em all!

Building products is a difficult and time-consuming effort. Figuring out what the problems, finding a potential solution to that problem, and then building that solution all take a decent chunk of time and effort. It’s due to this process that the minimum viable product was born. The motivation for building an MVP is still valid. Build something small and easy to test, launch quickly, and pivot or trash it if it doesn’t perform as desired.

There is another, less selfish way.

I read an article by Jason Cohen a few years ago which changed the way I think about product development. Instead of building MVPs, we should be building SLCs. Something Simple, Loveable, and Complete.

I like the thinking behind SLCs. So simple, so loveable, so…

Hat tip to Henry Snopek for linking this up in the #gotimefm channel of Gophers Slack! When it comes to thinking about your projects, Henry says:

I like to use MVP for fast projects, and SLC for “effective” projects…

Yeah, I like that framing too. So simple, so loveable, so…

Adam was invited by our friends at Square to interview Jack Dorsey as part of their annual developer conference called Square Unboxed. Jack Dorsey is one of the most prolific CEOs out there — he’s a hacker turned CEO and is often working at the very edge of what’s to come (at scale). Jack is focused on what the future has to offer, he’s considered an innovator by many. He’s also a Bitcoin maximalist and has positioned himself and Block long on Bitcoin.

What you’re about to hear is the fireside chat Adam had with Jack at Square Unboxed 2022. Jack and Adam discuss the vision Square has for the developer platform and why it’s so central to the company’s strategy.

This week we’re peeking into the future again — this time we’re looking at the future of modern code review and workflows around pull requests. Jerod and Adam were joined by two of the co-founders of Graphite — Tomas Reimers and Greg Foster.

Graphite is an open-source CLI and code review dashboard built for engineers who want to write and review smaller pull requests, stay unblocked, and ship faster. We cover all the details – how they got started, how this product emerged from another idea they were working on, the state of adoption, why stacking changes is the way of the future, how it’s just Git under the hood, and what they’re doing with the $20M in funding they just got from a16z.

Ken Kantzer was part of ~20 code audits of companies that had just raised their A or B rounds of funding:

It was fascinating work – we dove deep on a great cross-section of stacks and architectures, across a wide variety of domains. We found all sorts of security issues, ranging from catastrophic to just plain interesting. And we also had a chance to chat with senior engineering leadership and CTOs more generally about the engineering and product challenges they were facing as they were just starting to scale.

In this post he shares some of the more surprising things he’s learned from the experience. There’s a lot to digest in this post, but I’ll highlight my favorite to whet your whistle:

Simple Outperformed Smart. As a self-admitted elitist, it pains me to say this, but it’s true: the startups we audited that are now doing the best usually had an almost brazenly ‘Keep It Simple’ approach to engineering. Cleverness for cleverness sake was abhorred. On the flip side, the companies where we were like ”woah, these folks are smart as hell” for the most part kind of faded.

Connor Sears, founder and CEO of Rewatch, joins Adam to share the journey of creating Rewatch. What began inside of GitHub to help them thrive and connect is now available to every product team on the planet. Rewatch lets teams save, manage, and search all their video content so they can collaborate async and with greater flexibility. We talk about where the tool’s inspiration came from (spoiler alert, inside GitHub it was called GitHub TV which you’ll hear during the show), how teams leverage video to reduce the constraints of communication, how Connor and his co-founder knew they had product-fit and how they grew the team and product, and of course the flip side of that — we talk about some of Connor’s failures along the way, and knowing when it’s the right time to take a big swing.

KBall interviews TPW about the 1.0 release of Redwood - what it provides, why they’ve repositioned as a “JavaScript framework optimized for startups”, and what’s coming next.

A ranty story from Kitze on a time when he didn’t ship the app he was working on and somebody else did!

It’s not their fault. I was just slow. I didn’t ship on time. I’m gonna go ahead and tattoo “JUST SHIP IT” on my forehead. Nah I wouldn’t be able to see it there. On my arm maybe. Nvm, let me go back to scrolling their landing page.

This week Sid Sijbrandij, Co-founder and CEO of GitLab, is back talking with Adam about all the details of their massive IPO last October 2021. To set the stage, this episode was recorded on Feb 1, 2022. During the show Adam mentioned they IPO’d at a $13B market cap, but they actually ended their opening day at approximately $15B. That’s a massive win for open source, GitLab, Sid, and the rest of the team. For loyal listeners you know we’ve had Sid on this show before, so of course we had to get him back on the show post-IPO to get all the details of this new journey.

Josh Stella:

For those who haven’t used Emacs, it’s something you’ll likely hate, but may love. It’s sort of a Rube Goldberg machine the size of a house that, at first glance, performs all the functions of a toaster. That hardly sounds like an endorsement, but the key phrase is “at first glance.” Once you grok Emacs, you realize that it’s a thermonuclear toaster that can also serve as the engine for… well, just about anything you want to do with text.

Big news from our friends at Hugging Face:

Hugging Face is now the fastest growing community & most used platform for machine learning! With 100,000 pre-trained models & 10,000 datasets hosted on the platform for NLP, computer vision, speech, time-series, biology, reinforcement learning, chemistry and more, the Hugging Face Hub has become the Home of Machine Learning to create, collaborate, and deploy state-of-the-art models.

What will they spend the money on? Good stuff:

Thanks to the new funding, we’ll be doubling down on research, open-source, products and responsible democratization of AI.

This week Peer Richelsen, Co-Founder and Co-CEO of Cal.com, joins the show to talk about building the “Stripe for Time” — with a grand mission to connect a billion people by 2031 through calendar scheduling. Cal has grown from an open-source side project to one of the fastest-growing commercial open source companies. We get into all the details — what it means to be an open source Calendly alternative, how they quantify connecting a Billion people by 2031, where there’s room for innovation in the scheduling space, and why being community first is part of their secret sauce.

GitLab’s Sid Sijbrandij shares 12 strategies managers can use to support their team and prevent burnout. One of his standout strategies that I doubt rarely gets put into use is reduce the number of hours worked by agreeing to reduce effort

Today we’re talking with Zach Lloyd, founder of Warp — the terminal being re-imagined for the 21st century and beyond. Warp is a blazingly fast, rust-based terminal that’s being designed from the ground up to work like a modern app. We get into all the details — why now is the right time to re-invent the terminal, where they got started, the business they aim to build around Warp, what it’s going to take to gain adoption and grow, but more importantly — what’s Warp like today to get developers excited and give it a try.

Supabase CTO Ant Wilson walks through the pros & cons of open sourcing your startup and why he believes the answer to the question in the headline is (probably) “yes”

Open-sourcing Supabase ended up surprising us in many ways. Many people imagine that maintaining your business in public might be burdensome - but the opposite is true. There are many unexpected upsides that have made building Supabase - the product and the company - easier.

While some of this advice comes from our lens as a Dev Tools or PaaS company, most of it will apply to any software company.

DuckDuckGo and Bing are not true alternatives – they’re just worse versions of Google.

The next Google can’t just be an input box that spits out links. We need new thinking to create something much better than what came before.

In the last few years, different groups of people came to the same conclusion, and started working on the next generation of search engines.

For this new generation, privacy is necessary, and invasive ads are not an option. But that’s where the commonalities end. Beyond that, they’ve all taken the idea of a search engine in very different directions.

The post goes on to describe & detail a whole new wave of search engines. I had no idea so many people were working on this problem. Exciting!

Chris does a great job answering what will surely be the most common question about this acquisition in his announcement post:

1. What happens to CSS-Tricks?
2. Will you still be running CSS-Tricks?
3. Why now?

The amount of value this team has given to the web world over the years is immeasurable.

I sincerely hope DigitalOcean turns out to be a worthy new steward of this precious resource and the site’s best years are ahead of it. 🤞

Jean Yang:

Should you move to serverless? Is GraphQL the answer to your API woes? Should you follow the latest DevOps playbook to increase your system reliability? In the world of tech tools, there’s a lot of buzz. But it doesn’t always reflect the daily reality of programmers.

As the founder of a developer tools startup, I’ve talked with hundreds, if not thousands, of software developers over the last few years in the course of routine user research. The common theme in these conversations, even bigger than the need for the product we were building, was an overarching need that is currently underserved: building for real developers, or what I like to call the 99% Developers.

Good stuff to be reminded of. That reminds me: You are not Google/Amazon/LinkedIn.

This week Adam is joined by Joe Percoco — the Co-CEO of Titan, a premier investment manager for everyone. Titan is an investment company, a media, and a tech company, all rolled into one. Mid last year, they closed a $58 million Series B round led by Andreessen Horowitz (a16z) at a $450 million valuation. They currently have $750 million in assets managed and more than 35,000 clients.

Why should Titan exist? In Joe’s words, “Wall Street ignores everyday investors, and caters only to the ultra wealthy. This divide doesn’t sit well with us. So, we built Titan.” On today’s show Joe shares the journey, the why’s, the how’s, and the sequencing it might take to get to a $1 trillion of assets managed.

This week Adam is joined by Christine Yen, co-founder and CEO of Honeycomb. Christine and Adam recorded this show late last year, just after their Series C funding round. They talk about the superpower of observability for developers, how she and Charity Majors got to the place to found Honeycomb, the state of their platform today, what exactly observability is, and their goals for the future of Honeycomb.

The criteria for inclusion is as follows:

1. Its product is strongly based on an open source repo
2. It has a well-known closed-sourced competitor, solving a similar business problem
3. It is a private for-profit company, founded in the last 10 years
4. Its repo has 100+ stars on GitHub

I’m seeing lots of Changelog guests & friends in this awesome list. 😎

This week Paul Copplestone, CEO of Supabase joined us to catch us up on the next big thing happening in the world of Postgres. Supabase might be best known as “the open source Firebase alternative,” a tagline they might be reluctant to maintain. But from Adam’s perspective, he’s never been more excited about what they’re bringing to market for Postgres fans. In the last year, Supabase has gone from 0 to more than 80,000 databases on their platform — and they’re still in beta…and it’s open source. Hopefully today’s show sheds some light on why everyone is talking about Supabase.